Real Estate Trends

Rupert Murdoch Lists One Madison Penthouse for $72M, Is Reportedly Buyer of $25M West Village Townhouse

Rendering of the penthouse, which occupies the tower’s top three floors

April 17, 2015

Rupert Murdoch Lists One Madison Penthouse for $72M, Is Reportedly Buyer of $25M West Village Townhouse

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The Wall Street Journal reports today that News Corp. and 21st Century Fox chairman Rupert Murdoch has listed his penthouse at One Madison for $72 million. He bought the 6,850-square-foot triplex last February, in conjunction with a full-floor unit on the 57th floor below, for $57.25 million. He originally intended to use the smaller apartment as a guest suite, and moved into it while architect Jose Ramirez built out the penthouse. But Murdoch has now shifted gears, putting the penthouse on the market, keeping the 57th-floor unit, and buying a $25 million West Village townhouse where he plans to live full time. Interestingly, the townhouse is reportedly the former purple bed and breakfast turned single-family mansion, which hit sales records on Wednesday.
More details on Murdoch's real estate moves
Staten Island’s Revival Offers Brooklyn Cool Alongside $600,000 Six-Bedroom Homes
April 17, 2015

Staten Island’s Revival Offers Brooklyn Cool Alongside $600,000 Six-Bedroom Homes

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It's only a matter of time before Staten Island gets pinned as the next Brooklyn. As new developments pop up along the northern tip, the oft-forgotten borough is seeing the tides turn in its favor. Today the Times ran a piece on some of the biggest projects coming to the island, and unlike those popping up in Manhattan, this bunch is far more focused on livability and community building. Moreover, with rooftop beehives, shared vegetable gardens, small-batch espresso, pet spas, artisanal shops shilling specialty olive oils, and cheese caves in the pipeline, Staten Island is also starting to sound a lot like some of the city's most hipster-run areas. In fact, in casting its net for local testimonials, the Times was able to find Ridgewood and Bushwick refugees that have already high-tailed it southwest. And it's no wonder, with real estate being offered at just a fraction of the price—one couple in the story closed on a house with "numerous porches and six bedrooms, for $620,000"—it's only a matter of time before we turn to our significant others and say, "Let's move to Staten Island!"
More on Staten Island's next steps here
Long Island City’s Hot New Park-Front Project Liv@ Murray Park North Set to Begin Sales
April 17, 2015

Long Island City’s Hot New Park-Front Project Liv@ Murray Park North Set to Begin Sales

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While Manhattan buyers typically pay a great premium for a park-front address, a single subway stop away in Long Island City, a new condominium aptly named Liv@ Murray Park North will begin sales with homes starting around $400,000. Developed by George Xu and Century Development Group, the six-story, 39-unit building will house a mix of studio, one- and two-bedroom apartments designed by Queens' own Raymond Chan Architects. Liv@ Murray Park North is located at 11-35 45th Avenue along the northern frontage of the 2.5 acre Murray Park/Murray Playground. Similar in size to downtown's Gramercy Park, the community jewel is LIC's largest green space not situated along the East River. The park is also across from the neighborhood's sole historic district and is positioned centrally between the area's two booming high-rise nodes–the master-planned Hunter's Point waterfront community and the Court Square-Queens Plaza business district.
More on the project ahead
The Sutton, Toll Brothers’ ‘Modern Vintage’ Condo, Tops Out and Gets Motley Skin
April 16, 2015

The Sutton, Toll Brothers’ ‘Modern Vintage’ Condo, Tops Out and Gets Motley Skin

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Toll Brothers' latest condo development The Sutton has reached its 30-story apex and is currently applying a variety of skins to its frame that its designers hope will capture a "modern vintage" aesthetic. Situated at the boundary of Midtown East's Turtle Bay and Sutton Place neighborhoods at 959 First Avenue, the 90-unit tower (down from 114-units) will hold one- to four-bedroom residences priced from $1 million to more than $6 million, and provide the typical array of amenities and interiors that reflect the surrounding area's classic New York vibe.
Find out more about the project
Director David Fincher Snags a Tribeca Pad; Salt Queen Renting Her Apartment for $9K
April 16, 2015

Director David Fincher Snags a Tribeca Pad; Salt Queen Renting Her Apartment for $9K

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Famed director David Fincher—of “Fight Club,” “Gone Girl” and “House of Cards” fame—may be moving to Tribeca. Fincher reportedly put down $5.75M on a three-bedroom at 7 Harrison where fellow director Steven Soderbergh also lives. [Variety] You can rent acclaimed artist Bettina Werner’s apartment at Downtown by Starck for $9,000/month—or $8,500/month if you pay it all in […]

Two out of Six Units Already in Contract at 52 Lispenard Street, Is Jake Gyllenhaal the Next Buyer?
April 16, 2015

Two out of Six Units Already in Contract at 52 Lispenard Street, Is Jake Gyllenhaal the Next Buyer?

