Real Estate Trends

Grand Central owner Andrew Penson is back in the news again, this time suing the city and One Vanderbilt developer SL Green for a princely sum of $1.1 billion. As the NY Times reports, Penson is claiming that the 65-story behemoth slated to rise next door to the historic structure has led to the devaluation of his air rights atop the terminal. Penson claims that the de Blasio administration, the City Council and SL Green "deprived him of his property rights when the city gave SL Green permission to build a 1,501-foot tall office tower, without having to buy any air rights from him." By allowing for a tower twice the size of what was zoned for the block "for free" (but really, in exchange for a $220M investment into the subway infrastructure beneath Grand Central), his air rights have been rendered "worthless."
More on the lawsuit here

Real Estate Trends

September 29, 2015

Supermodel Gigi Hadid Sells $2.45M Nolita Apartment

The model of the moment Gigi Hadid has sold her Nolita apartment at 250 Bowery, which was last listed for $2.45 million, according to the Post. The supermodel, who made national headlines yesterday for shutting down online body shamers, bought the ultra-modern pad in 2014 for $1.92 million after moving from LA to NYC to attend the New School, but decided to unload it when a stalker almost broke in. The two-bedroom condo is full of floor-to-ceiling windows and has a custom Carrara marble kitchen, along with white oak flooring and imported Italian white matte lacquer Lualdi pivot-hinge doors.
See more of Gigi's former digs

September 29, 2015

Epic Outdoor Space for This East Harlem Condo, Asking $875K

By Emily Nonko

We're not exaggerating when we say this is one of the most epic backyards we've ever seen on a New York City condo. The apartment in question is #1A at 440 East 117th Street, a 10-unit condo out in East Harlem that was built in 2004. What you're looking at (and likely drooling over) is two levels and 915 square feet of backyard enclosed in bamboo walls. The two-bedroom, two-bathroom interior is pretty comfortable as well, with a total of 1,286 square feet. So what does it cost for all of that indoor and outdoor space? The asking price comes in at $875,000.
See more of the backyard

September 28, 2015

Vishaan Chakrabarti, Principal at SHoP Architects, Sells Flatiron Loft for $5M

SHoP Architects is known for its cutting-edge designs, from supertall towers like 111 West 57th Street to massive schemes like the Domino Sugar Factory. So it comes as a bit of a surprise that one of the firm's principals, Vishaan Chakrabarti, chose to settle down in a rather traditional Flatiron loft. But perhaps he's looking to get in on the luxury condo trend that SHoP is such a part of, as he and his wife Maria Altaris (also an architect) have unloaded their massive pad at 12 West 17th Street for $4,995,000, according to city records released today. Chakrabarti previously served as the director of the Manhattan office for the Department of City Planning, as well as a senior executive at the Related Companies. In addition to his current role at SHoP, he is a professor at the Center for Urban Real Estate at Columbia. The architect couple bought the full-floor, three-bedroom unit in 2012 for a significantly lower price of $2,725,000 after moving from a duplex in Tribeca with their young son and daughter. Chakrabarti told the Times at the time, "When I decided to become an architect and a professor instead of a real estate developer, it required a little lifestyle shift. More work for less pay." Not deterred, however, they undertook a gut renovation, clearly referencing their design history books and outfitting the 2,500-square-foot space with modern Chesterfield sofas, a Saarinen dining table, Eames chair, and Barcelona bench.
Look around the loft here

Rendering of 45 Park Place via Williams New York (L); Aerial view of 45 Park Place in the downtown skyline via CityRealty

September 28, 2015

New Details and Final Rendering for 45 Park Place, Condo Tower at ‘Ground Zero Mosque’ Site

In July, 6sqft revealed that 12,000-square-foot lot at 45 Park Place in Tribeca (the former site of the controversial Ground Zero Mosque that was shelved four years ago by developer Sharif El-Gamal) was cleared to make way for a huge new condo. The lot is owned by El-Gamal’s SoHo Properties, who, just today, unveiled the final design for the slender, SOMA Architects-designed tower, along with new details, including its 665-foot height and sky-high pricing. As Bloomberg reports, the 70-story glass tower "will include at least 15 full-floor units of 3,200 to 3,700 square feet, and average prices higher than $3,000 a square foot... Prices at that level would be at least 13 percent more than the second-quarter average for new-development listings in the borough."
More details ahead

