Real Estate Trends

August 10, 2015

Another Pivoting Skyscraper Coming to Crowded Midtown East Block

It's hard for a new building to stand out in the Big Apple these days, with striking towers designed by the world's foremost architects, soaring pinnacles jutting 1,500 feet into the clouds, and massive 1,000-unit apartment buildings possessing all the amenities of a Caribbean resort. However, within the densest thicket of Midtown skyscrapers, Handel Architects along with SLCE have crafted a 43-story, 450,000-square-foot residential tower whose elevations are angled to the street grid on all sides. The tactic will set the skyscraper apart from its perpendicular neighbors and grant its residents a touch more light and air within Midtown's concrete canyons. Envisioned by Lloyd Goldman’s BLDG Management Company, the future 360,000-square-foot tower at 222 East 44th Street will rise from a claustrophobic stretch of street that perhaps is the closest Manhattan gets to matching the tightness and vertical density of Hong Kong. The feeling is further heightened by the street dead ending into Lexington Avenue and the imposing MetLife building looming behind.
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August 7, 2015

Another 1,000-Foot-Plus Tower Moves Forward Near South Street Seaport

There's no slowing down the city's supertall boom. Crain's reports yet another 1,000-foot plus tall tower could soon be joining the New York City skyline, rising at the combined sites of 80 South Street and 163 Front Street. Chinese investment company China Oceanwide Holdings released a statement saying they would be purchasing the development parcels for $390 million through a U.S. subsidiary from current owner Howard Hughes Corporation. The new tower will sit just south of the South Street Seaport, and amid a grouping of other tall, but not quite as tall, towers.
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August 7, 2015

How to Stop Supertall Towers from Swaying; FAO Schwarz’s Times Square Deal Falls Through

JFK Airport will receive $8.9 million in federal funds for runway and airfield upgrades. [Crain’s] Fortis Property Group is making progress with its controversial plan to bring four apartment towers to the former site of the Long Island College Hospital in Cobble Hill. [Curbed] With Manhattan skyscrapers getting taller and thinner, developers are installing giant counter […]

August 6, 2015

BuzzFeed Editor Picks Up a $2.25M Harlem Townhouse

Listicles must certainly be profitable. Mark Schoofs, BuzzFeed News' investigations and projects editor, just picked up a $2.25 two-family Harlem townhouse, according to property records released today. The buy comes just a few months after we uncovered that New York Times editor Frank Bruni bought an Upper West Side apartment for $1.65, leaving many wondering just how "struggling" are writers these days? Schoofs' new home was constructed only seven years ago and has two units on six floors. The larger five-bedroom residence, where we assume the homeowner will live, occupies the top four floors and has three balconies, a terrace, and a duplex roof deck. The other two-bedroom unit on the first two floors has access to the back patio and garden.
Take a look around
August 5, 2015

The Many Lives, and Miraculous Recovery, of NYC’s First Cancer Hospital

Walking down Central Park West from the north end of the park, it's hard to miss the castle-like structure on the corner of 105th Street. The facade is dominated by great conical towers, majestic turrets, deep red brick, and a soft Belleville brownstone. A closer look reveals stained glass windows and intricate stonework, all convincing details that someone went out to build a fairy-tale castle on the perimeter of Central Park. Among the surrounding townhouses and co-op buildings, it's a stunning piece of architecture that looks like it doesn't quite belong. Indeed, the story of how this building, constructed at 455 Central Park West in 1887, still stands is an unlikely one that is rooted in medical history–a dark medical history, at that. This was New York's first cancer hospital, and the first hospital in the United States dedicated specifically to its treatment. This was a time when cancer treatment was unfamiliar to most doctors–in the back of the castle was a crematorium and smokestack that was often in use. After the hospital's closure in 1955, it became a notorious nursing home known for mistreating its patients. When investigations caused the nursing home to close in 1974, the building was left to rot. Not until a redevelopment plan took off in 2000 was it restored into a luxury condo development. Today, despite its grim past, it remains an important piece of New York's medical and architectural history.
Keep reading for the full story
August 4, 2015

Want to Enter an Affordable Housing Lottery? You’ll Be up Against 696 Other Applicants

