Real Estate Trends

Architects Tod Williams and Billie Tsien Buy $1M Co-op at Hotel des Artistes
April 7, 2015

Architects Tod Williams and Billie Tsien Buy $1M Co-op at Hotel des Artistes

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If you've been following the controversy surrounding the American Folk Art Museum and its demolition by MoMA, you know of Tod Williams Billie Tsien Architects, the husband-and-wife firm who designed the now-razed, but much-loved structure. In some less disparaging news, city records released today show that the couple has scooped up a $1,075,000 million co-op at the iconic Hotel des Artistes in Lincoln Square. Unit 415 is a one-bedroom duplex, and they already own unit 414, which they bought in 2008 for $1.6 million, so we can only assume they plan to work their architectural magic and combine the two adjacent apartments.
More here
Interior Renderings for SHoP’s 111 West 57th Street Tower Revealed
April 6, 2015

Interior Renderings for SHoP’s 111 West 57th Street Tower Revealed

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Hot on the heels of last week's release of a new teaser site and rendering showing just how tall, slender and skyline-changing SHoP Architect's new tower at 111 West 57th Street will be, comes brand new renderings of the exterior and, for the first time, a look at the interiors. The images, uncovered by YIMBY, show the bronze and terra cotta supertall's elegant column-free spaces, as well as the incredible unobstructed views afforded by its 1,428 feet.
Inside the supertall here
How Pier 55’s Futuristic Park Plan Came to Be; Observation Deck at 1 WTC Gets a Street Entrance
April 6, 2015

How Pier 55’s Futuristic Park Plan Came to Be; Observation Deck at 1 WTC Gets a Street Entrance

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How Barry Diller and Diane von Furstenberg came up with the idea for a futuristic offshore park for Pier 55. [NYT] One World Trade Center’s observation deck moves closer to opening. New signage marking the entrance has appeared. [Curbed] Robert A.M. Stern discusses “poor doors” and Mayor de Blasio’s urban revitalization and affordable housing plans for NYC. […]

Can a Thai Restaurant Convince New York Hipsters to Move to Detroit?

Photo via Katoi

April 6, 2015

Can a Thai Restaurant Convince New York Hipsters to Move to Detroit?

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Can a Detroit Thai restaurant's New York City marketing campaign convince East Coast hipsters to move to the Motor City? That's what Philip Kafka of Prince Media Co., the boutique billboard company behind the campaign, is hoping. Business Insider reports that New York-based Kafka is a partner in a forthcoming Thai restaurant in Detroit's Corktown neighborhood called KATOI, and he's looking to hire between 15 and 20 people. Of course, the publicity for his new venture can't hurt, but he said it's really a separate campaign "to encourage people–particularly artists and young creatives–to move to the financially troubled city," where he owns property and feels a renaissance is occurring among millennials.
Check out the billboards here
Landmarked Religious Institutions in Midtown East Look to Change Air Rights Rules

St. Patrick’s Cathedral, via Wiki Commons

April 6, 2015

Landmarked Religious Institutions in Midtown East Look to Change Air Rights Rules

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With declining memberships, it has become a common issue among New York City religious institutions that they're land-rich but cash-poor. To solve the problem, religious leaders are turning to the sale of air rights, allowing developers to build on unused land or above the existing structure or altogether transferring the rights to an adjacent property. It's the latter trend that's become the center of debate with St. Patrick's Cathedral, along with other landmarked institutions, as they're looking to change the air rights rules to allow transfers to properties that are not directly adjacent. The Wall Street Journal takes a close look at this trend and a city plan that would allow East Midtown landmarks to sell their air rights to sites that are several blocks away.
More details ahead
Inside Artist and Poet John Giorno’s Beautiful Bowery Home; William Hearst’s Penthouse Now $14M Less
April 3, 2015

Inside Artist and Poet John Giorno’s Beautiful Bowery Home; William Hearst’s Penthouse Now $14M Less

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Artist and Poet John Giorno gives the Times a tour of his three-loft “Italian-inspired palazzo for the beggars.” [NYT] William Hearst’s penthouse gets at 137 Riverside Drive $14 million price cut. [NYDN; listing] Inside Mickey Rourke’s former Meatpacking apartment, now an Absolut Elyx vodka hangout. [NYO] New look and teaser site out for Bryant Park’s long-stalled […]