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Sales launched exactly a month ago at the long-awaited 52 Lispenard Street in Tribeca, and in that short time two of the building's six units are already in contract at the asking price–the three-bedroom unit 3 for $7.3 million and the five-bedroom, floor-through unit 4 for $6.85 million. There are two four-bedroom units, priced at $7.2 and $8 million, also currently available. Since the Post reports today that Jake Gyllenhaal looked at two units in the building, one of which is the three-bedroom unit now in contract to someone else, we're wondering if he might just be the next buyer to sign on as one of the building's first residents.
More details ahead
New Clinton Hill Building with $1,064 Two-Bedroom Apartments Now Taking Applications
April 16, 2015

New Clinton Hill Building with $1,064 Two-Bedroom Apartments Now Taking Applications

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Clinton Hill rents may be skyrocketing, but there are a handful of units coming up sure to bring some peace of mind to those worried that the neighborhood is turning into another haven for the rich. DNA Info reports that a brand new building coming up at 490 Myrtle Avenue at Hall Street that will boast a terrace, veggie garden, reflecting pools with cabanas and $1,064 two-bedroom apartments. The building is sited along one of the more rapidly gentrifying areas of the neighborhood, just a block away from the Pratt Institute along a stretch of Myrtle Avenue that is about to see a serious boom in new developments and green space.
Find out more here and if you qualify for one of the units
Flashy Designer Loft in Tribeca Sells for $9.25M
April 16, 2015

Flashy Designer Loft in Tribeca Sells for $9.25M

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It's always interesting to see how architects and designers outfit their personal homes, and in this case the answer is very lavishly. Jennifer Tonkel, an interior designer at Kemble Interiors, along with her husband Carlos Fierro, bought this 3,650-square-foot loft at 408 Greenwich Street in Tribeca for $7.64 million in 2008, and after decorating it to their hearts' content, listed it for $10.75 million just about a year ago. The impressive home has now sold for $9.25 million, according to city records released today.
Tour the designer pad here
Jet Blue Wants to Turn the TWA Terminal into a Hotel; NYPL Requests Proposals for Its Flagship Redesign
April 15, 2015

Jet Blue Wants to Turn the TWA Terminal into a Hotel; NYPL Requests Proposals for Its Flagship Redesign

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New Jersey is becoming more and more like Brooklyn by the minute. Junior’s is moving its baking facility to NJ. [Crain’s] Jet Blue wants to turn the iconic Eero Saarinen-designed TWA flight terminal at JFK into a hotel. [WSJ] Bruce Eichner on collecting air rights for his supertalls. [CO] The NY Public Library is moving forward with plans […]

Former West Village B&B Sells as a Single-Family Townhouse for $25M
April 15, 2015

Former West Village B&B Sells as a Single-Family Townhouse for $25M

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The West Village mansion at 278 West 11th Street hit the market for $30 million in March of last year, which was a huge jump from the $8.2 million owner George Agiovlasitis paid for it in 2011. But he did buy the property when it was a purple bed and breakfast and transform the 6,500-square-foot Greek Revival townhouse into a single-family home, revealing its original brick façade and replacing the historic stoop. Agiovlasitis has now made quite the profit, unloading the house for $25 million, according to city records released today. The buyer is Paula Wardynski, senior vice president of finance at 21st Century Fox, according to The Real Deal.
Take a look around the stunning residence
April 15, 2015

POLL: Is Penthouse Living Worth a 75% Price Increase?

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On Monday we took a look at an infographic from CityRealty that shows how much more penthouse buyers pay compared to their neighbors directly below. Analyzing the top penthouse sales recorded in 2014, they found that “high-rise top floor buyers on average shell out 11 percent more per square foot for their pads than their counterparts just below. Looking at the average […]

Enormous ‘Authentic and Locally Curated’ Food Hall Coming to Downtown Brooklyn
April 14, 2015

