Real Estate Trends

From Clipper Ships to Condos: Construction Begins on 161 Maiden Lane at the Seaport
July 15, 2015

From Clipper Ships to Condos: Construction Begins on 161 Maiden Lane at the Seaport

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Site excavation has begun on a sleek condominium tower set to erupt into the forefront of one of Manhattan's most iconic and historical vistas. Developed by Brooklyn-based Fortis Property Group, a 5,000-square-foot site at 161 Maiden Lane is slated to give way to a 150,000 square-foot tower positioned to become downtown's first residential skyscraper directly fronting the East River. Earlier this month, Curbed (via Fredrik Ecklund's Instagram) revealed the project's official name of "One Seaport" and that it will rise 60 stories. Whether that number reflects actual floors or phantom Trump floors remains to be seen, but permits filed with the Department of Buildings last summer detail a 51-story, 640-foot glass prism designed by Goldstein Hill & West Architects (GHWA). Either way, given the project's location, small lot size and lack of height limitations, One Seaport promises to be a new marker in the downtown skyline that will provide its lucky residents with spectacular views of the bridges, Brooklyn, and beyond.
Click here for the past, present, and future of 161 Maiden Lane
For the Price of One Soho Apartment, You Can Buy 38 Homes in Memphis
July 14, 2015

For the Price of One Soho Apartment, You Can Buy 38 Homes in Memphis

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We learned last week that the average sales price in Manhattan has skyrocketed to $1.8 million, and while this figure is definitely newsworthy, it's even more shocking when we look at the average price of an apartment in certain neighborhoods. Take tourist-friendly Soho, for example, where it costs an average of almost $3 million ($2,912,792 to be exact) for a residence. Many New Yorkers may be unfazed by this number–it seems that every day now we're being presented with seven-digit statistics. So the folks over at CityLab, decided to put it in perspective, mapping how many homes in cities across the country that $3 million price tag can buy.
See the breakdown here
Model Gigi Hadid Lists Pad Because of Stalker; Century-Old Greenhouse at Green-Wood Cemetery to be Renovated
July 14, 2015

Model Gigi Hadid Lists Pad Because of Stalker; Century-Old Greenhouse at Green-Wood Cemetery to be Renovated

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The penthouse at The Edge in Williamsburg has hit the market for $3.85M. [listing; video] Supermodel Gigi Hadid reportedly listed her Noho apartment because she was being stalked. [NYP] The Chinatown McDonald’s housed within a pagoda-inspired design has gone out of business. [Bowery Boogie] Green-Wood cemetery’s greenhouse will be renovated into a visitor center. [Gothamist] NYC’s […]

New Video Reveals How SHoP’s 626 First Avenue Will Dance into Midtown’s East River Skyline
July 13, 2015

New Video Reveals How SHoP’s 626 First Avenue Will Dance into Midtown’s East River Skyline

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SHoP Architects' copper-clad fraternal pair of towers is finally rising along the East River, and a handful of newly uncovered images and a fly-through video reassure us that this dancing couple will be the boldest addition to the East River skyline in decades. Developed by Michael Stern's JDS Development Group, the nearly one-million-square-foot project, now known by its address 626 First Avenue, will contain a whopping 800 rental units, placing it in the league of other recent mega-rental developments such as Two Trees' Mercedes House (864 units), Silverstein's River Place (921 rentals), and Moinian's Sky (1,175 units). Like these others, JDS is promising to provide an extravagant amenity package that they claim "will set a new benchmark for rental developments."
Watch the video and find out everything 626 First Avenue will offer
‘Breakfast at Tiffany’s’ Townhouse Sells; Skyscrapers Could Soon Reach 2,000 Feet
July 13, 2015

‘Breakfast at Tiffany’s’ Townhouse Sells; Skyscrapers Could Soon Reach 2,000 Feet

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The townhouse where Miss Holly Golightly lived in “Breakfast at Tiffany’s” has sold for $7.4 million. [NYO] Midtown rents are getting so high many companies can’t afford them anymore. [NYP] Blink Fitness is leasing the entire Brooklyn Lyceum in Park Slope. [Crain’s] A structural engineer predicts that 2,000-foot towers are in the near future, and after […]