Manhattan Millennials Who Can Afford to Buy Are Still Choosing to Rent

via 20071110_0213 via photopin (license)

April 3, 2015

Manhattan Millennials Who Can Afford to Buy Are Still Choosing to Rent

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Young professionals living in Manhattan who have the means to make a down payment on a seven-figure property are still opting to rent. Why make payments towards someone else's mortgage when you can be paying your own? It's a lifestyle choice, the Observer notes in a new article exploring the trend. "With their increasingly mobile jobs and lifestyles, successful New Yorkers in their 20s and 30s are shying away from making a commitment to one city, let alone one apartment. And despite Manhattan’s astronomical rents, it’s costlier still to buy here, with the average Manhattan apartment now going for $1.73 million."
More on the trend ahead
Zachary Quinto Nabs a Sprawling Noho Pad for $3.2 Million
April 2, 2015

Zachary Quinto Nabs a Sprawling Noho Pad for $3.2 Million

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Zachary Quinto–"Star Trek"'s new Spock who's also known for his roles in "Heroes" and HBO's "Girls"–just dropped $3.1625 million on a two-bedroom Noho pad with longtime boyfriend, model Miles McMillan. The 2,300-square-foot full-floor loft at 43 Great Jones Street was initially listed at $3.7 million in March 2014, but it suffered a few price chops before the LA transplants scooped it up. Their new home is the definition of a sleek and modern downtown pad, with walnut floors, oversized windows, and a stainless steel gourmet kitchen.
More pics inside
Revealed: East Harlem Rental Building by Gerald J. Caliendo Architects Rising at 2183 Third Avenue

Rendering of 2183 Third Avenue via Gerald J. Caliendo Architects (L); The project site prior to construction(R)

April 2, 2015

Revealed: East Harlem Rental Building by Gerald J. Caliendo Architects Rising at 2183 Third Avenue

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Here's our first look at 2183 Third Avenue, an under-construction mixed-use project in East Harlem being developed by Sharon Kahen and Haim Levi's East 119th Street Development LLC. The parcel at the northeast corner of East 119th Street and Third Avenue is giving rise to a 12-story, 64,000-square-foot building designed by the prolific Gerald J. Caliendo Architects. The building will contain 59 rental units, retail space, and a medical facility at ground level. In 2003, East Harlem underwent a 57-block rezoning spearheaded by the Bloomberg administration's City Planning chair Amanda Burden. The revision, the neighborhood's first in 40 years, increased density allowances along First, Second, and Third Avenues, while preserving the human-scaled midblocks in between. Over the past decade, more than a dozen residential mid-rises, roughly 8-12 stories, have blossomed along the area's wide, well-trafficked corridors. Recent developments spurred by the rezoning include Barry Rice's 119th & Third, Hunter College's Silberman School of Social Work, and Kahen and Levi's own CL Tower at Third Avenue and East 121st Street, two blocks north of their current project site.
More details on the new project here
Is the Meatpacking District the Next Midtown?

Rendering of 860 Washington Street, via James Carpenter Design Associates

April 1, 2015

Is the Meatpacking District the Next Midtown?

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We tend to think of the Meatpacking District as more of an after-hours or weekend destination for cocktails and shopping, but a piece in the Times today looks at the "influx of office space and more" moving into the neighborhood. In addition to the much-anticipated opening on May 1st of Renzo Piano's new Whitney Museum along the High Line, a James Carpenter-designed 10-story glass commercial tower and Samsung's six-story flagship building are taking shape across from the Standard Hotel. And let's not forget about Pier 55, the $130 million futuristic floating park that is expected to break ground in 2016 off West 14th Street. With all of these new cultural attractions that will undoubtedly attract tourists, coupled with big-name companies joining the likes of Google in the area, is the Meatpacking District the new Midtown?
More ahead
April 1, 2015

POLL: Is Chinatown the Next Hip ‘Hood?

