Real Estate Trends

Five Luxury Towers Will Account for One-Third of New Development Sales over the Next Five Years
April 28, 2015

Five Luxury Towers Will Account for One-Third of New Development Sales over the Next Five Years

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It's projected that over the next five years, new development sales in Manhattan condos will total $27.6-$33.6+ billion, but this sky-high figure is heavily skewed by prices in just five buildings. These luxury towers will account for one-third of the total projection. Three of the buildings -- 432 Park, 220 Central Park South, and 550 Madison Avenue (the former Sony Building) -- are located on billionaires' row and are expected to bring in a whopping $8 billion. The Greenwich Lane and 10 Madison Square West will also likely bring in close to $1.5 billion each. Along with this boost from the upper end of the market comes a trend where fewer units are selling, but prices are shooting up.
More info and CityRealty's full infographic here
The Multi-Million Dollar Real Estate of Brooklyn’s… Gravesend?

Image: Nest Seekers International

April 28, 2015

The Multi-Million Dollar Real Estate of Brooklyn’s… Gravesend?

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When people talk about expensive Brooklyn real estate, the conversation often revolves around the well-kept townhouses in Brownstone Brooklyn, the waterfront condos of Williamsburg, the freestanding mansions of Prospect Park South. Gravesend is not a neighborhood that’s on most New Yorkers' minds. But this South Brooklyn enclave, bordered by Sheepshead Bay, Midwood, Bensonhurst and the waterfront, sees some of the highest home sales in all of Kings County. Here, it’s not uncommon for selling prices to break the $10 million mark. Two years ago, a home hit the market for $14 million. So what’s happening in Gravesend? Simply put, this is not your average New York City real estate market. This neighborhood is home to the largest Sephardic Jewish community in the United States, and real estate is dominated by proximity to synagogues and Jewish Community Centers. That pressure for proximity has driven real estate prices into the multi-millions.
Learn more about the unique Gravesend real estate market…
Go Inside the Historic Beekman; 520 Park’s $70 Million Penthouse
April 28, 2015

Go Inside the Historic Beekman; 520 Park’s $70 Million Penthouse

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Take a video tour inside the Beekman as it undergoes restoration and conversion into a boutique hotel. [Architect’s Newspaper] An anti-Extell rally took place this morning to contest the very tall tower going up right by the Manhattan Bridge. [Bowery Boogie] No surprises here: Aby Rosen and preservationists are at odds over the renovations proposed […]

2 World Trade Center May Ditch Norman Foster’s Design for a Bjarke Ingels Skyscraper
April 27, 2015

2 World Trade Center May Ditch Norman Foster’s Design for a Bjarke Ingels Skyscraper

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Norman Foster may lose out on yet another major project in Manhattan. The Journal writes that if News Corporation and 21st Century Fox decide to move into 2 World Trade Center, as previously reported, developer Larry Silverstein may drop Foster's design in favor of a new one by none other than starchitect of the moment, Bjarke Ingels of BIG.
Find out more here
Have a Beer with Friends on the Patio of This Former Brewery
April 27, 2015

Have a Beer with Friends on the Patio of This Former Brewery

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If you're looking for a fun loft with a unique layout and some old world touches, you are going to love this two-bedroom condo at the Gramercy Park Habitat. Like all the units in this seven-story building, this $1.85 million recently renovated loft has remnants of its former life as a brewery, including wood beam ceilings, exposed columns, and exposed brick walls.
More pics after the jump
Soho’s MoMA Store May Shutter Because It Can’t Afford the Rent
April 24, 2015

Soho’s MoMA Store May Shutter Because It Can’t Afford the Rent

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Soho's rapidly rising rents have just taken another victim, this time the neighborhood institution potentially being booted is the area's beloved MoMA Design store at 81 Spring Street. Crain's reports that the owner of the three-level, 14,500-square-foot space wants an annual rent of $2.5 million—that's three times more than what the area was asking when MoMA took up residency over 13 years ago.
Find out more here
Lofty Greenwich Village Condo Offers Plenty of Space to Show Off Your Art
April 24, 2015

