Real Estate Trends

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
At Brooklyn’s Gateway, Woods Bagot Kicks Off Construction of the Jay Street Residences
April 9, 2015

At Brooklyn’s Gateway, Woods Bagot Kicks Off Construction of the Jay Street Residences

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AmTrust Realty has recently kicked off construction on a 250,000-square-foot, mixed-use project near Brooklyn's Manhattan Bridge approach. The development will be a step towards reconnecting Downtown Brooklyn to its waterfront, and, along with several other proposals, helps remedy a maelstrom of mid-century planning disasters between the two areas. Known as the Jay Street Residences by its designers Woods Bagot Architects, the project has previously gone by the addresses 120 Nassau, 199 Jay, 203 Jay, and 213 Jay Street. Its 38,000-square-foot lot, now under excavation, will give rise to an L-shaped complex composed of a 33-story tower anchoring Concord and Jay Streets, as well as an eight-story hotel and amenity wing along its western Jay Street frontage.
More details on the project here
Sales Launch at Clinton Hill’s Broken Angel Condos, Homes Start at $1.25M

4 Downing Street (r), 8 Downing Street (l). Renderings courtesy of Urban Compass.

April 8, 2015

Sales Launch at Clinton Hill’s Broken Angel Condos, Homes Start at $1.25M

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The much-discussed new condos at the site of the former Broken Angel House at 4-8 Downing Street in Clinton Hill are officially on the market. Ten “hand-crafted condominium residences,” developed by Barrett Design and Development will include eight two- and three-bedrooms in the original building at 4 Downing and two two-story “generously scaled three bedroom homes” in the newly-constructed 8 Downing.
This way for prices and interior renderings
Developer Vornado Plans to Spend Hundreds of Millions on Revitalizing Penn Station Area
April 8, 2015

Developer Vornado Plans to Spend Hundreds of Millions on Revitalizing Penn Station Area

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Most New Yorkers only venture to the area around Penn Station when it's absolutely necessary–traveling to New Jersey or Long Island, going to a business meeting at Penn Plaza, or seeing a Rangers game. Otherwise, we avoid it like the plague. But Vornado Realty Trust, one of the country's largest office landlords–they own roughly nine million square feet around Penn Station worth $5.5 billion–is hoping to do a complete 180 on the area by "investing hundreds of millions of dollars in new retail space, public plazas and other infrastructure, according to real-estate executives briefed on the plans," according to the Wall Street Journal.
More details ahead
REVEALED: 900-Foot Norman Foster-Designed Condo Tower Coming to Sutton Place

Rendering of the new tower (L); The four-building assemblage at 426-432 East 58th Street (R)

April 7, 2015

REVEALED: 900-Foot Norman Foster-Designed Condo Tower Coming to Sutton Place

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First spotted by the eagle-eyes at SkyscraperPage, a New York Press article has given us our first look at a potential 900-foot skyscraper reportedly designed by Foster + Partners and developed by the Bauhouse Group. The New York City-based real estate development and investment firm had recently closed on the three-building $32 million rental portfolio in tony Sutton Place at 428-432 East 58th Street. In March, the firm acquired a fourth property at 426 East 58th Street. According to the New York Press story, "A sales brochure put together by Cushman and Wakefield dubs the project as the 'Sutton Place Development'... there are indications that Bauhouse is looking to offload the site to another developer, and that whoever winds up buying the lot could build even higher than 900 feet." Bauhouse is expected to release further details and renderings to the community this spring.
More details ahead
One World Observatory Opens on Friday, May 29th!
April 7, 2015

One World Observatory Opens on Friday, May 29th!

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Yesterday, an insider over at Curbed noticed entrance signage for One World Trade Center's observatory. And now, just a day later, it's been officially announced that One World Observatory will open on Friday, May 29. The press release also shares that tickets, which will cost $32 for an adult, will go on sale tomorrow at 10am. The three-floor observation deck will sit 1,250 feet above ground on floors 100, 101, and 102 and cover 125,000 square feet.
More details here
Keith McNally’s Village Townhouse Now Renting for $6K Less; Pearl River Mart in Soho Will Close
April 7, 2015

Keith McNally’s Village Townhouse Now Renting for $6K Less; Pearl River Mart in Soho Will Close

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Chef Keith McNally’s gorgeous Greenwich Village townhouse gets a price cut. The pad is now renting for $18,950 a month, down from $25,000. [Elliman] The famed Pearl River Mart on Broadway in Soho will shutter due to rising rents. The landlord wants $500,000 a month for the three-story space after the retailer’s lease ends this year. [Crain’s] A […]

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