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Yesterday, we took a look at a Wall Street Journal article that reported on a new crop of shops, galleries, and condos popping up in Chinatown, attracting both a hipster crowd and real estate developers. While developments like Essex Crossing are definitely setting parts of the neighborhood on the gentrification track, other areas are still full of open-air […]

City Council Task Force Will Look at Park Shadows Cast by Supertall Towers

What the NYC skyline could look like in 2018, via CityRealty  

March 31, 2015

City Council Task Force Will Look at Park Shadows Cast by Supertall Towers

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It comes up every time a rendering is released for the latest supertall tower –how will the massive structure impede the views of its neighbors and what kind of obstructive shadows will it cast below? With a dozen supertalls (1,000 feet or higher) in the construction or planning stages in Manhattan, the threats are imminent and unavoidable, but Councilman Mark Levine hopes to get ahead of the issue moving forward. Levine, who chairs the parks committee, will introduce legislation today 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," according to Capital New York.
More information here
Chinatown, Once Unchanged, Now Attracting Hipsters–and Real Estate Developers

Image via CityRealty

March 31, 2015

Chinatown, Once Unchanged, Now Attracting Hipsters–and Real Estate Developers

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"Canal Street is a gantlet of billboards and signs; Courvoisier, Pearl Paint, Bally's Grand Hotel, Salem Cigarettes, Lincoln Savings Bank, Mc Donald's, and signs in Chinese impend on traffic, which is the covered with signs and graffiti itself." A New Yorker article published in 1990 paints a picture of Chinatown that isn’t all that different from the one we know today. Despite its prime location, few developers have eyed Chinatown as a destination for luxury living. As a largely self-sustaining community—many stores don’t even bother with English—it has preserved its cultural fabric even as the city has gone through transformation after transformation just streets away. But all of this is changing. A new crop of shops, galleries and condos is starting to find its way into the neighborhood's depths, the Wall Street Journal reports, and brokers are predicting rapid change for Chinatown over the next decade.
more on changes in chinatown
Extension of NoMad Historic District Has Preservationists at Odds with Building Owners

Broadway between 26th and 27th Streets, part of the current Madison Square North Historic District, via Wiki Commons

March 31, 2015

Extension of NoMad Historic District Has Preservationists at Odds with Building Owners

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Over the past few years, NoMad (north of Madison Square Park) has been the subject of countless articles looking at its rise to becoming a go-to place for culture, food, business, and residential opportunities. In fact, as we reported last June, since 2009 the neighborhood has seen price-per-square-foot averages rise by 40 percent. But not everyone looks at this neighborhood as the next frontier. Local residents and preservationists see the area as a relic of the late 19th century, when it was home to the city’s most opulent hotels and mansions and brownstones occupied by New York’s elite, as well as of the Roaring Twenties, when the community boomed as a commercial hub. For these cultural reasons and for NoMad's wealth of industrial and gilded architecture, a proposal will be heard tonight in front of the landmarks committee of Community Board No. 5 to extend the Madison Square North Historic District. NoMad property owners and developers don't agree with the proposal, citing that the area's building stock has been significantly altered over the years. As the Wall Street Journal reports, "The face-off is significant because it is centered in an area that has seen hundreds of millions of dollars of private investment, with new hotels and apartment buildings breaking ground, and new stores and restaurants opening almost weekly. In the eyes of real-estate executives, it would freeze growth in a rare section of Midtown Manhattan still ripe for development."
More details
New Rendering and Teaser Site Released for 111 West 57th Street

Rendering via Hayes Davidson and SHoP Architects

March 30, 2015

New Rendering and Teaser Site Released for 111 West 57th Street

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"111 West 57th Street defines the idea of a modern classic: a residence whose timeless design evokes the prewar Golden Age of Manhattan skyscrapers, while also delivering high-technology performance, 21st century engineering, and contemporary comfort without compromise." This is the text from 111 West 57th Street's new teaser site. The webpage for the will-be world's skinniest tower is accompanied by a new rendering, which makes the SHoP-designed supertall appear even more dominant in the skyline than previously envisioned and tacks an additional seven feet onto its height, bringing it to 1,428 feet.
More details and a new height comparison ahead
NYC Planning Commission Approves One Vanderbilt; A New ‘World’s Skinniest Tower’ Coming
March 30, 2015

NYC Planning Commission Approves One Vanderbilt; A New ‘World’s Skinniest Tower’ Coming