Photo via Wiki Commons According to a new report from the Daily News, for every affordable apartment offered through the city's housing lotteries since 2013, there were 696 applicants, leaving you with a measly 0.14 percent chance of being selected. "All told, there were 2.9 million applications for 4,174 affordable units available from 72 lotteries run by the city's Department of Housing Preservation and Development (HPD)," says the News, yet another signifier that average New Yorkers are struggling to pay ever-increasing rents.
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August 3, 2015

Actors and Filmmakers of Tribeca: The Movie Mecca Downtown

With its cobblestone streets, quirky artists' lofts and industrial-chic architecture, Tribeca is a hot spot for filming movies and television scenes. This past spring, we did a round up of the musicians that call Tribeca home; now we're taking a look at the flock of actors and filmmakers who have made the move to the 'hood's picturesque streets. Tribeca's most famous resident, Robert De Niro, is often credited with transforming the neighborhood into the vibrant place we know today by opening multiple restaurants, developing property, and most notably creating the world-famous Tribeca Film Festival. In addition to De Niro, we mapped out Tribeca's celebrity residents who are famous onscreen and behind the scenes. Ranging from Gwyneth Paltrow's "fuzzy nap zones" with river views to Lena Dunham's artist loft from "Tiny Furniture," it's clear that celebrities feel at home in Tribeca.
More details and our celeb map
August 3, 2015

First Look at Toll Brothers’ Chelsea Condo Designed by Morris Adjmi

Here's our first glimpse at Toll Brothers' under-construction condominium rising at 55 West 17th Street in Chelsea. Morris Adjmi is the building's architect, which is not surprising given his track record crafting sensitive designs for the city's historical areas. The miniscule rendering displayed on the developer's website illustrates a quiet and dignified facade composed of large square-ish windows and soft gray cladding. The project's teaser site was recently launched, and marketing materials describe the 55-unit building as "distinctively modern, classically detailed condominiums in Chelsea."
More details here
August 3, 2015

Last Music Row Shop Closes; The Mansions of Mill Basin

Home-furnishings chain Restoration Hardware is opening a boutique hotel and restaurant around the corner from its flagship store in the Meatpacking District. [Crain’s] The last store of Music Row, the stretch of 48th Street between Sixth and Seventh Avenues that was once filled with guitar sellers, studios and repair shops, has closed. [NYP] Residents are staying […]

August 3, 2015

Surge in City Construction Permits Hits Levels Not Seen Since 1963

If the city seems even more like one big construction site than usual, it's not your imagination. Building permits have risen to an historic peak, up by 156 percent over the last year, the Daily News reports, and an astounding 749 percent over the 2010 post-slump low. This new high–according to Department of Buildings Data and the New York Building Congress–includes permits for 52,618 new residential units over that time period.
Find out what's behind the boom
July 31, 2015

REVEALED: What the Development Replacing the Essex Street Market Could Look Like

Here's our first look at what the site of the storied Essex Street Market could hold. Known simply as "Site 9" in the Essex Crossing mega-development, the 12-story mixed-use development would contain market-rate condominiums and two levels of commercial space at its base. The design of the market-replacing building was penned by GF55 Partners who hope the brick, metal, and glass structure will "co-exist with the area’s visual clutter and loudness of the Williamsburg Bridge traffic." In the sole image provided, a distinguished  two-story base recalls the structural features of the nearby Williamsburg Bridge. According to their description, the commercial base is for a restaurant with various bars and dining areas.
More details ahead
July 30, 2015

Starchitect César Pelli Buys $17.5M San Remo Apartment from John Leguizamo’s Mother-in-Law

Starchitect César Pelli and his wife Diana Balmori have bought a $17.5 million apartment at the San Remo, according to city records released today. And the seller of the 4,900-square-foot, 12-room residence is Rona Maurer, John Leguizamo's mother-in-law who was recently involved in a lawsuit claiming she was covering up the sale of the home to keep her stepdaughter from getting any of the profits. The corner unit has all the details one would hope for from the Upper West Side's most prestigious co-op, including 65 feet of Central Park views, soaring ceilings, herringbone floors, three entertaining rooms, and a marble entry gallery.
More photos this way
July 30, 2015

First Look Inside 64 East 1st Street’s Lofty Condominiums in the ‘Bowery District’

