Real Estate Trends

$13M Madison Avenue Condo Will Have One of the City’s Largest Private Pools
May 7, 2015

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

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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
New York Times Columnist Frank Bruni Nabs a Broadway Corridor Pad for $1.65M
May 5, 2015

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

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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
One-Third of 220 Central Park South Sold; One Vanderbilt Moves Forward with Full City Support
May 5, 2015

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

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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 […]

Jason Kidd Sells Hamptons Mansion for $7.1M
May 5, 2015

Jason Kidd Sells Hamptons Mansion for $7.1M

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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
Westward Ho! More and More New Yorkers Are Moving to Los Angeles
May 4, 2015

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

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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
Robert De Niro Lived in a Penthouse with Seven-Car Garage; Leasing Starts at Brooklyn’s Tallest Tower
May 4, 2015

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

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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 […]

Michelle Obama Loves the New Whitney; BIG’s West 57th Street Pyramid Gets a Name
May 1, 2015

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

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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, […]

New Condo Project Rising at 629 Grand Street in Williamsburg
May 1, 2015

New Condo Project Rising at 629 Grand Street in Williamsburg

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

Norman Foster’s 551W21 under construction

April 30, 2015

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

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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
$100M Homes on the Rise All Over the World; Will NYC Look as Good with a Dimmer Skyline?
April 30, 2015

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

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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 […]

Actress Christina Ricci Nabs a $2M Fort Greene Townhouse Neighboring the BQE
April 30, 2015

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

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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
Hell’s Kitchen, Once the ‘Wild West,’ Now Undergoing Rapid Gentrification
April 30, 2015

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

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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

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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
Feng Shui Affordable Housing Coming to Flushing; Bronx Man Squatting in a Barn Won’t Budge for Developers
April 29, 2015

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

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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 […]

18th Century Cottage in Columbia County Is Turned into a Modern Dutch-Style Family Home
April 29, 2015

18th Century Cottage in Columbia County Is Turned into a Modern Dutch-Style Family Home

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Today's dose of simplicity comes via a house extension upstate in Columbia County. This striking copper home was designed by architects Messana O’Rorke, who reimagined an eighteenth century wood cottage and integrated it into their modern design. Although the original property was neglected for a couple of years, the firm managed to turn the shelter, now dubbed Ten Broeck Cottage, into a stunning place to live, work, and play.
Learn more about this modernized 1734 cottage
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
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