Enormous ‘Authentic and Locally Curated’ Food Hall Coming to Downtown Brooklyn

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Amongst the city's more delectable real estate news comes word that the developer of City Point has plans to bring a 26,000-square-foot foodie haven to their massive Downtown Brooklyn project. Dubbed the Dekalb Market Hall, the space will host somewhere between 35 and 55 "authentic and locally curated" vendors at the basement level of the 1.8-million-square-foot mixed-use development along Dekalb Avenue. Though leasing is still in the works, more than a handful of food purveyors have already signed on to stir what's sure to be a culinary revolution for an area more commonly associated with chains like Starbucks and Applebee's. So yes, put your best sweatpants on, friends, there will be artisanal doughnuts and barbecue.
More on who's moving in
Lauren Bacall’s Dakota Listing Gets a Few New Photos; Alleged Madam Lists Her UWS Townhouse
April 14, 2015

Lauren Bacall’s Dakota Listing Gets a Few New Photos; Alleged Madam Lists Her UWS Townhouse

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More photos of Lauren Bacall’s Dakota apartment have been added to the recently reduced $23.5M listing. [CityRealty] David Jaffee, a.k.a NYC’s Airbnb Slumlord, may face criminal charges for creating dorm-like Airbnb rentals out of Manhattan apartments.  [NYP] Alleged madam Ghislaine Maxwell, accused of fixing up financier Jeffrey Epstein and Prince Andrew, Duke of York, with minors, has […]

How Much More Do Penthouse Buyers Pay Compared to Their Neighbors Directly Below?

30 Park Place

April 13, 2015

How Much More Do Penthouse Buyers Pay Compared to Their Neighbors Directly Below?

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So maybe you don't get the coveted "PH" in your address, but you will save tens of millions of dollars by "slumming it" on the floor just below. The data gurus over at CityRealty analyzed the top penthouse sales recorded in 2014 and found that high-rise top floor buyers on average shell out 11 percent more per square foot for their pads than their counterparts just below. Looking at the average selling price, this rings in at a whopping 75 percent more. Is the PH premium worth it? Let us know what you think in the comments.
check out the full infographic here
The Correlation Between Trees and Neighborhood Wealth; Vinegar Hill Townhouse Breaks Sales Record
April 13, 2015

The Correlation Between Trees and Neighborhood Wealth; Vinegar Hill Townhouse Breaks Sales Record

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The amount of trees a neighborhood has can signal income inequality. [CityLab] This Vinegar Hill townhouse previously eyed by Robert Pattinson has sold for a neighborhood record of $3.35M. [DNA Info] United American Land is suing an investment banker for renting out his rent-stabilized Tribeca apartment on Airbnb. [CO] Is this Bates+Masi-designed beach house too tiny […]

Norman Foster’s 2 World Trade Center Could Get a Jumpstart Thanks to Rupert Murdoch
April 13, 2015

Norman Foster’s 2 World Trade Center Could Get a Jumpstart Thanks to Rupert Murdoch

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Norman Foster's 88-story tower, destined for the last unoccupied site of the World Trade Center complex, could finally get the legs it needs to move forward. The New York Times reports that media giants News Corporation and 21st Century Fox, both headed by Rupert Murdoch, are in talks with the Port Authority and developer Larry Silverstein to make the long-stalled 1,349-foot skyscraper their next home. The move would relocate a number of News Corp. and Fox's top brands—which include the NY Post and the Wall Street Journal—and give 2 WTC what it needs to resume construction as required by the Port Authority; namely a solid anchor tenant. Ground was broken on the tower way back in 2008 and slated for completion in 2016, but in 2013 the Port Authority put a hold on construction until tenants could be found for occupancy.
More on the move forward here
Construction Update: SOM’s 252 East 57th Street Getting Its Glass Skin
April 12, 2015

Construction Update: SOM’s 252 East 57th Street Getting Its Glass Skin

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With foundation work complete, the World Wide Group / Rose Associates' tower at 252 East 57th Street is rapidly making its climb into the Midtown East skyline. The 57-story development composed of 93 condos and 173 rentals is designed by Skidmore, Owings & Merrill LLP (SOM), with SLCE serving as the architects of record. Despite the tower's location along the eastern fringe of cloud-busting billionaire's row, the 715-foot building won't be competing for any height records–for instance, 111 West 57th Street is double its height at 1,428 feet. Instead, the tower is shaping up to be more of a typical Midtown East affair, falling in line with its Second Avenue context by providing a broad 80-foot-high base along the avenue and a sheer 50-story rectangular slab rising above. Recent residential towers along Second Avenue such as The Milan, The Veneto, and The Three Ten share 252's massing, which planners prescribed to conform new skyscrapers to the rows of existing walk-up buildings.
More details on the project here
Renovated Bespoke Bed Stuy Townhouse Sells for $2M
April 10, 2015

