Real Estate Trends

When word hit that the Lower East Side's Streit's Matzo Factory would be shuttering, it was sad news not only for longtime residents in the neighborhood, but a horror for New Yorkers worried about the city's transformation into a sea of characterless new constructions. The Real Deal now reports that the site of the historic institution has officially changed hands, closing yesterday for $30.5 million. According to city records, Midtown developer Cogswell Realty is the new owner of the four-building property which totals 50,000 square feet.
So, what's next for this site?

May 11, 2015

Charting the Property Taxes of the City’s 10 Most Expensive Apartments

Back in March, we learned that the owner of the $100 million apartment at One57 (the most expensive sale ever in the city) pays only $17,268 in annual property taxes– "or 0.017 percent of its sale price, as if it were worth only $6.5 million," as we noted. "In contrast, the owner of a $1.02 million condo nearby at 224 East 52nd Street is paying $24,279, or 2.38 percent of its sale price." Why does this happen? It's in part due to the 421-a program, which offers tax breaks for the inclusion of affordable housing and "lowers the billable-assessed value of a property to incentivize real-estate development," according to CityLab. It's also thanks to the city's haphazard system for assessing market values of condos and co-ops. In response to this growing issue of inequality, Mayor de Blasio announced just last week that he hopes to end 421-a for condos, as well as implement an even stricter mansion tax. To make the issue a bit more black-and-white, CityLab has put together two charts that show just how disproportionate the actual value of the city's ten most-expensive apartments is compared with their property taxes. As they note, "In NYC, billionaires pay 1/100th the average property-tax rate."
Find out more here

May 11, 2015

One WTC’s Elevator Descent Will Fly You Through FiDi; Starbucks Is Coming to Bushwick

Construction may be booming, but there is a record shortage of homes on the market. The low inventory is causing prices to jump and making it harder for folks to move to, let along buy in, New York. [Crain’s] Eight of the ten “Broken Angel” condos are in contract after launching sales less than a […]

Real Estate Trends

May 11, 2015

Geraldo Rivera Buys $5.6M Condo, His Second Purchase in UES Building

Despite a string of recent on-air comments that were controversial to say the least, Geraldo Rivera is still movin' on up. The news personality, along with his wife Erica, just nabbed a $5.6 million condo on the 40th floor of 45 East 89th Street according to city records released today. This is the couple's second purchase in the massive Upper East Side building; they bought a 36th floor unit for $3.4 million in 2011. Geraldo's latest acquisition is a four-bedroom, 2,500-square-foot pad with remarkable Central Park views.
Take a look around here

May 8, 2015

Mad Men’s Christina Hendricks Buys $1.16M Midtown Pad That’s Anything but Modern

We don't think the uber-chic, ever-polished Joan Harris would approve of this pretty basic, slightly cluttered midtown apartment that her real-life counterpart Christina Hendricks just picked up, but seeing that the actress is so well known for her timeless fashion sense, we think she'll turn it into her very own glam pad in no time. The Daily News reports that Hendricks and her husband, actor Geoffrey Arend, bought the one-bedroom unit at the Parc Vendome at 353 West 56th Street for $1.16 million. The timing makes sense, as "Mad Men," which films in Los Angeles, is airing its series finale in just a couple weeks.
Take a look around the home here

To Increase Affordability, Mayor de Blasio Wants to End 421-a for Condos and Up the Mansion Tax

Mayor de Blasio via @KevinCase via photopin cc; One57 © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

May 7, 2015

To Increase Affordability, Mayor de Blasio Wants to End 421-a for Condos and Up the Mansion Tax

From the onset, Mayor de Blasio has been extremely vocal about his plan to add 200,000 units of affordable housing over 10 years, 80,000 of which will be new construction. Though many feel this is an arbitrary number, backed up by no data as to where the units will be, the Mayor seems committed to reforming current policies to reach his goal. And after months of speculation, he has revealed his planned changes to the city's 421-a tax incentive program, which is set to expire in June. According to the Times, under his proposal, the controversial tax would no longer apply to condo projects (to understand the logic behind this decision just look at the $100 million sale at One57 that received the tax abatement). But it would apply to new rental projects, which would have to have apartments for poor and working-class residents make up 20 to 30 percent of the building in order to qualify for city tax breaks. It would also extend the abatement from 25 years to 35 years. Another part of the overhaul is to eliminate so-called poor doors. De Blasio also wants to up the city's mansion tax. Currently, home sales over $1 million are subject to a 1 percent tax, but de Blasio proposes adding an additional 1 percent tax for sales over $1.75 million, as well as a third 1.5 percent tax for sales over $5 million. He estimates this will bring in an extra $200 million a year in tax revenue, money that would be allocated to affordable housing programs.
More details ahead

May 7, 2015

WTC Transportation Hub Opens Next Month; Live in Anne Hathaway’s Old Midtown Apartment