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One Vanderbilt gets the green light. The City Planning Commission gave unanimous approval (12-0; 1 recusal) to the controversial Midtown project slated to rise on a site adjacent to Grand Central Station. [6sqft inbox] More units at 432 Park are coming to the market. Nine new listings, including a $76.5 million penthouse, have been posted in the last seven […]

Fly-Through Video of ODA’s 10 Jay Street Shows Crystalline Facade from Every Angle

Rendering via ODA

March 30, 2015

Fly-Through Video of ODA’s 10 Jay Street Shows Crystalline Facade from Every Angle

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We've been seeing a lot of innovative work from ODA Architecture lately–from their Bushwick rental project that looks uncannily similar to a project by Bjarke Ingels in Denmark to their provocative ziggurat-like proposal for Gowanus. And last week, their design for the northern façade of 10 Jay Street in Dumbo won approval from the Landmarks Preservation Commission. The site was formerly a sugar refinery, which inspired ODA's crystal-like design, and the warehouse will be turned into condos with ground-floor retail. We've now uncovered a fly-through video of the building, which shows the façade from every angle. The video description says: "When there is no wall to preserve and no façade to restore, contemporary architecture can tell a story about a sequence of historical events. The architect is a visual biographer writing a tale of one building from 1897 to 2015 arguably doing more for preservation than imitating reality."
Watch the video here
Norman Foster-Designed Residential Tower to Rise in Sutton Place; Peek Inside BIG’s West 57th Street Pyramid
March 27, 2015

Norman Foster-Designed Residential Tower to Rise in Sutton Place; Peek Inside BIG’s West 57th Street Pyramid

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Have a look inside construction at BIG’s pyramid at 625 West 57th Street. [Field Condition] A 269,000-square-foot tower designed by Foster + Partners will rise at 426-432 East 58th Street. The developer, Bauhouse, plans to raze four properties in Sutton Place to create the 95-unit building. [6sqft inbox] Manhattan condo inventory hit an historic low in February. [NYDN] The rise […]

New Renderings Revealed for Tadao Ando’s ‘Glass Jewel Box’ Condo in Nolita
March 27, 2015

New Renderings Revealed for Tadao Ando’s ‘Glass Jewel Box’ Condo in Nolita

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Over the summer we got a couple of teaser renderings for Pritzker Prize-winning architect Tadao Ando's forthcoming Nolita condo at 152 Elizabeth Street. But now the Times has released the entire batch of starchitecture porn, including a full building shot and interior details. Ando's first-ever standalone building in New York is a seven-story condominium with just seven units, and its design is completely representative of his signature style. Described as a "glass jewel box" by the Times, it's made of in-situ concrete, galvanized steel and glass, combining to create a simplistic, modern esthetic that blends with the area's industrial character. The Japanese self-taught starchitect wanted to create "a space which no one has created before with a very common material which anyone is familiar with and has access to. Concrete can be made anywhere on earth."
Pricing info and renderings this way
NYC Will Get Richer and Denser, New Report Reveals

Bethesda Fountain Bethesda Fountain – Central Park via photopin (license)

March 27, 2015

NYC Will Get Richer and Denser, New Report Reveals

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Think New York City is crowded now? You ain't seen nothing yet. According to census data and a new report by the Brookings Institute on job proximity, the city is on track for a population boom of professionals raking in big bucks. The city has by far the highest job density in the country, even when the national trend is for both people and jobs to move to the suburbs. Similarly, NYC tops the list of increase in population of college grads between 2007 and 2012 by a landslide. And as The Atlantic observes, this combination is creating a feedback loop that will make our already rich and crowded city even richer and more crowded. "The densest cities tend to be the most educated cities, which are also the richest cities, and often the biggest cities. They’re gobbling up a disproportionate share of college grads. And, as a result, they are becoming richer, denser, and more educated."
More details ahead
Woody Johnson’s Co-op Sale Still Sets Record, but Comes In Lower Than Expected at $77.5M
March 26, 2015

Woody Johnson’s Co-op Sale Still Sets Record, but Comes In Lower Than Expected at $77.5M

By

The real estate world was abuzz last fall when the news hit that Jets owner Woody Johnson had sold his Upper East Side apartment to billionaire Leonard Blavatnik for $80 million, setting the record for most expensive co-op sale ever. The official city documents have hit, though, and the sale price came in lower than expected at $77.5 million. But […]

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