Real Estate Trends

By Heather Cooper Vivares and Amanda Cozens

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 […]

Real Estate Trends

August 3, 2015

Surge in City Construction Permits Hits Levels Not Seen Since 1963

By Michelle Cohen

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 31, 2015

NYU Expansion Officially Underway; Dog DNA Testing for BK Condo Owners Who Don’t Scoop Poop

Michael Bloomberg’s ex wife, Susan Brown Bloomberg, sold her Noho penthouse in just over a month. [NYO] NYU’s $6 billion expansion plan is kicking off with plans to demolish Coles Gym. [DNAinfo] The owner of a $10.5 million Soho penthouse is suing the building’s restaurant for an “illegal” rooftop bar that’s caused him $1.5 million […]

Real Estate Trends

July 30, 2015

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

By Jon Dioffa

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

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] […]

Real Estate Trends

July 30, 2015

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

By Michelle Cohen

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

Real Estate Trends

July 30, 2015

Ricky Martin Gets $7.55M for Noho Pad

By Annie Doge

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

Inside the Woolworth Penthouse; Rent-to-own Programs Are Making a Comeback

Rent-to-own programs are becoming an option for those with bad credit who want to one day own a home. [WSJ] The MTA sent Mayor Bill de Blasio a letter yesterday urging the city to provide the $3.2 billion that the agency needs to close its capital budget deficit. [New York Post] Go inside the under-construction, ultra-expensive penthouse at the famed Woolworth […]

Real Estate Trends

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 […]

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

Photo courtesy of Airbnb via Facebook

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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July 28, 2015

Governor Cuomo Reveals Renderings for $4 Billion LaGuardia Airport Overhaul

After much anticipation, Governor Cuomo unveiled his plan yesterday to overhaul LaGuardia Airport, which he called "un-New York" in its current state. The $4 billion project includes consolidating the four terminals into one hub and moving the entire facility south the length of two football fields, according to Crain's. Additionally, Cuomo's controversial AirTrain, which will connect travelers to the 7 line in Willet's Point, will be put into effect, as will a 24-hour ferry service that will operate out of the landmarked Art Deco Marine Air Terminal. The development will be handled by LaGuardia Gateway Partners, a new public-private partnership formed by the Port Authority of New York and New Jersey, who will oversee the construction, financing, and operation of the new terminal under a 35-year lease.
Lots more details and renderings this way

July 28, 2015

Donald Trump’s Estimated Worth Is $2.8B; The ‘Brooklyn’ of Every State

Donald Trump is estimated to be worth $2.9 billion by new accounts. Trump previously claimed $10 billion. [Bloomberg] Here are the Brooklyn equivalents of all the states. [Huff Po] Hockey Star Sean Avery lists his Hamptons house. [Curbed] After 40 years, the iconic Trash Vaudeville is leaving its St. Marks locale for a new space on 7th Street. […]

Real Estate Trends

July 28, 2015

Donald Trump Gets $21M for Trump Park Avenue Penthouse

When you have $1.4 billion in assets, $21 million is a drop in the bucket, but the Wall Street Journal reports that's what Donald Trump just got for the sale of his penthouse in his namesake building Trump Park Avenue. The apartment is not too exciting, but it does boast 6,200 square feet, ten-foot ceilings, five bedrooms, seven-and-a-half bathrooms, and a private elevator. Trump bought the full-floor penthouse in 2002, when his company converted the Upper East Side building to condos, but never lived there. It first hit the market back in 2013 for $35 million and most recently got a price chop to $24.99 million.
Look around the whole place here

July 27, 2015

NIMBYs Are Shaping NYC’s New Developments; William Randolph Hearst Penthouse Sells

NIMBYs have become power players in New York’s real estate game. Here’s a closer look at the playbook they use to take new developments down. [Crain’s] Aby Rosen has found a new restaurant to replace the iconic Four Seasons in the Seagram building. [NYP] The MTA is kicking gardeners out of their greenspace beneath the […]

Real Estate Trends

Roman Abramovich; View of the three townhouses — 11, 13, 15 (from L to R)

July 24, 2015

Roman Abramovich Closes on Third UES Townhouse for His $80M Makeshift Mansion

At the beginning of the year, news broke that Russian billionaire Roman Abramovich had secretly bought a townhouse at 11 East 75th Street for $29.7 million, which followed his purchase of a townhouse two doors down for $18.3 million a month earlier. So, of course, we all assumed that he would snatch up the townhouse wedged in between to create his very own makeshift mansion. And now it's official, as the Daily News reports today that Abramovich has closed on the townhouse at 13 East 75th Street for $30 million, bringing his total up to nearly $80 million.
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July 24, 2015

Construction Update: Tribeca’s ‘Jenga Tower’ 56 Leonard Tops Out

By Heather Cooper Vivares

Last January, 6sqft reported on the the progress of Alexico Group /Hines' project 56 Leonard: The concrete structure was around 700 feet tall with little more than 100 feet to rise. Now, alas, the 821-foot Tribeca tower, playfully known as "the Jenga building" and designed by Swiss architects Herzog & de Meuron, has finally topped out! With a delivery date expected sometime next year, all that remains for its wacky floor plate configurations and erratic cantilevered projections is the remainder of its exterior cladding, which we hear will now also progress from the top down, and the interior fit-out of its 145 residences.
More details this way

July 24, 2015

The Likelihood You’ll Be Poor at Some Point; Harlem’s Oldest Townhouse Sells for $3.6M