Real Estate Trends

May 21, 2015

‘Girls’ Star Zosia Mamet Buys Unimpressive Upper West Side Co-op for $1.2M

When we took a look at the real estate of the stars of "Girls," we said the characters "live in Greenpoint, not the Upper West Side." The same cannot be said for their real-life digs, as evidenced by Zosia Mamet's (she plays Shoshanna on the hit show) purchase of a pretty bland Upper West Side co-op. According to city records released today, she paid $1,225,000 for the two-bedroom apartment at 522 West End Avenue. We knew she was looking to relocate–she and her boyfriend listed their Bushwick house back in October, and it recently sold–but we can't deny that we're a little surprised by her choice.
See Zosia's new home here

May 21, 2015

The Price of History: Looking at NYC’s Biggest Landmark Condo Conversions

By Dana Schulz

This year is full of celebrations for the 50th anniversary of the New York City Landmarks Law, and in marking this milestone we tend to look at all of the historic buildings that have been perfectly preserved in their appearance and function. But what about those that retain their original character, yet have a new use? The folks over at CityRealty have taken a look at this group, focusing on city landmarks that have been converted from commercial spaces into condominiums. Zoning in on the five largest landmarks (by number of units), they found that owning a piece of history will cost you. In fact, the average unit price in these Manhattan landmarks was 45 percent higher than other condos; in Brooklyn, 26 percent.
Check out the full infographic here

Real Estate Trends

May 21, 2015

Auction.com Allows Chinese Investors to Buy U.S. Real Estate from Home; NYC Remains the World’s Most Global City

By Diane Pham

A Time exec has bought Million Dollar Listing star Fredrik Eklund’s West 27th Street pad. [NYP] Ziel Feldman’s HFZ Capital Group recently purchased one of the most expensive development sites ever sold in Manhattan, but he doesn’t plan on putting ultra-expensive condos up there—he’s opting for a small project instead. [Crain’s] Pierhouse blocked from being constructed […]

Real Estate Trends

May 20, 2015

Woolworth Condos Come to Market; July 4th Fireworks Will Return to the East River

By Diane Pham

The Woolworth condo apartments have hit the market. [Curbed; listings] Things New Yorkers wished they were told before moving here. [Brick Underground] The NYPD is moving several of its divisions into the Verizon building on Pearl Street. [NYP] The 39th annual Macy’s 4th of July fireworks will return to the East River this year. [Gothamist] Images: […]

Real Estate Trends

May 18, 2015

Developer Scott Resnick Takes Us Inside Norman Foster’s 551W21

By Carter B. Horsley

How do you follow up managing the building of the city’s newest and most exciting museum, the Whitney Museum of American Art on the Hudson River waterfront in the West Village, that kicks off the city’s most popular architectural extravaganza, the High Line elevated park? You commission Sir Norman Foster, one of the world’s master architects to rise to the starchitect challenge of the High Line, the city’s seemingly overnight sensation that is a phenomenal explosion of really interesting designs in a city too long mired in architectural mediocrity and bogged down mightily by the burden of rampant NIMBYism, the well-intentioned but dreaded Not In My Back Yard syndrome. Scott Resnick, the head of SR Capital, has asked Foster to design a 19-story residential condominium building at 551 West 21st Street, half a block west of the High Line. “We’ve got the Hudson River,” Resnick retorts, casually destroying the real estate myth of “location, location, location.” This, of course, is the back story to the supertall onslaught of the south end of Central Park. How can mere 250-footers at best compete with the 1,000-foot-plus stompin’ boots of oligarchs in and around the city’s platinum core of double-height retailing, grand hoteling and horse-and-buggy bashing? Talk about 76 trombones! Still, in a metropolis of more than eight-million yarns, there is eternal hope for the spunky “little guys,” “da bums.”
Inside Foster's new building in progress this way

FAO Schwarz To Close Flagship Fifth Avenue Store Ahead of Rising Rent

Image: Gary Burke via flickr.

May 18, 2015

FAO Schwarz To Close Flagship Fifth Avenue Store Ahead of Rising Rent

By Michelle Cohen

Beloved toy store FAO Schwarz has announced that it will shutter its midtown Manhattan store on July 15, citing rising rents, reports Bloomberg. Founded in 1862, the store, which is owned by toy chain Toys "R" Us, Inc., is the oldest toy store in the United States. The brand has long been known for its high-end dolls and life-sized stuffed animals and as the stuff of many a tiny tot's fantasies.
What does the future hold for the iconic toy store?