Lofty Greenwich Village Condo Offers Plenty of Space to Show Off Your Art

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This is not your artsy Greenwich Village apartment of the beatnik era. The condo at 29 East 10th Street, which takes up the entire second floor, is more along the lines of "luxury loft living." It has been renovated with custom lighting and exposed brickwork to accommodate the seller's impressive, sometimes kooky, art collection. And it seems like unique design is a trend of the building, which is a former 19th century feather factory. Last year an impressive condo hit the market here asking $14.995 million. This new apartment is asking significantly less, priced at $3.95 million.
See more of the interior photos here
EXCLUSIVE PHOTOS: Take a Tour Inside the Brand New Whitney Museum!
April 23, 2015

EXCLUSIVE PHOTOS: Take a Tour Inside the Brand New Whitney Museum!

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May 1st will mark a new era for the Whitney when its brand new home along the High Line swings its doors open to the public for the first time. A project that has been decades in the making, the $422 million structure designed by Renzo Piano is a game changer for a museum that had long outgrown its Upper East Side space. Boasting a whopping 220,000 square feet of column-free spaces, this glass and steel behemoth is a dynamic assemblage of shapes and angles, and perfectly outfitted to host the Whitney Museum's 22,000 works and then some. Though the museum won't officially open for another few days, this morning 6sqft joined a trove of celebrants at the pre-opening preview of the new High Line-hugging masterpiece. Take an exclusive photo tour with us inside ahead.
All the photos here
Reality Star Bethenny Frankel Revealed as Buyer of $4.2M Soho Loft
April 23, 2015

Reality Star Bethenny Frankel Revealed as Buyer of $4.2M Soho Loft

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If you've been following the roller coaster that is reality television star Bethenny Frankel's life, you know that she started out as a single, struggling entrepreneur on "Real Housewives of New York City." She then launched the Skinny Girl margarita, sold the brand to Jim Beam for a reported $120 million, got married and had a daughter, filed for divorced, and rejoined the Housewives. On the recent season of the show, she considers herself "the richest homeless person in Manhattan," as her ex-husband stayed in their $5 million Tribeca apartment at 195 Hudson Street. We think Frankel's use of the word "homeless" is a little ridiculous considering she was splitting her time between lavish Hamptons rentals and high-end Manhattan hotels, but the Daily News has revealed that the Skinny Girl is actually the owner of apartment 2D at 22 Mercer Street in Soho. A nomad no more, Frankel is waiting to move into the gorgeous loft, which she bought about seven months ago for $4.2 million, until renovations are complete. But judging by the photos of the home, we can't imagine there'd be that much to change.
Take a look around here
Billionaire Wins Deposit Back After Ditched Penthouse Purchase; LGA’s $4B Revamp Could Be Delayed Again
April 23, 2015

Billionaire Wins Deposit Back After Ditched Penthouse Purchase; LGA’s $4B Revamp Could Be Delayed Again

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A billionaire who canceled his purchase of a $27.5M penthouse at 1107 Fifth Avenue—which also happens to be NYC’s first-ever penthouse—will get his $2.75M deposit refunded to him. Carlos Rodriguez Pastor didn’t want to share his terrace with neighbors in the building. [NYDN] If the Port Authority of New York and New Jersey doesn’t pick a winning […]

Subway Rent Map Shows Manhattan Rental Prices Along Each Train Line

Map © Thrillist

April 22, 2015

Subway Rent Map Shows Manhattan Rental Prices Along Each Train Line

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The folks over at Thrillist have put together the fun new Manhattan Subway Rent Map, which shows "where you can't afford to live, by stop." The figures come from the median rent per bedroom near every Manhattan subway stop. For the most part, the trends are what you'd expect -- prices along the 4, 5, 6 line get incredibly lower above 96th Street; living near a 14th Street train station will cost you; and the A, C, E train carries pretty steep prices throughout Manhattan until you reach 125th Street. But what's interesting is that the 59th Street corridor reigns supreme, with prices across the board coming in around $2,800.
See the full map here
Forbes Tallies the World’s Richest Real Estate Tycoons
April 22, 2015