September 28, 2015

The Most Expensive Home in Every State; Billionaire Peter Morton Nabs Two Village Condos for $25.5M

Whole Foods is cutting 1,500 jobs, reportedly as a way to reduce prices for its customers. [Gothamist] From North Dakota to New York, here are the most expensive homes in each state. [BI] The Brooklyn Bar Barge is finally open. [B+B] Three historic Manhattan churches were denied landmark status. [Crain’s] Billionaire Peter Morton, the co-founder of the […]

Real Estate Trends

September 25, 2015

Check Out These Insane Views From Brooklyn’s First 1,000+ Foot Tower

By Ondel Hylton

Seeing the boroughs from sky-high heights is nothing new thanks to all the supertall towers in Manhattan, but it's not as common to have a panoramic view of our main island, which is why we had to share this video. JDS Development posted the short clip on their Instagram stream yesterday that shows potential views from their upcoming mixed-use skyscraper planned for Downtown Brooklyn using air rights from the Dime Savings Bank site. If constructed as intended, it will be the first 1,000+ foot tower outside of Manhattan. The nine-second video, whose camera height seems nearly eye-level to the 1,368-foot roof of One World Trade Center, depicts far-reaching, panoramic views to the west and northwest over Manhattan and beyond.
Check it out here

September 25, 2015

Study Shows That 75 Percent of Manhattan’s All-Cash Buyers Have Chinese Last Names

For wealthy Chinese, Manhattan real estate has long served as a secure place to stash their cash, with these investors gobbling up high-end properties. In fact, "foreign direct investment in U.S. real estate rose to $104 billion in a 12-month period ending March 2015, a 10.4 percent rise over the prior year," according to The Real Deal. Of these foreign buyers nationwide, the Chinese make up 16 percent. And accompanying this rise, at least in NYC, is the rise of the all-cash buy. To show just how prominent this trend has become, RealtyTrac released data that shows in the first half of the year, 75 percent of Manhattan's cash buyers had Asian surnames.
More details here

Real Estate Trends

September 24, 2015

Why Chinatown Hasn’t Changed; NYC’s Priciest Homes Up for Sale

A look at why the real estate and retail landscape of Chinatown hasn’t changed, even as its bordering neighbors have. [NY Mag] The 25 most expensive homes on the market. [Curbed] Music exec Clive Davis nabs a $2M apartment at the Ritz. [NYP] The MTA will run extra trains into the Manhattan for Pope’s visit. […]

Real Estate Trends

Extell’s Church-Encroaching 10th Avenue Tower Tops Out, New Interior Renderings Revealed

By Ondel Hylton

With the opening of the 7 train extension earlier this month, things are finally starting to look up for Manhattan's far West Side–literally. Hudson Yard's Coach Tower is nearing its 900-foot apex, and Gary Barnett's Extell Development has topped off construction on its 610-foot high skyscraper at 555 Tenth Avenue. Extell's rental/dormitory project anchors a full block-front between West 40th and 41st streets, and cozies up next to (and above) the neo-gothic Church of Saints Cyril & Methodius and Saint Raphael, from which the savvy developer purchased 140,000 square feet of air rights from in 2012 for $16.5 million. According to previous reports, Barnett obtained the rights to build on the 18,000 square-foot parcel after signing a 99-year ground lease from the estate of Sol Goldman in 2011. The $480 million project is partly financed by means of $100 million from EB5 equity investors.
find out more here

September 23, 2015

Can the Pope Help Stop Extell’s South Street Tower?; Christina Aguilera Tours a $105M Condo

Inside the NY apartment linked to an investigation of Malaysia’s prime minister. [Quartz] Predictions for the fall real estate market. [DNA Info] Locals want the Pope’s help in stopping Extell’s controversial 800-foot tower neighboring the Manhattan Bridge. [Bowery Boogie] Christina Aguilera reportedly toured the $105M penthouse at 100 Barclay Street. The unit sits atop the Ralph […]

