Real Estate Trends

It's official, rocker Jon Bon Jovi is now free of the 158 Mercer Street digs he's been trying to unload for the past for two years. First reported by The Real Deal, city records filed this afternoon show that the home traded hands for a whopping $34 million; although at first this seems like a pretty penny, it's actually way down from its original ask of $42 million. The buyer is Austrian-American businessman and investor Gerhard Andlinger, who previously called a sprawling 8,300-square-footer at the Time Warner Center his home.
Have a look inside the penthouse

June 4, 2015

According to Real Estate Brokers, All of Brooklyn Is an Extension of Williamsburg

A hilarious new map on Reddit pokes fun at real estate brokers’ tendency to stretch the truth to when it comes to an apartment’s proximity to desirable Williamsburg. Here, Coney Island is South-SouthSouth Williamsburg, East New York is South EastWilliamsburg, but only a tiny little triangle in Brownsville gets a reprieve from the hipster treatment […]

Real Estate Trends

June 4, 2015

A $500M Mansion Will Be the Country’s Most Expensive; The Naked Cowboy Rents in Queens

A CUNY professor is looking for plot to park his tiny, eco-friendly prefab home. [BU] A French financier is the buyer of 737 Park‘s $32M penthouse. [TRD] Who knew? Times Square’s Naked Cowboy rents in Queens. [BU] Think NYC’s penthouses are pricey? Apparently there’s a $500M mansion coming to Los Angeles. [Bloomberg] The $500M mansion […]

Real Estate Trends

June 4, 2015

Cobble Hill Townhouse Sets Record for Most Expensive Home Sale in Brooklyn at $15.5M

You know the real estate market is getting shaken up when Brooklynites are abandoning their beloved borough for the cheaper island of Manhattan. And today's record breaker just goes to show how hot Brooklyn is right now. The Daily News reports that the super-modernized Cobble Hill carriage house at 177 Pacific Street sold for $15.5 million, setting the record for most expensive home sale ever in the borough. The four-story, six-bedroom house takes the top spot from Truman Capote's former home at 70 Willow Street in Brooklyn Heights, which sold in 2012 for $12.5 million.
More details about this Brooklyn record breaker

Real Estate Trends

June 3, 2015

Starchitecture Firm Snøhetta Will Design Vornado’s Penn Station Area Overhaul

Back in April, we learned that Vornado Realty Trust was hoping to pour hundreds of millions of dollars into revitalizing the Penn Station area with new retail space, public plazas, and other infrastructure. Now, Crain's reports that the developer has tapped Oslo-based starchitecture firm Snøhetta to handle the overhaul's master plan, the same architects responsible for the 9/11 Memorial Museum Pavilion and the public plaza in Times Square. Snøhetta will be responsible for creating a "framework" for both Vornado's Penn Plaza buildings and the surrounding street-level spaces. And in a similar vein to the recently approved One Vanderbilt scheme at Grand Central, the master plan will include closing off part of West 33rd to vehicular traffic in the hopes of creating a permanent pedestrian plaza near Madison Square Garden.
More details and specifics on the street closures ahead

June 3, 2015

Artist David Salle Lists Home for $13M; What the World’s Richest One Percent Earn

Plans have been filed for Renzo Piano’s new residential project rising in Soho. [TRD] Here’s how much money the richest one percent make in 20 countries around the world. [Washington Post] Artist David Salle’s massive Fort Greene home has hit the market for $13M. [Curbed] How to give a crappy roommate the boot. [BrickUnderground] Images: The top floor […]

Real Estate Trends

June 3, 2015

POLL: Can Snøhetta Transform Manhattan’s Most-Hated Area?

Earlier today, we learned that Vornado Realty Trust tapped Oslo-based starchitecture firm Snøhetta to create a master plan for the redesign of the Penn Station area. Even the developer referred to Manhattan’s most-hated and most-congested location as “the collision of humanity.” But Snøhetta worked their magic creating the Times Square pedestrian plaza, so we want to know if […]

Real Estate Trends

June 3, 2015

Isabella Rossellini Buys a Lincoln Square One-Bedroom for $1.3M

While the Lincoln Square location of Isabella Rossellini's new condo matches up with her larger-than-life theatrical personality, we're hard pressed to see what exactly about this simple one-bedroom at the Element drew her in. According to city records filed yesterday afternoon, the famed actress has scooped up the apartment with private terrace for $1.275 million, which, based on our best guess, will serve as a pied-a-terre of sorts for Rossellini, who spends most of her days on her farm in Bellport, Long Island.
inside isabella's new condo here