Forbes Tallies the World’s Richest Real Estate Tycoons

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Forbes recently released their annual list ranking the world’s billionaires for 2015. The universe’s wealthiest human is still Bill (Gates, that is), with a fortune worth $79.2 billion at last count. In the overall under-40 crowd, Marc Zuckerberg topped the list with $35.1 billion, his fortune far outstripping the rest of the youngsters on the list. A look at the world’s top real estate billionaires—the list can be sorted by industry among other factors—gives us a peek at some interesting facts and figures about the world’s top property tycoons.
Find out which real estate big-wigs are swimming in billions here
Living Green: Mapping NYC’s Newest LEED Rated Residential Constructions
April 22, 2015

Living Green: Mapping NYC’s Newest LEED Rated Residential Constructions

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Happy Earth Day, friends! As climate change weighs heavy on many of our minds, it’s relief to know that there are developers and architects working hard to create a healthier, more sustainable built environment. Eco-friendly residential design has been on the rise in NYC over the last decade, with buildings today boasting everything from solar panels to greywater […]

City’s First Micro-Apartment Project ‘MY Micro NY’ Ready for Stacking
April 21, 2015

City’s First Micro-Apartment Project ‘MY Micro NY’ Ready for Stacking

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Just in time for Earth Day, New York's first micro-unit apartment building, dubbed My Micro NY, is entering its final construction phase. When finished later this year, urbanites will have a chance to live within the center of the city in a brand new building flush with amenities, all for under $3,000. Developed by Monadnock Development and the NYC Department of Housing Preservation and Development, the soon-to-be-nine-story structure wrapped up foundation work this past winter, and a one-story steel platform is ready to receive 55 modular units. The units are currently being built off-site at the Brooklyn Navy Yard by a team of 50 workers. In late May, the units will be shipped to the Gramercy Park lot at 335 East 27th Street where they will be stacked and bolted together along with stairs, an elevator, and other shared spaces.
More details ahead
The Times Critiques the Design of the New Whitney; Gorgeous Four on Degraw Townhouses Listed
April 21, 2015

The Times Critiques the Design of the New Whitney; Gorgeous Four on Degraw Townhouses Listed

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Architecture critic Michael Kimmelman reviews Renzo Piano’s design of the Whitney Museum. [NYT] Visualizing Manhattan’s income inequality in two charts. [The Atlantic] Writer and 6sqft contributor, Emily Nonko launches The Bed-Stuy Blog. [The Bed-Stuy Blog] 20 NYC institutions shuttered by rent hikes. [Curbed] The remaining three townhouses at the new development Four on Degraw in Boerum Hill, have hit […]

The Rise of Single People Hurts Affordable Housing

Photo: Barry Pousman

April 21, 2015

The Rise of Single People Hurts Affordable Housing

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NYC's affordable housing crisis makes headlines daily, but while most are quick to point to the exploitation and mismanagement of existing apartments as the root of the cause (which to a great degree it most certainly is), the Washington Posts asks us to consider the effect single folks have on a city's housing inventory. Today, more and more folks are living longer and marrying later (if at all), and living alone at any given age no longer carries the stigma it once did decades ago. 26 percent of modern American households consist of just one person now, compared to the 1940s when this number topped out at just seven percent. While this dynamic shift seems more like a cause for celebration (yay, we're evolving and defying convention) it does have some serious implications when it comes to available housing. "Our housing stock wasn't built for a society full of singles," says reporter Emily Badger.
more on the issue here
NYC Apartments a Better Investment than Gold, Says Expert

A midtown apartment filled with modern art designed by Robert Couturier

April 21, 2015

NYC Apartments a Better Investment than Gold, Says Expert

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Laurence D. Fink, chairman of Blackrock Inc., the world’s biggest asset manager, said at a conference today in Singapore that luxury apartments in cities like New York, as well as modern art, have trumped gold as a store of wealth. According to Bloomberg, Fink said, "Gold has lost its luster and there’s other mechanisms in which you can store wealth that are inflation-adjusted...The two greatest stores of wealth internationally today is contemporary art... and I don’t mean that as a joke, I mean that as a serious asset class. And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London."
READ MORE
Extell’s ‘Poor Door’ Building Receives a Staggering 88,000 Applicants
April 21, 2015

