Midtown

President Donald Trump this month sold a $2.9 million condo at his Central Park South building to an unknown buyer, Forbes reported Tuesday. According to public documents, the deal between the Trump Organization and an entity called Koctagon LLC occurred on March 8 for an apartment at Trump Parc East, an 79-unit building next to the south end of Central Park. A limited liability company, or LLC, is typically used to protect the identity of the buyer.
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Real Estate Trends

Chrysler Building sells for a discounted $150M, may become a hotel

Via Creative Commons

March 14, 2019

Chrysler Building sells for a discounted $150M, may become a hotel

Update 3/14/19: A few days after Aby Rosen bought the Chrysler Building for the bargain price of $150 million, the real estate mogul told Bloomberg this week that he would consider converting the tower into a hotel. Real estate mogul Aby Rosen has picked up another New York City landmark. Rosen's RFR Holding LLC, which controls the Seagram Building and Lever House, bought the Chrysler Building for $151 million, according to the Wall Street Journal. The sale represents a major loss for majority owner Abu Dhabi Investment Council, who paid $800 million in 2008 for a 90 percent stake in the 77-story Art Deco tower.
Details here

Real Estate Trends

Did you know Grand Central’s clock is worth $20M?

Grand Central’s Main Concourse Clock, via Wikimedia Commons

March 8, 2019

Did you know Grand Central’s clock is worth $20M?

By Lucie Levine

For more than a century, millions of New Yorkers have been meeting “under the clock,” that great rendezvous point – and focal point – of Grand Central Terminal. The clock, which has presided over Grand Central’s Main Concourse since the Terminal opened in 1913, has stood out amidst the swirl of commuters and the flow of time, witnessing reunions of friends and lovers, beginning countless adventures, and playing a priceless role in the life of the city. Or, nearly-priceless. It turns out that appraisers from Sotheby’s and Christie’s have valued the four-sided brass masterpiece at between $10 and 20 million!
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History

Rockefeller Center developer reveals first NYC residential tower in Nomad

Left: Rendering of Rose Hill; credit: Pandiscio Green and Recent Spaces. Right: Still from a video by artist Marco Brambilla, commissioned by Rockefeller Group to emphasize the building’s Art Deco influence.

March 6, 2019

Rockefeller Center developer reveals first NYC residential tower in Nomad

Formed over 90 years ago to develop and build Rockefeller Center, developer Rockefeller Group has never built a residential tower in its New York City hometown–until now. Their new condominium tower, Rose Hill has just been unveiled along with the launch of the building's teaser site. The 600-foot tower is currently under construction at 30 East 29th Street. The building will be designed by CetraRuddy; first looks show an Art Deco-inspired facade that does not diverge heavily from the architectural style of Rockefeller Center.
More, this way

NYPL’s new entrance and public plaza on 40th Street gets green light from Landmarks

Rendering of the Marshall Rose Plaza by Mecanoo with Beyer Blinder Belle

March 6, 2019

NYPL’s new entrance and public plaza on 40th Street gets green light from Landmarks

The city's Landmarks Preservation Commission on Tuesday approved the New York Public Library's plan to add a new public entrance and plaza to its Stephen A. Schwarzman Building in Midtown. The changes fall under the library's larger master renovation plan, a $317 million project first unveiled in 2017. The LPC approved the changes to the exterior of the building--subject to the city's landmark rules--after design modifications suggested at a presentation in February were made by the library, Curbed NY reported.
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March 5, 2019

Get a rare look inside 220 Central Park South thanks to this $59K/month rental

Here's a rare chance to glimpse inside the secretive interiors of 220 Central Park South, which have previously been kept completely private by developer Vornado Realty Trust (h/t NYP). This is the first rental listing to open up in one of New York's most coveted addresses, where billionaire Ken Griffin closed on a penthouse for just shy of $240 million, setting the record for the most expensive home ever sold in the United States. For $59,000 a month, the 3,114-square-foot home comes with some of the best views in town--even from the bathroom!
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Why Ken Griffin’s $238M condo is taxed like it’s worth $9.4 million

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

February 28, 2019

Why Ken Griffin’s $238M condo is taxed like it’s worth $9.4 million

We've heard it before, but it's always a shock to hear about how the city’s tax system undervalues big-ticket apartments in expensive neighborhoods. The Wall Street Journal reports that the effective tax rate on billionaire hedge funder Ken Griffin’s sky mansion at 220 Central Park South comes out to about 0.22 percent–compared with about one percent in the city's less affluent neighborhoods. The reasoning behind this is tied to a complicated city property tax system that assesses all co-ops and condos as if they were rental properties. Rental income at nearby buildings is assessed in order to estimate a condo's value.
What's going on here?