Extell May Build Brooklyn’s Tallest Tower at City Point

Rendering of City Point with a previously envisioned 65-story tower

June 3, 2015

Extell May Build Brooklyn’s Tallest Tower at City Point

Extell, the development company best known for gobbling up billionaires' row sites and building supertall towers like One57, is venturing into Brooklyn, a place they've long avoided. The New York Times reports that Extell has bought the last development site at City Point, a huge, mixed-use complex in Downtown Brooklyn that will include residential and retail space, and, of course, a massive food hall. Extell will pay $120 million for the city-owned property, on which they will likely build a 500-unit rental building. What's more noteworthy than Extell's move into the borough, though, is the fact that the tower could reach 60 stories, according to Extell president Gary Barnett, which would make it the tallest building in Brooklyn.
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Construction Accidents Are Up in NYC; How an Apple Store’s Design Gets You to Spend Money

101 Murray Street will be shorter than previously reported. [Curbed] How to invest in real estate without actually buying up property. [AOL] Every square foot of an Apple Store is designed to make you spend more money. [TRD] Fatal construction accidents are on the rise. [NYT] Rupert Murdoch almost lost out on his recent $25M […]

Real Estate Trends

REVEALED: Rafael Viñoly’s Slender 52-Story Condo Tower Design for Nomad

Image via New York YIMBY

June 1, 2015

REVEALED: Rafael Viñoly’s Slender 52-Story Condo Tower Design for Nomad

Is there any architect more in demand than Rafael Viñoly these days? NY YIMBY has uncovered the first renderings of the starchitect's latest residential project, a tower slated to pierce the sky from a Nomad site at 281 Fifth Avenue. Though notably smaller than 432 Park Avenue at just 705 feet, the skyscraper does share the 432's stark and very geometrical shape. It will also be one of the tallest in the neighborhood once constructed.
Find out more here

June 1, 2015

Meet the Current Owner of the Spinning Upstate Dome Home; 10 Most Expensive NYC Apartments for Rent

Meet the woman who currently owns this amazing revolving dome home on the market for under $1M. [NYT] Here are the ten priciest apartments up for rent in NYC right now. [Curbed] De Blasio will crack down on unregulated “three-quarter houses” that are cramming addicts, recently released prisoners, and the mentally ill into apartments collecting state money. […]

Real Estate Trends

May 29, 2015

Sources Say Saudi Billionaire Is Buyer of $95M Penthouse at 432 Park

The Real Deal reports that Saudi billionaire and retail magnate Fawaz Al Hokair is the buyer of the $95 million penthouse at 432 Park, the city's current tallest residential building. The unit went into contract in 2013 for roughly $11,500 per square foot, but sources are just now coming out with his identity. Al Hokair is the founder and chairman of Fawaz Alhokair Group, the most valuable retail and real estate company in Saudi Arabia. Forbes estimates the company is worth $22 billion, and that Al Hokair's net worth is $1.37 billion. When the deal closes it will be the second most expensive condo sale ever in the city, stealing the title from Bill Ackman's $91.5 million buy at One57 and following only behind the $100 million penthouse sale, also at One57.
More details, interior renderings, and a floorplan ahead

Real Estate Trends

May 28, 2015

Commissioner of Baseball Robert Manfred Buys $5.6M UES Penthouse

Just in time for the height of MLB season, Robert Manfred, the freshly appointed Commissioner of Baseball who is a known Yankees fan, has scooped up an Upper East Side penthouse condo. He and his wife Colleen paid $5,575,000 for the full-floor, three-bedroom pad, according to city records released today. Located at 303 East 77th Street, the home also boasts 2,559 square feet of interior space and with 809 square feet of outdoor space comprised of three terraces and a balcony.
See the rest of Manfred's new digs here

May 28, 2015

Learn What Makes Inwood So Special; How Many Apartments Are Paid for with Cash?