West Chelsea’s Tallest Tower Rises and Finally Reveals Itself
July 13, 2015

West Chelsea’s Tallest Tower Rises and Finally Reveals Itself

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Residential construction along the High Line continues at full steam as a rash of activity along the park's northern extents rises higher and larger than earlier developments farther south. To provide a gradual transition from mid-rise West Chelsea to the enormous skyscrapers planned for the Far West Side, the Bloomberg administration in 2005 allowed more generous zoning between West 28th and 30th streets along Tenth and Eleventh avenues. Earlier this week Curbed, via ILNY's Flickr photostream, gave us our first look at West Chelsea's future tallest structure, a 425-foot rental tower at 319 Tenth Avenue that is part of a trio of buildings being developed by Long Island-based Lalezarian Properties.
Take a look at this new tower and learn more about it
LAST DAY to Win a Free Pass to the New York Times Cities for Tomorrow Conference (Worth $595!)
July 10, 2015

LAST DAY to Win a Free Pass to the New York Times Cities for Tomorrow Conference (Worth $595!)

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Cities for Tomorrow is back again for its second year, and we’ve teamed up with the New York Times to give one lucky 6sqft reader a free pass (worth $595!) to the event taking place July 20th–21st in Midtown Manhattan. Join leaders in the real estate, architecture and urban planning fields such as New York City’s police commissioner, […]

Construction Update: NYC’s First Micro Apartment Complex Is Now Fully Stacked
July 9, 2015

Construction Update: NYC’s First Micro Apartment Complex Is Now Fully Stacked

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Moving day inches closer for those looking to claim a module in the city's first micro apartment complex. As of this week, My Micro NY is fully stacked, rising 120 feet from its site at 335 East 27th Street at the border of Gramercy in Kips Bay. The project, also known as Carmel Place, is the product of a city-sponsored design competition launched by former mayor Michael Bloomberg in 2012 as a way to test out if micro dwellings could be an answer to the city's housing shortage, and in turn give enough reason for adjusting NY's dated building codes to allow for smaller units better suited for today's shrinking households. As it stands, the legal minimum is 400 square feet, while My Micro NY's apartments measure a mere 260 to 360 square feet.
More images of the construction
Robert De Niro’s 15 CPW Rental Now Selling for $55M; Brooklyn Rents and Home Prices at a Record High
July 9, 2015

Robert De Niro’s 15 CPW Rental Now Selling for $55M; Brooklyn Rents and Home Prices at a Record High

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There’s a documentary film coming out about Brooklyn’s infamous Broken Angel House. [NYO] Sales launch at 200 East 62nd Street. [via 6sqft inbox; listings] The 15 Central Park West pad Robert De Niro has been renting just hit the market for $55M. [NYDN; listing] Don’t call Brooklyn the borough with better deals. Rents and home prices are at […]

Norman Foster’s Next Condo Tower Will Be 900 Feet; How to Shed Affordable Tenants
July 7, 2015

Norman Foster’s Next Condo Tower Will Be 900 Feet; How to Shed Affordable Tenants

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Jennifer Lawrence continues her search for a NYC pad, now with Chris Martin in tow. [NYDN] Much to locals’ dismay, reports confirm that Norman Foster’s new condo tower planned for Sutton Place will indeed be 900 feet tall. [NYDN] Rising mortgage rates could block millennials from buying. [AOL] How to get rid of rent-stabilized tenants and make a killing. [The […]

Royal Letdown: Queen Elizabeth Actually Won’t Be Coming to NYC
July 6, 2015

Royal Letdown: Queen Elizabeth Actually Won’t Be Coming to NYC

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A few weeks ago, various media outlets reported that Queen Elizabeth had bought a $7.9 million apartment at 50 United Nations Plaza. City records listed the buyer of the three-bedroom, 3,000-square-foot residence as “Her Majesty the Queen in Right of New Zealand.” But as the Post informs us today, the royal family will not be taking up residence in NYC after all, as the actual buyer is the New Zealand government’s UN ambassador.
More details on the transaction
JFK Airport Gets an Awesome Open-Air Roofdeck; Joan Rivers’ Penthouse Sells for Ask
July 2, 2015