Policy

February 25, 2019

Anne Hathaway’s former Midtown love nest hits the market for $19.5M

By Annie Doge

The Midtown five-bedroom condo once owned by actress Anne Hathaway hit the market this week for $19.5 million. The A-list Oscar winner rented the duplex in the 52-story Olympic Tower on Fifth Avenue for $37,000 per month with ex-boyfriend Raffaello Follieri, who was jailed in 2008 for fraud and money-laundering. Hathaway previously owned a loft in Dumbo's Clocktower building, which sold for $4.25 million in 2014, and a few years later picked up a Central Park-adjacent penthouse on the Upper West Side for $2.55 million.
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NYPL marks 50th anniversary of the Stonewall Riots with new photo exhibition and events

Photo by Diana Davies, Gay Liberation Front marches on Times Square, New York, 1970. Courtesy of New York Public Library, Manuscripts and Archives Division

February 14, 2019

NYPL marks 50th anniversary of the Stonewall Riots with new photo exhibition and events

Beginning in the season so many associate with love, the New York Public Library is commemorating the 50th anniversary of the Stonewall Riots through a major exhibition, a series of programs, book recommendations, and more. "Love & Resistance: Stonewall 50" chronicles the emergence of LGBTQ activism with over 150 photographs and ephemera. An opening celebration will kick off both the exhibition and the Library After Hours series on Friday, February 15 from 7-10 P.M.
'Tis the season

February 13, 2019

Landmarks approves Snøhetta’s new designs for Phillip Johnson’s 550 Madison Avenue

In December, 6sqft reported that architecture firm Snøhetta had unveiled a preservationist-friendly revision to a controversial design for an updated AT&T building at 550 Madison Avenue; last month brought more details from the firm's proposal that was submitted to the Landmarks Preservation Commission (LPC). The most recent design is one of several revisions, each followed by controversy over being seen by preservationists as diverting too much from the building’s original design by Philip Johnson and John Burgee. Yesterday LPC approved the new preservation-friendly designs–with some modifications. The office tower is now on track to reopen in 2020.
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January 31, 2019

For artists by artists: Inside the landmarked studios of the 144-year-old Art Students League of New York

6sqft’s series “Where I Work” takes us into the studios, offices, and businesses of New Yorkers across the city. In this installment, we’re going inside the landmarked building of the Art Students League of New York in Midtown. Want to see your business featured here? Get in touch! In 1875, a group of young students broke away from the National Academy of Design and founded the Art Students League of New York to pursue a new and more modern method of art education. What started as a small group of rebellious artists in a 20-foot by 30-foot space, turned into an internationally-recognized, landmarked institution, which continues to set the standard for art training today. In its 144th year, the Art Students League’s mission has remained unchanged since its founding: to spread the language of art to anyone interested in learning. The nonprofit has been located in the American Fine Arts Society Building at 215 West 57th Street since 1892. A designated New York City landmark, the French Renaissance-style building was designed by Henry J. Hardenbergh, the architect behind the Plaza Hotel and the Dakota. Ken Park, the director of marketing and communication for the League, recently gave 6sqft a behind-the-scenes tour of the historic building and shared some insight into this storied establishment.
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One Times Square owner looking to construct observatory for prime New Year’s Eve views

Via Flickr

January 30, 2019

One Times Square owner looking to construct observatory for prime New Year’s Eve views

The most looked-at building in the world is getting a makeover. According to Crain's, Jamestown will redevelop One Times Square, the 23-story building that garners the attention of millions for its famed ball drop every New Year's Eve. The owner plans on installing 32,00 square feet of new signage, including a 350-foot-tall digital sign. To cash even further on its prime location, Jamestown may construct an observatory for NYE revelers to be at the heart of ball-drop festivities.
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Real Estate Trends

New images of SHoP’s skinny supertall at 111 West 57th Street show facade progress

Progress images of 111 W57th Street; photo © Paul Clemence.

January 28, 2019

New images of SHoP’s skinny supertall at 111 West 57th Street show facade progress

Even before reaching its final height of 1,428 feet tall, SHoP Architect’s Midtown supertall 111 West 57th Street, which surpassed 1,000 feet a few months ago, wowed us with views from the tower’s 64th, 72nd, and 73rd floors. Upon completion, the Billionaires’ Row tower will become the tallest residential building in the world, taking the title from 1,396-foot 432 Park Avenue, (until 1,500-foot Central Park Tower tops out). With a super slender frame (a ratio of 1:24), 111 West 57th Street is also set to become one of the skinniest skyscraper in the world. The new year brings new progress–and new photos showing the 86-story tower's intricate terra cotta and bronze facade making its way skyward.
Terracotta and bronze: going up!