Here's our first look at the lofty interiors of an upcoming GF55 Partners-designed condominium at 64 East 1st Street. The seven-story property is being developed by MGM Property Group, and the site was previously occupied by the much-maligned restaurant/hookah bar La Vie. MGM purchased the 3,300-square-foot lot in late 2013 to the tune of $5.4 million and swiftly demolished the one-story building last year. Excavation work is currently ongoing.
More details ahead
July 30, 2015

NYC Entering Biggest Building Boom in 50 Years; New Rendering of 220 Central Park South

New residential construction permits are at the highest since 1963, likely attributed to the expiration of the 421-a tax break. [WSJ] Two Billionaires’ Row condos, 111 West 57th Street and 1 Park Lane, only subsidized 23 affordable housing units. [DNAinfo] Jeopardy host Alex Trebek bought a $1.92 million fixer-upper Harlem townhouse for his 25-year-old son. [NYP] […]

July 30, 2015

Bidding Wars and Over-Ask Sales on the Rise in Brownstone Brooklyn Neighborhoods

Homes in brownstone Brooklyn neighborhoods have been selling over the asking price and bidding wars are becoming even more commonplace, according to DNAinfo. In the second quarter of 2015, for example, homes in Prospect Heights and Park Slope were selling for 4 percent over their asking price–the highest percentage seen in Brooklyn or Manhattan.
Find out where to expect bidding wars
July 30, 2015

Ricky Martin Gets $7.55M for Noho Pad

Ricky Martin moved into 40 Bond–the Herzog & de Meuron-designed Noho condo famous for its graffiti gate and green glass/green cast iron facade–back in 2007, shortly after the building was completed. He paid $5.7 million for unit 6C, which is perfectly spacious and lovely, but has had a bit of trouble getting it off his hands, first trying to rent it and then listing it for $8.3 million back in 2013. But the Post reports that the Latin pop star has finally found a buyer, who paid $7.55 million for the three-bedroom pad.
More interior pics ahead
July 29, 2015

LaGuardia Overhaul Could Actually Cost $8 Billion and Take Over 10 Years to Complete

Womp womp. For those of you still flying high over yesterday's news that LaGuardia Airport would soon be getting a major revamp, here comes some unfortunate news that might bring you back down to earth. As Crain's reports, Governor Cuomo appears to have grossly underestimated his vision for the upgraded air hub. "According to several sources with direct knowledge of the project," the paper says, "a new LaGuardia could take more than 10 years to build and cost close to $8 billion"—a price that's double the Cuomo administration estimates of $4 billion, with at least another five years tacked on to the schedule.
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July 29, 2015

Rare UES Townhouse Addition Coming to Fifth Avenue’s Museum Mile

New buildings along Fifth Avenue on the Upper East Side are hard to come by, but a rare development prospect may be in the works for a small site on a dormant stretch of the avenue in Carnegie Hill. Building permits filed yesterday detail the construction of a five-story residential addition atop an existing eight-story, 30-foot-wide townhouse at 1143 Fifth Avenue, between 95th and 96th Streets. The brick and limestone building designed by J.E.R. Carpenter, was erected in 1923, and up until recently, housed staffers of the French Embassy. Last June, the 16,000-square-foot, seven-unit property was unloaded by the French government for $36.4 million and picked up by a buyer listed as 1143 5th Ave LLC.
More on the potential development ahead
July 29, 2015

POLL: Should the MTA Get Money from the State Before LaGuardia Airport?

Yesterday, we learned of Governor Cuomo’s plans for a major, $4 billion overhaul of LaGuardia Airport. The project includes consolidating the four terminals, moving the entire facility south, introducing a 24-hour ferry service, and launching AirTrain service that’ll connect travelers to the 7 line in Willet’s Point. Today, however, the revelry took a turn when it […]

July 29, 2015

Airbnb Is Gobbling Up 20 Percent of Apartments in Popular Manhattan and Brooklyn Neighborhoods

As if it wasn't challenging enough to find a reasonable apartment in New York City, Airbnb is now taking up 20 percent of available units in popular Manhattan and Brooklyn zip codes, reports the Daily News. According to a study from New York Communities for Change and Real Affordability For All, the East Village is the most affected, with 28 percent of its apartments being rented as illegal hotel rooms on Airbnb. Additionally, the 20 most popular neighborhoods on the room sharing site "have lost 10% of their available housing units to Airbnb."
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