Anne Hathaway‘s former Midtown condo is now up for rent. [NYP; listing] The Santiago Calatrava-designed WTC transportation hub will open next month. [NYT] And… here’s a first look inside the hub. [Tribeca Citizen] Forget Midtown, more and more offices are looking to Brooklyn. [TRD] Nope, that $1,795 one-bedroom with the shower in the kitchen still […]

Real Estate Trends

May 7, 2015

$13M Madison Avenue Condo Will Have One of the City’s Largest Private Pools

Now that $1 million parking spots are the new norm and luxury apartment buildings are all but expected to offer outrageous amenities like vitamin C-infused showers, pet spas, and bowling alleys, developers have to get creative with their over-the-top offerings. So, how about a private swimming pool one-third the length of an Olympic pool? According to the Daily News, that's exactly what's up for grabs at newcomer 172 Madison Avenue. "It’s the Pacific Ocean compared to the wading pools in even the fanciest new condo buildings," says the paper, and that's certainly true considering it will be 50 feet long.
More here

May 6, 2015

New Yorkers Aren’t Happy with Where the City is Heading; More $1M Parking Spaces Coming

Downtown NY will get 1,350 new condos by 2016. [TRD] Heres what it’s like living in Flatbush, Brooklyn. [NYT] 49 percent of New Yorker voters aren’t happy with where the city is headed, according to a new poll. [WSJ] An exclusive interview with Gregg Pasquarelli, one of the five principals SHoP Architects. [CO] More $1 […]

Real Estate Trends

New York Times Columnist Frank Bruni Nabs a Broadway Corridor Pad for $1.65M

The Times may be struggling to make ends meet, but it looks like their Op-Ed contributor and former chief restaurant critic Frank A. Bruni is doing just fine. City records show that the NYC tastemaker has just closed on a classic six in a brick-clad prewar at 123 West 74th Street for $1.65 million. Although the apartment is in need of quite a bit of work, Bruni has the perfect canvas to create his dream home. The apartment comes with high ceilings, well-kept hardwood floors, and is soaked in light thanks to three large south-facing windows in the living room and two bedrooms.
Have a closer look inside

May 5, 2015

One-Third of 220 Central Park South Sold; One Vanderbilt Moves Forward with Full City Support

After just six weeks, one-third ($1.1B) of 220 Central Park West has been sold. “Acceptance by brokers and buyers has been extraordinary and unprecedented.” [TRD] One Vanderbilt is well on its way to becoming a reality. This morning SL Green cleared its final major hurdle, receiving approval, with some amendments, by a key City Council subcommittee. [Crain’s] Philip […]

Real Estate Trends

May 5, 2015

Jason Kidd Sells Hamptons Mansion for $7.1M

Just in time for summer in the Hamptons, retired Nets star Jason Kidd has sold his sprawling mansion at 100 Flying Point Road in Water Mill, fetching an impressive $7.1 million, reports the Post. He bought the then-brand-new, four-building luxury compound in 2012 for $5 million, originally listed it through Corcoran in October 2014 for nearly $8 million, but re-listed it with Douglas Elliman this past January for $1 million less. The home came fully furnished and offered the best of Hamptons living.
Take a look around the summer-ready estate

May 4, 2015

Westward Ho! More and More New Yorkers Are Moving to Los Angeles

New York and Los Angeles have long been rivals, but while New York has historically emerged as the center of all things cool, the tides seem to be turning. The Times reports that more and more of the city's creatives are turning to Los Angeles as a place to call home, spurring a renaissance in a town once considered a cultural wasteland. No longer is L.A. a sun-soaked land littered with dejected actors and models, but instead it's emerging as a haven for those looking to experiment with their art without struggling to make ends meet. Read: The rents are cheap!
Find out more here

May 4, 2015

Robert De Niro Lived in a Penthouse with Seven-Car Garage; Leasing Starts at Brooklyn’s Tallest Tower

Turns out Robert De Niro called this extravagant penthouse with glass floors and a seven car garage home for two years. [NYP] Brooklyn’s upcoming tallest tower, the Avalon Willoughby West, has started leasing. Studios will go for $2,890 a month. [Brownstoner] A federal transportation bill could lead to the city to removing some of the oversize […]

Real Estate Trends

May 1, 2015

Michelle Obama Loves the New Whitney; BIG’s West 57th Street Pyramid Gets a Name

A cement mason worker is suing Tishman Construction, Silverstein Properties, the Durst Organization and the Port Authority after getting seriously injured while working at 1 World Trade Center. [CO] BIG’s West Side Highway pyramid/tetrahedron will be named “Via.” Huh? Read the explanation at the Times. [NYT] First lady Michelle Obama is “in love” with the new Whitney Museum, […]