Billionaire Ken Griffin buys $240M NYC penthouse, the most expensive home sold in the U.S.

Via Vornado Realty Trust and Robert A.M. Stern Architects

January 23, 2019

Billionaire Ken Griffin buys $240M NYC penthouse, the most expensive home sold in the U.S.

Update 1/29/19: The penthouse officially closed on January 23, 2019, for $239,958,219, more than was originally reported. Billionaire Ken Griffin has closed on a penthouse at 220 Central Park South for $238 million, setting the record for the most expensive home ever sold in the United States, as the Wall Street Journal first reported. Griffin, who founded Citadel, first signed the contract to buy a 24,000-square-foot unit at the under-construction tower in 2015. The hedge fund mogul reportedly picked up the pricey digs as "a place to stay when he's in town," since his company is looking to expand its footprint in New York City.
More on record-breaking deal

Real Estate Trends

Second-tallest tower in the Western Hemisphere may rise across from St. Patrick’s Cathedral

Tower Fifth rendering by TMRW courtesy Gensler

January 23, 2019

Second-tallest tower in the Western Hemisphere may rise across from St. Patrick’s Cathedral

The developers behind the distinct supertall at 432 Park Avenue want to take a second shot at altering New York City's skyline. Harry Macklowe submitted a preliminary application to the city's planning department for a 1,551-foot-tall skyscraper between 51st and 52nd Streets in Midtown across from St. Patrick's Cathedral, the New York Times reported. If the city approves the project, Tower Fifth, the name given to the proposed tower by Macklowe Properties, would become the second-tallest building in the Western Hemisphere.
See inside the proposed supertall

Rendering courtesy of Wordsearch

January 18, 2019

Can Extell make Central Park Tower the most expensive condo in U.S. history?

By Dana Schulz

"Some people wonder if Mr. Barnett will become a victim of the condo explosion he helped create," wrote the Wall Street Journal today in a rare expose of Extell's Gary Barnett, referring to the success he had with One57, considered the catalyst for the supertall, ultra-luxury condo boom, and the more challenging climate he's facing with the Central Park Tower. The latter, which will be the world's tallest residential building at 1,550 feet, launched sales in October, but in a soft luxury market, it's not a sure bet that the mega-developer will be able to achieve his projected $4 billion sellout and the title of the nation's most expensive condominium ever. In a likely noncoincidental move timed with the Journal story, Extell today launched the tower's new website (h/t Curbed), and it gives us mere mortals some of the first views inside the billionaire bunker.
See inside and hear from Barnett himself

Amazon could be the Chrysler Building’s new tenant

Via Creative Commons

January 14, 2019

Amazon could be the Chrysler Building’s new tenant

Amazon is close to reaching a deal to lease 10,000 square feet at the Chrysler Building, the New York Post reported on Sunday. News of the impending lease comes less than a week after it was reported that the Art Deco landmark is up for sale. Amazon announced in November plans to open a massive office complex in Long Island City to serve as their "HQ2." The company will start moving to the neighborhood this year, temporarily leasing space at One Court Square, a 50-story building with incredible views of the Manhattan skyline.
More here

Real Estate Trends

January 14, 2019

Get a closer look at Snøhetta’s new designs for Phillip Johnson’s 550 Madison Avenue

In December, 6sqft reported that architecture firm Snøhetta had unveiled a preservationist-friendly revision to a controversial design for an updated AT&T building at 550 Madison Avenue. Now you can get a look at the full details of the Certificate of Appropriateness proposal that will be presented to the Landmarks Preservation Commission (LPC) tomorrow. The latest design is one of several revisions, each followed by controversy over being seen by preservationists as diverting too much from the building’s original design by Philip Johnson and John Burgee. In addition to comparisons to the original, new designs must consider the subsequent revamp that made it the Sony building in 1994, which replaced the building’s open Madison Avenue arcade with “Sony Experience” storefronts and covered a rear public arcade with a glass roof.
Compare the new with the old

Illuminated Garment District installation ‘Iceberg’ wants you to think about climate change

Photos courtesy of Alex Ayer/Diversity Pics

January 11, 2019

Illuminated Garment District installation ‘Iceberg’ wants you to think about climate change