Real Estate Trends

September 22, 2015

Lawsuit Against Brooklyn Pierhouse Dismissed; The Queens Nabe Where Donald Trump Grew Up

The lawsuit against the Brooklyn Pierhouse over a 30-foot bulkhead blocking views has been dismissed. [Brownstoner] Rent the Williamsburg space that housed the now-shuttered Trash Bar for $20K a month. [Brokelyn] The Times delves deep into the Queens neighborhood where Donald Trump grew up—the wealthy enclave of Jamaica Estates. [NYT] The Second Avenue subway could be […]

Real Estate Trends

September 22, 2015

Rose Byrne and Bobby Cannavale Buy a $2.2M Boerum Hill Townhouse

Hollywood power couple Rose Byrne (best known for "Bridesmaids" and the television show "Damages") and Bobby Cannavale (Emmy award winner for "Boardwalk Empire") have scooped up a $2.2 million Boerum Hill townhouse, according to The Real Deal. Interestingly, the couple, who have been dating since 2012, bought the home at 453 Warren Street from another pair of actors, Annie Parisse and Paul Sparks. Sparks appeared on "Boardwalk Empire" with Cannavale; he and Parisse bought the property in 2013 for $1.79 million.
Have a look inside the couple's new love nest

September 22, 2015

Downtown’s Beekman Residences Tower Is Ready for Its Crowns – Now 50 Percent Sold

By Ondel Hylton

Rising from the birthplace of the romantic skyscraper, a svelte 51-story condominium known as the Beekman Residences will soon receive its twin pyramidal crowns. The to-be-illuminated, open-air pinnacles will bring the building's 599-foot roof height up an additional 51 feet, granting us skyline-watchers a new silhouette to gaze upon. While the tower's height is unremarkable in today's world of kilometer-high skyscrapers (it's only the 24th tallest building now under construction in the city), its peculiar design and prominent location overlooking Park Row is sure to add to the exceptional urban room created by the variously-styled towers surrounding City Hall Park.
More details ahead

September 22, 2015

Americans Are Spending More on Rent and There’s No Relief in Sight

Complaining about high rents is nothing new for New Yorkers, but we're actually not alone in our misery. According to a new study from Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners, reported in the Washington Post, "nearly 15 million [U.S.] households could be 'severely cost-burdened' by 2025, meaning they'll be spending more than half their money on housing." Today, that statistic applies to 11.2 million households (one in four households), which increased by three million since 2012.
What's leading to this staggering rise?

September 22, 2015

Andy Cohen Picks Up Fourth Co-op in West Village Building, Is Now Neighbors With Sally Field

The "Real Housewives" franchise must be doing well, because Bravo brainchild Andy Cohen has picked up a fourth apartment in his West Village building, 2 Horatio Street. And his latest buy, a $900,000 studio, makes him next door neighbors with none other than Sally Field, reports Variety. According to the source, Cohen's other real estate holdings in the pre-war co-op include a high-floor studio that he bought in 2003 for an unknown sum, a not-contiguous two-bedroom unit on the same floor that he bought in 2010 (and which was photographed for the New York Times) and another two-bedroom, directly above the one previously mentioned, for which he shelled out $2.6 million in 2014. His most recent acquisition is directly next door to the 2014 pad. Though this sounds a bit like a game of Jenga, we're sure there's a method to the reality guru's madness.
See the studio interior

September 21, 2015

St. Mark’s Last Record Store to Shutter; Negotiating Rent When You’re Up for Renewal

The last record store on St. Mark’s Place will shutter. [EV Grieve] Can you negotiate with your landlord when you’re about to get a rent hike? [Brick Underground] How Frank Gehry got his start—and to where he is now. [Bloomberg] The tallest building outside of Manhattan will be mostly rental units. [TRD]

Real Estate Trends

September 21, 2015

Units Finally Hit the Market at Jean Nouvel’s MoMA Tower

The time has finally come. After years of setbacks and teasers, units at Jean Nouvel's 1,050-foot-tall MoMA Tower, now officially known as 53W53, have hit the market. Nine listings (out of 139) went up on Corcoran, according to Curbed, ranging from a $3.17 million one-bedroom 19th-floor unit to a $50.9 million four-bedroom, 63rd-floor unit. When construction started earlier this year, rumor had it that the listings wouldn't be made public, but now that we know otherwise, we've got plenty of floorplan porn to ogle, as well as lots more interior renderings courtesy of designer Thierry Despont.
Renderings and floorplans right this way