Real Estate Trends

May 18, 2015

Walker Tower Penthouse Back on the Market; 56 Leonard Not All That Jenga-Like

By Diane Pham

Want a green card? Invest in real estate. [NYT] The Walker Tower penthouse is back on the market, now asking $70 million. The unit sold last year for a record $50.9 million. [TRD] Condos at Norman Foster’s new Midtown condos will go for $3.3 million and up. [Curbed] Some are saying that the actual construction of 56 […]

Real Estate Trends

May 18, 2015

Artist Maya Lin Buys a Massive Bond Street Loft for $4.5M

By Annie Doge

Artist and architect Maya Lin, best known for her design of the Vietnam Veterans Memorial in Washington, D.C., has just purchased a sprawling loft unit at 35 Bond Street in Noho, according to city records. Lin paid $4.5 million for the 3,260-square-foot space, which remains extremely raw, making for the perfect blank canvas workspace or renovation project for the multi-disciplinary creative who has also been known to dabble in interior design.
More photos of the interior here

VIDEO: Preview the Interiors of Jean Nouvel’s MoMA Tower Ahead of This Week’s Sales Launch

Image: Bloomberg

May 18, 2015

VIDEO: Preview the Interiors of Jean Nouvel’s MoMA Tower Ahead of This Week’s Sales Launch

By Michelle Cohen

Since it started making news in 2006, the starchitect-designed condominium tower at 53 West 53rd Street, officially known as 53W53 along Manhattan's "Billionaire's Row," has progressed slowly, stalled until last September when developers were able to obtain 240,000 square feet of development rights from MoMA and the St. Thomas Episcopal Church for $85.3 million and secure a $860 million construction loan. The Jean Nouvel-designed 1,050-foot asymmetrical tower, often called MoMA Tower, is adjacent to the museum and will occupy three of its lower floors. Now Bloomberg brings us a video interview with Nouvel and interior designer Thierry Despont from the building's sales gallery that opens the door on the building's interiors–or at least those of the building's furnished model unit, which is more than we've gotten so far. We also get to behold a sleek model of the tower's facade surrounded by its neighbors. The architect says that there are "...almost no two similar apartments in the building because on every floor the shape and the layouts are different."
Check out the interiors and the video this way

May 15, 2015

See a Time-Lapse Video of 56 Leonard Going Up; Brooklyn Embassy Townhouse for Sale

By Diane Pham

56 LEONARD CONSTRUCTION PROGRESS from Rob Cleary on Vimeo. In anticipation for its topping out this summer, 56 Leonard, the 60-story tower designed by Herzog & de Meuron, released a time lapse video tracking the building’s rise from March 2014 to May 2015. [6sqft inbox; video link] The “Late Show’”s presence has been a boon […]

Real Estate Trends

New Rendering Shows Isay Weinfeld’s Jardim High Line Condos

By Michelle Cohen

As the construction boom along the High Line continues, new renderings have surfaced (via Curbed) for the condo development designed by highly acclaimed Brazilian architect Isay Weinfeld. Developed by Harlan Berger’s Centaur Properties and Greyscale Development Group, the new project, called “Jardim” (Portuguese for garden), will occupy the site at 525 West 25th Street between 10th and 11th Avenues.
Find out more about the project here

Extell Shoots for a $4.4B Sellout with the Nordstrom Tower, the Most Expensive Ever

Image: the Nordstrom Tower penthouse

May 14, 2015

Extell Shoots for a $4.4B Sellout with the Nordstrom Tower, the Most Expensive Ever

By Diane Pham

Extell has plenty to brag about, from claiming fame to the city's top two most expensive sales to being credited with starting the whole superluxury supertall tower boom. But according to the Wall Street Journal, the development company's head honcho and mastermind Gary Barnett is vying for another record, aiming to make his next skyscraping creation, the Nordstrom Tower, the most expensive building ever sold at $4.4 billion.
more details here

May 14, 2015

Why Are There So Many Empty Storefronts in NYC?; LIC’s Citigroup Building May Become Condos

By Diane Pham

The Department of Buildings is getting a $120 million overhaul to help get stalled projects going again. [CO] A new shared bike lane will connect the East River Park to the Williamsburg Bridge. [Bowery Boogie] Here’s why there are so many vacant storefronts in trendy NYC neighborhoods. [Gothamist] Jared Kushner has made a $296 million […]

Real Estate Trends

Move It Whole Foods, Brooklyn Is Getting a Wegmans!