JFK Airport Gets an Awesome Open-Air Roofdeck; Joan Rivers’ Penthouse Sells for Ask

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An UES woman found apartment hunting so stressful, she gave up her search and stayed in her over-priced studio. [NYT] Joan Rivers’ opulent apartment has sold for $28 million to a Middle Eastern buyer. [NYDN] NYCHA is looking for bids from developers interested in building affordable apartments. [NYDN] Tribeca Cinemas has closed down and the building is now […]

NYC Makes Up 5 Percent of the Nation’s Property Value
July 1, 2015

NYC Makes Up 5 Percent of the Nation’s Property Value

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We know New York City is ridiculously expensive, but what about its property values? Because of the city's confusing "market value" system, true property values are often grossly underestimated. To provide a more accurate look, the data buffs over at Metrocosm have put together these visually telling cartograms of real property values in NYC, substituting land area for total property value. The maps not only compare values in New York with those throughout the rest of the country, but they also look at how property values are concentrated within the five boroughs. The data reveals some striking facts. New York City makes up a whopping 5 percent of the nation's property value, coming in at $1.5 trillion. When you single out Manhattan's $733 billion, it could be the 14th most valuable state in the country. The Upper East Side, which occupies less than one square mile, has $96 billion in housing value–more than entire states like New Hampshire, North Dakota, South Dakota, Vermont, Wyoming and Alaska.
More findings, maps, and graphs ahead
432 Park Unveils Model Unit; Renderings for Brooklyn Bridge Park’s Pier 6 Condos
July 1, 2015

432 Park Unveils Model Unit; Renderings for Brooklyn Bridge Park’s Pier 6 Condos

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The model unit at 432 Park is unveiled on the 38th floor of the almost-completed building. [TRD] Developers secure a $725 million loan for their supertall and super-skinny tower 111 West 57th Street. [Crain’s] Renderings revealed for Brooklyn Bridge Park’s controversial Pier 6 condos, designed by ODA Architecture. [Gothamist] A ten-story condo will rise on the […]

Average Sales Price in Manhattan Hits Record High of $1.8M
July 1, 2015

Average Sales Price in Manhattan Hits Record High of $1.8M

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The second-quarter market report from Douglas Elliman is fresh off the presses, and it shows that Manhattan sales have never been more expensive, averaging $1.87 million for all apartments, which is an 11.4 percent jump from this time last year. New developments averaged $2,011 per square foot, which is the first time ever prices have exceeded the $2,000 per square foot mark. Other records set during this quarter are for median co-op sale price ($795,000, up 9.7 percent from last year) and average price for luxury apartments ($8.2 million, up 12.8 percent from last year).
More from the report here
Sales Launch at Rosario Candela’s 360 Central Park West; The Condos Replacing Brooklyn Heights Cinema
June 30, 2015

Sales Launch at Rosario Candela’s 360 Central Park West; The Condos Replacing Brooklyn Heights Cinema

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Sales have launched at Rosario Candela’s 360 Central Park West. A selection of three- to four-bedroom residences have been priced between $3,950,000 and just over $5,750,000. [CityRealty] Here are the Morris Adjmi-designed condos replacing the beloved Brooklyn Heights Cinema at 70 Henry Street. [6sqft inbox] 21 Broadway buildings have been shunned by the Landmarks Preservation Commission. [NYT] Neighbors […]

NYU Expansion Plan Gets the Final Green Light from Court of Appeals
June 30, 2015

NYU Expansion Plan Gets the Final Green Light from Court of Appeals

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Last October, the appellate court overturned a previous decision by the New York Supreme Court that prohibited NYU’s $6 billion, 1.9 million-square-foot Greenwich Village expansion plan. But in Feburary, opponents of the plan (including community groups like GVSHP, Assemblywoman Deborah Glick, local residents, NYU Faculty against the Sexton Plan, and even actor Mark Ruffalo) announced that the New York State Court of Appeals would hear their case one final time. According to DNAinfo, though, today the state's highest court ruled in favor of NYU, giving the expansion plan the final go ahead.
Find out more about the ruling
Designer and Art Writer Sue Hostetler Finally Sells Four-Story Alphabet City Condo for $7M
June 30, 2015