September 18, 2015

Nets Rookie Shares a NJ Apartment With Two Roommates Because He Can’t Afford NY Rents

You aren't going to sucker Nets rookie Rondae Hollis-Jefferson into shelling out thousands and thousands a month just for a NYC zip code. As the Journal writes, the 20-year-old has called the city's rents "ridiculous," and even though he's earning $1.33 million for his first year with the NBA team, he'd rather have roommates than blow all that cash on an apartment.
more on what the Nets Rookie said here

September 18, 2015

Alec Baldwin Sells One of His Devonshire House Apartments for $2.1M

We've started to wonder what ever happened to Alec Baldwin's grand exit from NYC (remember that NY Mag article/tirade?), but city records released today show he's finally sold one of his Devonshire House apartments, so perhaps his move to LA has commenced. Baldwin owns a penthouse in the Greenwich Village building, a unit next door, and the recently unloaded eighth-floor one bedroom. He bought this last unit in 2013 for $2.25 million, listed it in March for $2.35 million, but only sold it for $2.1 million (maybe he really wants to get out of here).
See more of Baldwin's pad

September 18, 2015

A Hip, Modern Condo at Greenpoint’s Pencil Factory is Asking $800K

By Emily Nonko

Does it get anymore Brooklyn than this? A new development condo designed to look like a loft, outfitted with bookshelves, deer heads, and reclaimed wood furniture. The apartment in question comes from The Pencil Factory lofts, a former pencil factory turned condo development at 122 West Street in Greenpoint. Cool location, cool building, cool apartment—it's going to cost you a cool $800,000 for this one-bedroom unit.
See more

September 18, 2015

SHoP Architects Are Bringing a Wooden Condo Building to Chelsea

In March, an Austrian architecture firm announced plans to build the world's tallest wooden skyscraper in Vienna. They noted that by using wood as opposed to concrete they'd save 3,086 tons of CO2 emissions. Then, a study showed that timber buildings actually cost less to build. These benefits really must have stuck with SHoP Architects, who are developing plans for a ten-story residential building in Chelsea, overlooking the High Line at 475 West 18th Street, that will be made entirely of wood, according to the Wall Street Journal. SHoP's project came via a competition hosted by the United States Department of Agriculture, in partnership with the Softwood Lumber Board and the Binational Softwood Lumber Council, that asked architecture firms to design buildings at least 80 feet tall that employed wood construction technologies. SHoP's design, dubbed 475 West, won the competition along with a 12-story building in Portland. The firms will split a $3 million prize to "embark on the exploratory phase of their projects, including the research and development necessary to utilize engineered wood products in high-rise construction."
More on the project here

September 17, 2015

This Nomad Loft Was Created With Curbside Finds, Elbow Grease and an Eye for Beauty

By Michelle Cohen

There was a time in NYC when there wasn't an expectation that an apartment or loft come with a full set of shiny new appliances and amenities; you could carve out a space for yourself over time, and end up with a beautiful, unique and comfortable home. That's about the time–1977, to be exact–when the owners of this cool and crafty Nomad loft, then a recent co-op conversion, bought it for $50,000 and moved in. Now this large two-bedroom 12th floor loft with a private terrace is on the rental market for $8,000 a month. The owners–she was an art historian who passed away about a year ago, he's a retired biophysicist–and their daughter had always been fond of the excitement of scavenging what others left behind–like a six-burner restaurant stove and what is now a veritable jungle of plants. The building had been used for light manufacturing, and the couple had to design the entire 1,620-square-foot space to make it a home. Since the space was completely raw, they could configure it any way they pleased. The loft was featured in a 2006 article in the Times, in which the home's late owner and main design force is described as having "a gimlet eye for the gorgeous."
Take a look around, this way...

September 17, 2015

How Two Women Live Comfortably in 350 Square Feet; NYC’s Leaning Tower of Pisa?