Rendering: Beyer Blinder Belle

May 13, 2015

Move It Whole Foods, Brooklyn Is Getting a Wegmans!

By Diane Pham

Everyone rejoice! East Coast foodie favorite Wegmans is finally coming our way, inking a deal to open its first ever NYC location in the Brooklyn Navy Yard. The New York Times reports that the supermarket giant will take up a whopping 74,000 square feet, anchoring the new shopping complex slated to replace Admiral's Row. Wegmans beat out three other proposals vying to enter the scene but was ultimately chosen because of the lack of affordable grocers in the area, and the store's commitment to bring 600 jobs to the area, 200 of which will be full-time—double what other proposals promised to deliver.
More on Wegmans coming to Brooklyn here

Real Estate Trends

May 13, 2015

Anthony Bourdain’s Food Hall Coming to Pier 57; Equinox Is Katz’s New Neighbor

By Diane Pham

No pain, no gain. Equinox gym is opening up next door to Katz’s Deli. [NYP] Not only is Google taking up space at the upcoming SuperPier Pier 57, but the location will also host Anthony Bourdain’s much talked about food hall. [TRD and CO] More millenials are renting but just as many want to own a […]

Real Estate Trends

May 13, 2015

Historic Fort Greene Carriage House in Need of Some TLC Gets over Asking Price

By Dana Schulz

When we think of million dollar listings, visions of super modern or impeccably restored residences come to mind, but this Fort Greene carriage house fits into neither of those categories. In fact, it could easily serve as the backdrop for a ruin porn Instagram photo. But despite its fixer-upper status, two lucky ladies just picked up the 19th century home at 327 Vanderbilt Avenue for $2.6 million, $500k over the asking price, according to city records released today. When the listing first hit the market this past December, Curbed noted that it wasn't "exactly habitable at the moment," but fortunately for the new owners, the sale came with renderings for potential overhauls. It also comes with some surprising historic remnants from its days as a horse stable.
More details, plus find out the interesting history of this carriage house

May 13, 2015

Jean Nouvel Says He Has ‘No Favorite Color’ at Event Honoring 53W53

By Dana Schulz

Last night, MoMA held an event to honor Pritzker Prize-winning architect Jean Nouvel and his much talked-about project 53W53, which is also known as the MoMA Tower for its location next to the museum and the fact that the institution will occupy three of its lower floors. Furthermore, its developers bought more than 240,000 square feet of development rights from MoMA, as well as the St. Thomas Episcopal Church, for $85.3 million back in September, at which time they also secured a $860 million construction loan for the 1,050-foot asymmetrical tower. And now that construction has moved forward and interior renderings of the condos were revealed, what better time to pat this long-stalled project on the back. The celebration drew a diverse crowd, including Richard Meier, Martha Stewart, and broker to the stars Dolly Lenz. In a Q&A with filmmaker Matthew Tyrnauer, Nouvel discussed his inspiration for the forthcoming project. Dressed in head-to-toe black (down to his socks and tie), he also revealed that he has "no favorite color," according to the Observer.
Find out about Nouvel's inspiration for 53W53 here

May 12, 2015

Brooklyn Bazaar to be Replaced by BMW Dealership; Affordable Hell’s Kitchen Apartments Start at $868/Month

By Diane Pham

Long Island City’s clock tower has been named a historic landmark. [Curbed] Brooklyn’s night bazaar is being replaced by a BMW dealership. [Gothamist] There are now a million rooms available on Airbnb. [NYT] Can scaffolding be beautiful? You be the judge. [Untapped] Rent in Hell’s Kitchen’s luxurious Sky building for as little as $868 a […]

Real Estate Trends

The LES Site of 90-Year-Old Streit’s Matzo Factory Sells for $30.5 Million

Image by Leo London/Flickr

May 12, 2015

The LES Site of 90-Year-Old Streit’s Matzo Factory Sells for $30.5 Million

By Diane Pham

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

By Dana Schulz

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

By Diane Pham

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

By Annie Doge

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

By Annie Doge

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

By Dana Schulz

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

By Diane Pham

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 […]

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