Real Estate Trends

May 1, 2015

New Condo Project Rising at 629 Grand Street in Williamsburg

Just four blocks from the Lorimer Street station on the L train, a new condo project is rising at 629 Grand Street. The property is a conversion of an existing mixed-use building, having been extended both horizontally and vertically. It will feature seven units–one two-bedroom/two-bath residence and six one-bedroom/one-bath homes. There's also a ground-floor commercial unit that will house a vintage clothing store (how very Williamsburg).
More info here

Norman Foster’s 551W21 under construction

April 30, 2015

A Record $11.9B Has Gone into Building New Condos, but Few Apartments Actually Produced

The NYC luxury real estate market is as hot as ever and developers are scrambling to get in on the action. The Daily News reports that a record breaking $11.9 billion was poured into new developments last year, a 73 percent jump over the last 12 months, and up $5 billion over the previous record (source: New York Building Congress). While this rise may seem like great news in a city facing a serious housing crisis, the bounty going towards new construction isn't doing much to remedy it. The paper adds that though spending is way up, the bulk of the cash is being funneled "into delivering only a few massive high-end pads with luxe finishes targeted at the global elite."
Find out more here

April 30, 2015

$100M Homes on the Rise All Over the World; Will NYC Look as Good with a Dimmer Skyline?

New York is not alone, a record number of properties around the world are commanding prices topping $100 million. [Bloomberg] The city’s first crowd-funded condo project has just launched sales. [NYDN] LES community activists are calling Extell’s new tower planned for 250 South Street “racist.” [DNA Info] New York’s plan to save energy may mean a […]

Real Estate Trends

April 30, 2015

Actress Christina Ricci Nabs a $2M Fort Greene Townhouse Neighboring the BQE

Some people find the sound of moving traffic soothing, which must be the camp actress Christina Ricci falls into. According to the Post, Ricci has just scooped up a $2 million townhouse located at 67 Adelphi Street, right next door to the Brooklyn-Queens Expressway. Although not sited within the lovely and leafy quarters Fort Greene is best known for, the 2,205-square-foot home does have its charms: there are four sunny bedrooms, three bathrooms and a deck off the kitchen that leads to a large garden.
Have a peek inside here

April 30, 2015

Hell’s Kitchen, Once the ‘Wild West,’ Now Undergoing Rapid Gentrification

There's yet to be an exact agreed-upon theory as to where the name Hell's Kitchen came from, but most historians agree that it had something to do with the poor tenement conditions and general filth of the neighborhood in the 19th century. Its reputation didn't get any better in the 20th century, though. After the repeal of prohibition, the area became overrun with organized crime, and until the 1980s it was known as a home base for several gangs. Today, Hell's Kitchen is no longer the "Wild West," but rather a rapidly gentrifying community ripe for new development. A neighborhood profile today in the Times looks at the transformation of the neighborhood, also called Clinton or Midtown West, which is generally defined as the area from Eighth Avenue to the Hudson River between 34th to 59th Streets. Summed up, "New buildings are going up, and older ones are being converted to high-end residences. The development of Hudson Yards and the High Line just to its south and the addition of the Time Warner Center on its northeast border have spurred growth. Prices have gone up but are still generally lower than in surrounding neighborhoods."
Find out more ahead

Central Park Sunshine Task Force Meets to Speak Out Against Supertall Shadows

Rendering showing the location, size and massing of projects currently being developed along Central Park South, via MAS “Accidental Skyline” report

April 29, 2015

Central Park Sunshine Task Force Meets to Speak Out Against Supertall Shadows

There are a dozen supertalls (1,000 feet or higher) in the construction or planning stages in Manhattan, many of which are sprouting up along the billionaires' row hotbed south of Central Park. The trend has incensed many New Yorkers because of the shadows these giant towers will cast on the park. Last month, Councilman Mark Levine introduced legislation to create a task force that will examine, as he put it, “the looming threat of shadows falling on our parks from the rising number of skyscrapers.” A similar group of concerned parties, the Central Park Sunshine Task Force of Community Board 5, met last night to discuss the issue. As Curbed reports, in the standing-room-only town hall meeting at the New York Public Library the group covered issues including zoning laws, transparency in the building process, construction safety, matters of light and air, overdevelopment, and even the "'phallic' nature of the buildings themselves."
More on the meeting here

April 29, 2015

Feng Shui Affordable Housing Coming to Flushing; Bronx Man Squatting in a Barn Won’t Budge for Developers

Downtown Brooklyn’s Marriott Hotel will get a major makeover that includes a Navy Yard-inspired lounge and a bar stocked with local craft brews. [DNA Info] Inside the restoration of the gothic-style Bush Terminal International Exhibit Building on 42nd Street. [NYT] Garland Roberts, an Army veteran and a longtime activist, has been squatting in a condemned barn […]

Real Estate Trends

April 29, 2015

POLL: Will Bjarke Ingels Take Over the Design for 2 World Trade Center?