Extell’s ‘Poor Door’ Building Receives a Staggering 88,000 Applicants

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Poor doors be damned. It looks like the anger and public outcry swirling around Extell's new 50 Riverside Boulevard condo didn't do much to deter New Yorkers from vying for a low-income unit at the building. The Times reports that the development company received a whopping 88,000 applications for the building's 55 affordable apartments after they opened up the lines back in February. The overwhelming demand is most certainly a win for developer Gary Barnett, who found himself in the hot seat for creating a separate entrance for low-income tenants, away from the market-rate residents. When speaking to the paper, Barnett called the whole poor door ordeal a “made-up controversy” adding to that “I guess people like it. It shows that there’s a tremendous demand for high-quality affordable housing in beautiful neighborhoods."
So do poor doors really matter?
Going Green and Curbing Gentrification: How the Bronx Is Doing It Differently

Image: View Grand Concourse via photopin (license)

April 20, 2015

Going Green and Curbing Gentrification: How the Bronx Is Doing It Differently

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“Ladies and gentlemen, the Bronx is burning." The infamous phrase, uttered in a 1977 broadcast of a Bronx fire, has stuck in the mind of many New Yorkers even today. Indeed, the Bronx saw a sharp decline in population and quality of life in the late 1960s and 1970s, which culminated in a wave of arson. By the early 1980s, the South Bronx was considered one of the most blighted neighborhoods in the country, with a 60 percent decline in population and 40 percent decline of housing units. Although revitalization picked up by the '90s, the Bronx never quite took off like its outer-borough counterparts Brooklyn and Queens. While media hype, quickly rising prices and a rush of development has come to characterize those two boroughs, the Bronx has flourished more quietly. The borough, nevertheless, has become home to growth and development distinct from the rest of New York City. Innovative affordable housing, adaptive reuse projects, green development and strong community involvement are redefining the area. As Bronx Borough President Ruben Diaz Jr. said during this Municipal Arts Society discussion in 2014, this is "The New Bronx."
Keep Reading About What's Going on in the Bronx
New Renderings Revealed for 217 West 57th Street, the Will-Be Tallest Residential Building in the World

Rendering via NY Yimby

April 20, 2015

New Renderings Revealed for 217 West 57th Street, the Will-Be Tallest Residential Building in the World

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It's been relatively quiet on the Nordstrom Tower front since we saw some skyline renderings in September. But now YIMBY has uncovered the official renderings for Extell's 217 West 57th Street, the 92-story, 1,775-foot supertall that will take the title of tallest residential building in the world when completed, surpassing Mumbai’s World One Tower by 29 feet. The images continue to show how the tower will dominate the skyline, but they also give us a detailed look at the façade and a peek into one of the penthouses.
See all the renderings here
The Nation’s Largest Wealth Gap Is In…; Eco-Activist Plans to Swim the Gowanus on Earth Day
April 20, 2015

The Nation’s Largest Wealth Gap Is In…; Eco-Activist Plans to Swim the Gowanus on Earth Day

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The nation’s largest wealth gap is in Manhattan. Surprised? [Crain’s] A clean-water activist plans to take the ultimate plunge on Earth Day, swimming 1.8 miles through Brooklyn’s toxic Gowanus Canal. [Brooklyn Paper] Five real estate myths that snag buyers and sellers. [Washington Post] Real estate crowd funding firm Prodigy Network has plans to develop shared […]

1 WTC Observatory Elevators Will Give Riders a 515-Year Time-Lapse View of NYC Skyline

The Lower Manhattan skyline in 1796

April 20, 2015

1 WTC Observatory Elevators Will Give Riders a 515-Year Time-Lapse View of NYC Skyline

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Tourists and die-hard New Yorkers who plan on shelling out $32 to take in the vistas from the One World Trade Center observation deck will also get the unique experience of taking in the city's skyline through the last 515 years. The Times reports that the five elevators servicing the building's 102nd-floor observatory will be equipped with three wrapping, high-tech monitors that will display a time-lapse view of Lower Manhattan as its takes its patrons on a 47-second, 23 mph ride to the top. The screens will project everything from Manhattan's start as a verdant, marshy wonder to its rise as the world's capital in all its sky-scraping glory. But, most notably, the ride will highlight the south WTC tower brought down by terrorists on 9/11.
Watch a video of the experience here
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