Earlier this week The Garment District Alliance unveiled "Iceberg," an immersive art installation on the Broadway pedestrian plazas along Broadway from West 37th to 38th Streets. Created by ATOMIC3 & Appareil Architecture, in collaboration with Jean-Sébastien Côté and Philippe Jean, the installation allows the public to generate a light and sound show as they pass through the metal arches of the installation, which react to the pace of each participant by turning different colors. But there’s more to it than pretty lights—the installation also carries an environmental message.
See the lights

Events & Things To Do

Lin-Manuel Miranda and NYC team up to save Theater District’s 100-year-old Drama Book Shop

Via Google Street View

January 8, 2019

Lin-Manuel Miranda and NYC team up to save Theater District’s 100-year-old Drama Book Shop

One of New York City's go-to spots for thespians and Broadway lovers will remain open after all, the New York Times reported Tuesday. Lin-Manuel Miranda and three "Hamilton" associates, along with the city, have purchased the Drama Book Shop, saving it from impending closure. The independent bookseller announced in October it would have to close its doors due to rising rents in the Times Square neighborhood. But with investment from Miranda and his team, and the Mayor's Office of Media and Entertainment (MOME), the Drama Book Shop will reopen this fall at a new location within the theater district.
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Uncategorized

Thousands sign online petition to rename stretch of Fifth Ave in front of Trump Tower after Obama

Via Flickr

December 31, 2018

Thousands sign online petition to rename stretch of Fifth Ave in front of Trump Tower after Obama

Over 3,800 people have signed a petition to rename the block in front of Trump Tower after President Barack Obama. Without specifically mentioning the Midtown building developed by President Donald Trump, the MoveOn.org appeal requests the City Council and Mayor Bill de Blasio rename the part of Fifth Avenue between 56th and 57th Street "President Barack H. Obama Avenue."
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Uncategorized

Image courtesy of the Times Square Alliance

December 28, 2018

Say ‘good riddance’ to everything you hated about 2018 in Times Square today

Let’s face it: a lot of us are more than happy to say goodbye to 2018 and turn over a new leaf. If you’re ready for some cathartic collective destruction, use your lunch break on Friday to join others in Times Square for the 12th annual "Good Riddance Day" and say goodbye to the worst of this year. The event, hosted by the Times Square Alliance, is inspired by a tradition in some parts of Latin America in which New Year’s revelers stuff dolls with objects representing bad memories and burn them in order to make room for the new.
Details on the shred, ahead

Events & Things To Do

December 21, 2018

City Council passes comprehensive Garment District rezoning plans

On Thursday, the City Council unanimously passed a rezoning of the Garment District in Midtown Manhattan. As part of a larger manufacturing strategy, the plan for Midtown is intended to preserve production space and ensure long-term stability for the fashion industry, while also supporting the other industries that are growing in the area. As 6sqft previously reported, the citywide plan includes the creation of a 200,000-square foot garment production hub at the Made in NY Campus in Sunset Park, Brooklyn.
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Policy

December 14, 2018

You can live on Billionaires’ Row for just $325K

It seems as if almost every day we hear of a new big-ticket sale on Manhattan's "Billionaire's Row," the glittering corridor just south of Central Park in Midtown. Eight-figure sales at a growing collection of supertalls like One57, 432 Park Avenue and 111 West 57th Street seem almost ordinary. But it's still possible to snag a home among the oligarchs and moguls: Two units on the market at the classic co-op building at 100 West 57th Street can be yours for $325K (for a studio) and $450K (for a spacious one-bedroom). If you're looking for more than a pied-a-terre, you could even combine both contiguous units and still come in under a mil.
Take a look at your options

Distinctive Homes

December 5, 2018

Snøhetta reveals more preservation-friendly redesign for Philip Johnson’s 550 Madison

Architecture firm Snøhetta unveiled this week a preservationist-friendly revision to a controversial design for an updated AT&T building at 550 Madison Avenue. The latest design is one of several revisions, each followed by controversy over being seen by preservationists as diverting too much from the building’s original design by Philip Johnson and John Burgee. In addition to comparisons to the original, new designs have had to consider the subsequent revamp that made it the Sony building in 1994, which replaced the building's open Madison Avenue arcade with “Sony Experience” storefronts and covered a rear public arcade with a glass roof.
'Hands off my Johnson'

Limited-edition ‘Game of Thrones’ MetroCards launch today at Grand Central

Image via HBO

December 4, 2018

Limited-edition ‘Game of Thrones’ MetroCards launch today at Grand Central