Renovated Bespoke Bed Stuy Townhouse Sells for $2M

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"Every surface, space and system has been carefully considered, restored and renovated with an artist's eye and artisan's craftsmanship," says the listing for this restored brick townhouse in Bed Stuy. Located at 109 Clifton Place, the wonderfully bespoke home has sold for $2,050,000, according to city records released today. The artistic quality of the home makes sense, as the previous owners were Darren Foote, an artist specializing in mixed media and woodworking, and Kristen Dodge, founder of the Lower East Side's DODGE Gallery. The couple cleverly redesigned their home, mixing classic historic details, artsy personal touches, and rustic features that would fit right in at Brooklyn's newest artisanal restaurant.
Tour the Brooklyn beauty here
High Rents Lead Newlyweds to Seek Roommates

Image via Ramsey Beyer on flickr

April 10, 2015

High Rents Lead Newlyweds to Seek Roommates

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For most New Yorkers, moving to the big apple means finding a roommate. And while switching from the dorms to another no-privacy situation isn't ideal, we usually slog through it because we tell ourselves it's only temporary. For many people, the light at the end of the tunnel is marriage–finally settling down and shacking up–but a story today in the New York Times takes a look at the increasing trend of newly married people living with roommates thanks to the city's ever-rising rents.
More on the trend here
Bill Ackman Closes on One57 Penthouse for $91.5M, Second Most Expensive Condo Sale Ever
April 9, 2015

Bill Ackman Closes on One57 Penthouse for $91.5M, Second Most Expensive Condo Sale Ever

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After reportedly sitting in contract for almost two years, hedge fund manager Bill Ackman’s planned $90 million flip at One57 has finally closed, according to city records released this afternoon, and for slightly more than expected at $91,541,053. This makes it the second most expensive condo sale ever, coming in only behind the $100 million penthouse also at One57, […]

East Harlem: From Manhattan’s First Little Italy to El Barrio to a Neighborhood on the Cusp of Gentrification
April 9, 2015

East Harlem: From Manhattan’s First Little Italy to El Barrio to a Neighborhood on the Cusp of Gentrification

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A lot of attention is paid to West Harlem, or what many people traditionally consider THE Harlem, thanks to its rich history rooted in places like the Apollo and up-and-coming hot spots like the Studio Museum in Harlem and Marcus Samuelson's renowned restaurant, the Red Rooster. But east of Fifth Avenue, there's a history just as deep, and the neighborhood is at that fragile stage where it could easily be thrust into a wave of gentrification at any time. Defined as the area bound by Fifth Avenue and First Avenue from 96th to 125th Streets, East Harlem is commonly known as Spanish Harlem, or El Barrio by locals. What many people unfamiliar with the neighborhood don't know, though, is that this area got its start as Manhattan's first Little Italy. And if you're the type of New Yorker who doesn't venture above 86th Street, you're likely unaware of the slew of new developments sprouting up in East Harlem thanks to a 2003 57-block rezoning.
Learn about the neighborhood's transformation here
Lauren Bacall’s Dakota Apartment Reduced by $2.5M; Bed-Stuy Is Busy with New Residential Developments
April 9, 2015

Lauren Bacall’s Dakota Apartment Reduced by $2.5M; Bed-Stuy Is Busy with New Residential Developments

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Bed-Stuy is bursting at the seams when it comes to pipeline residential developments. It was the most active neighborhood for new residential building applications last quarter. [TRD] Lauren Bacall’s Dakota apartment gets a $2.5M price cut, down from $26M. [NYDN; listing] New York is the U.S.’s most walkable city. [Urban Land Magazine] When is it okay to leave […]

Real Estate Legend and ‘Shark Tank’ Star Barbara Corcoran Buys $10M UES Penthouse
April 9, 2015

Real Estate Legend and ‘Shark Tank’ Star Barbara Corcoran Buys $10M UES Penthouse

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Barbara Corcoran, founder of the Corcoran Group and investor on the popular television show "Shark Tank," has snatched up a fittingly glamorous Upper East Side penthouse for $10 million with her husband, former FBI agent William Higgins, according to a report yesterday by the Post and city records released today. When we ogled the listing at back in October, the 11-room duplex at 1158 Fifth Avenue had just dropped its price to $9.95 million, having originally gone on the market in 2013 for $14.5 million. The sellers are interior and landscape designer Pamela Scurry and her husband Richard. Though the home is currently filled with antique furnishings and old-world details, the real selling point was likely the massive terrace, conservatory, and solarium overlooking Central Park.
Take a look around the stunning home here
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