Three units in the Walker Tower list as a combo for $60M. [WSJ] Explore all that is Inwood. [NYT] New Yorkers lament over the closing of FAO Schwartz. [NYT] How many NYC apartments are bought with cash? [Curbed] Here’s what you have to be earning to qualify for affordable housing in Essex Crossing. [The Lo […]

Real Estate Trends

REVEALED: 1 Park Lane Will Be the Next Supertall Central Park South Tower

Rendering via Witkoff

May 27, 2015

REVEALED: 1 Park Lane Will Be the Next Supertall Central Park South Tower

Just a week after Manhattan's Community Board 5 called for a moratorium on shadow-casting Central Park skyscrapers taller than 600 feet, renderings have been revealed for the next supertall tower coming to the periphery of the park. New York Yimby first spotted the images for 1 Park Lane, the 1,210-foot-tall glassy condo that will replace the Helmsley Park Lane Hotel at 36 Central Park South and become the fourth-tallest residential building in the city.
More details ahead

May 27, 2015

One Vanderbilt Tower Receives Unanimous Approval from City Council

This afternoon, SL Green's One Vanderbilt tower received the ultimate green light from the New York City Council, as members voted unanimously in favor of both the construction of the new 1,501-foot tall office building and the rezoning of a five-block stretch of Vanderbilt Avenue (the Vanderbilt Corridor) that would bring with it significant infrastructural upgrades to the area's public transportation. The vote was the last hurdle for the development and is a critical step in the rezoning of a greater area of Midtown East.
Find out more here

May 27, 2015

What Skyline Is This? Why Investing in Trailer Parks Is a Good Bet

Can you identify all the world’s skylines? Take this quiz. [Washington Post] A handful of city council members are in favor of the Central Park supertall moratorium. [Crain’s] Parents living in cramped quarters are asking friends to forgo giving their kids unnecessary gifts at birthday parties. [NYDN] General Assembly co-founder and entrepreneur Adam Pritzker (whose […]

Real Estate Trends

May 27, 2015

POLL: Is Buying a Private Island a Better Investment Than a NYC Condo?

By Heather Cooper Vivares and Amanda Cozens

Yesterday we learned that you can buy an entire island for $11 million, far less than the hundred-million-dollar condos popping up in Manhattan. So, you can spend one-tenth the price of the One57 penthouse, and instead of 10,923 square feet of glass-enclosed space, you’ll get 3.5 acres of land, a private beach, huge swimming pool, a 6,100-square-foot main […]

Real Estate Trends

May 26, 2015

Musicians of Tribeca: The City’s Hottest ‘Hood for Pop Stars

Though Tribeca has long been considered a haven for artists, this tends to refer to those in the visual arts, thanks to the neighborhood's chill vibes and spacious loft apartments. But over the last two decades, some of the world's most famous pop musicians have been gobbling up real estate on its cobblestone streets. From Katy Perry and Taylor Swift to Chris Martin and Justin Timberlake, the hit makers can't get enough of Tribeca.
Take a celebrity musician tour of Tribeca

May 26, 2015

The Future NYC Skyline of 2030; Urban Blight in the West Village?

Why are so many West Village storefronts shuttered? [The New Yorker] Here’s what the NYC skyline will look like in 2030. [Curbed] Russian oligarch Dmitry Rybolovlev’s $88M penthouse has been taken off the market. [NYP] Crown Heights residents saw their rents double last year. [Gothamist] Small biz Brooklyn owners are calling it quits as the borough sees property values […]

Real Estate Trends

May 26, 2015

Rich NYC Buyers Now Requesting Luxury Panic Rooms

Call it the problems of 0.002 percent, but the Times reports that wealthy buyers are now requesting that "safe rooms" be installed as part of their multi-million dollar buys. Although when most of us envision these spaces we immediately think of the movie "Panic Room" where Jodie Foster and her on-screen daughter are hunkered down in a dark and cold metal encasement with bad lighting, the wealthy by comparison have no interest of slumming it even when under siege. The paper reports that these individuals are now putting their panic rooms in full view, and they're just as cushy as the rest of their ultra-luxe digs.
More on the trend here

May 22, 2015

Paul McCartney Purchases a Fifth Avenue Penthouse for $15.5M

Paul McCartney has just nabbed a $15.5 million penthouse at 1045 Fifth Avenue, the Post reports. Laid out as a duplex, the unit was previously owned by developer Manny Duell who made a living turning rentals into co-ops. This particular unit was one of Duell's creations, assembled as a gift for his wife who lived in the home until her death last year at the age of 92. Duell himself passed in 1977. With its roots in the Beatles era, McCartney should quickly feel at home here. The unit was previously described by the Times as a “glamorous 1960s time capsule with a dash of Hollywood.”
Have a look inside

May 22, 2015

Fully-Furnished Rentals Launch at One57