Designer and Art Writer Sue Hostetler Finally Sells Four-Story Alphabet City Condo for $7M

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Six years ago, designer and art writer Sue Hostetler (she's the Editor-in-Chief of Art Basel Magazine) built a modern six-story townhouse at 238 East 4th Street. She and her husband, media executive Jon Diamond, decided they'd occupy the first four floors, while selling off the two-story penthouse. The Alphabet City location raised some eyebrows at the time, but before long, celebrity husband-and-wife design team Bob and Cortney Novogratz were tapped to design the upper condo, which sold for $5 million to Oscar Proust and Colleen Goujjane, owners of the well-known West Village restaurant One If By Land, Two If By Sea. But despite creating her dream home from the ground up, and even installing a paparazzi shield on the one-car garage, Hostetler first put her massive home on the market in 2012 for $8.5 million. Rachel Weisz and Danielle Craig checked it out at the time, but it's been struggling on the market for three years, including an attempt at selling the entire building for $12.4 million. Now, according to city records released today, the 6,500-square-foot residence has sold for $6,995,000, and the buyer is, quite appropriately, light and interactive sculptor Jen Lewin.
Take a look around
New Map Plots Every Airbnb Listing in NYC
June 30, 2015

New Map Plots Every Airbnb Listing in NYC

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"Adding data to the debate" is the tagline of this new interactive map called Inside Airbnb, which has plotted all listings as of June 1st from the popular room-sharing website. The searchable bird's eye map was created by Bed Stuy photographer Murray Cox to show "how Airbnb is being used to compete with the residential housing market" in cities around the world (h/t Gothamist). In addition to looking at the trend across the city as a whole, the map allows users to zoom into a specific neighborhood and look at how an Airbnb presence has changed in a given area over the past few years.
Learn more about the map
Rent Guidelines Board Approves Freezes on One-Year Leases for First Time in History
June 30, 2015

Rent Guidelines Board Approves Freezes on One-Year Leases for First Time in History

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In a historic decision made last night, the Rent Guidelines Board voted 7-2 last night to freeze rents for the first time on one-year leases for New York City’s more than one million rent-stabilized apartments. The board, entirely appointed by Mayor Bill de Blasio, also moved to increase rents on two-year leases by just two percent, the lowest in the board's 46-year existence. The decision follows last week's lackluster vote at the state level to only extend but not strengthen rent regulations. "Cuomo betrayed us, the RGB can save us," tenants chanted at the meeting.
Find out more here
Michelle Williams Buys Colonial Revival Mansion in Prospect Park South That Needs a Little TLC
June 29, 2015

Michelle Williams Buys Colonial Revival Mansion in Prospect Park South That Needs a Little TLC

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Actress Michelle Williams is clearly a fan of big, beautiful Brooklyn houses. 6sqft got the scoop back in September that she was listing her lovely Boerum Hill townhouse for $7.5 million. The ivy-covered, corner-lot home came complete with a three-car garage and more space than is usual for the neighborhood. Likely for these reasons, she sold the house for well over the asking price ($8.8 million to be exact), just two months later. And after keeping us in suspense for seven long months as to where she and nine-year-old daughter Matilda would move, Ditmas Park Corner revealed today that Williams purchased an historic Colonial Revival-style home in Prospect Park South. Last listed for $2.45 million, the eight-bedroom home at 1440 Albemarle Road is referred to as "The Tara of Prospect Park South" in the listing. It boasts a two-story front porch with fluted Ionic columns, dormer windows, eight fireplaces, and leaded and stained glass windows. The landmarked house is definitely in need of some TLC, but that shouldn't be a problem for Williams, as she told a neighbor "I love living somewhere that feels like the suburbs but is next to an express train."
Check out the interiors, this way...
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