The New York City Planning Commission has voted to approve a boutique condominium project on Manhattan’s west side without the mayor’s new Mandatory Inclusionary Housing plan in place, the New York Times reports; a much larger development in the Bronx also got the green light, and will be among the first to be included in the new affordable housing program.
6sqft reported previously on the controversy over whether a 17-story condominium slated to replace a parking lot and two low rise buildings at 6th Avenue at West 18th should be among the first recipients of the mayor’s new mandatory inclusionary housing (M.I.H.) program. Both the city and the project’s developers, Acuity Capital Partners, made the argument that the proposed project is “more of a rejiggering of the zoning than an enlargement,” and therefore does not fall under the M.I.H. rules.
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Last July, the average Manhattan sales price hit a record of $1.8 million, which signaled it was only a matter of time before it crossed the $2 million mark for the first time ever. Eight months later, that’s exactly what’s happened, notes DNAinfo. According to Douglas Elliman’s 2016 first quarter Manhattan sales report, the average sales price climbed $2,051,321, a five percent increase from 2015’s fourth quarter average of $1.9 million and an 18 percent increase from the same time last year when the average was $1.7 million. Additionally, the average price per square foot is now $1,713, a 35.6 percent from last year. The rise is attributed to limited resale inventory and increased closings in new developments, further evidenced by the fact the average sales price in this high-end market is $3.9 million, and the number of closings nearly doubled over the past year. And when we look at the luxury market, average sale prices hit a whopping $8.3 million.
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Who would have thought the hottest new address downtown would be along the approach to the Holland Tunnel? Recently, we published a new set of images showing a Renzo Piano-designed condo tower to rise at 565 Broome Street, last week we unveiled S9 Architects’ renderings of a 30-story residential building to rise at 111 Varick Street, and now here’s our first look at another stack of condos slated for 570 Broome Street.
The rendering posted on the project site’s construction fence shows a smart design of staggered setbacks and window groupings that offer an interesting solution to the area’s tightly prescribed building envelopes. Designed by Tahir Demircioglu, builtd‘s facade is composed of a warm stone that clads both the lot-line walls and frames three-story high expanses of glass.
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On a rather typical East Harlem block, along 112th Street between First and Second avenues, Soho-based architecture firm, TRA Studio has drawn up plans for a 22-unit condominium that will mend a once derelict site back into Manhattan’s taut urban fabric. Commissioned by Gotham LP, the seven-story building will rise from a 60-foot wide, 5,000 square-foot parcel that is a third smaller than a new American home’s median lot size. With the city’s built-in efficiency already in place, TRA sought to go further and will implement low-energy strategies such as super-insulated glass windows and long rows of sun-shading terraces along the rear will reduce the building’s environmental footprint.
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In the shadow of the Williamsburg Bridge and across from the massive Domino Sugar Factory redevelopment underway by Two Trees, a tiny corner site at 349 Kent Avenue and South 5th Street will give rise to a six-story, 10-unit residential building designed by Brooklyn-based Workshop DA.
The 4,000 square-foot lot was purchased for $1.3 million by Eugene Bushinger’s 351 Kent Realty LLC in early 2011 and in May, it was reported that building permits were filed for a 15,300 square-foot residential building. The pre-existing, two-story structure that once provided a welcome splash of color along the Brooklyn Greenway has since been demolished. Its worn, brick faced boasted a geometric and robot-infused mural painted by R. Nicholas Kuszyk (a.k.a. RRobotsollaboration) with How and Nosm in 2011.
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- Activists are taking a stand against billionaire Barry Diller’s plan to build a floating park. [NY Post]
- How much do big firms rely on their top name brokers for revenue? [TRD]
- Here’s the city’s schedule of “West Nile Spraying Events.” Find out when your neighborhood is up. [NYC.gov]
- The artist-owned NY Studio Gallery at 154 Stanton Street in the Lower East Side has sold for a whopping $4.8M. [CO]
Images: The Million Dollar Listing crew (L); Mosquito (R)
- Supermodel Gemma Ward has made a $2.25M sale on her East Village apartment. [NYDN]
- Opinion: Want more affordable housing? Create more transit. [Grist]
- Woody Johnson’s ex-wife is being sued over her 817 Fifth Avenue condo sale. The brokerage who handled the sale says she owes them $810K. [NYP]
- After much protest, the city has ordered the architect pushing to remove fire escapes from two Soho buildings to stop. [DNA Info]
- More and more restaurateurs are buying instead of renting. [CO]
- Harlem is “going to be amazing in a few more years.” [Gothamist]
Images: Gemma Ward’s now former E. Village home (L); NYC bus (R)