Midtown

June 5, 2018

City unveils plan to keep fashion industry in the Garment District

The city released on Monday a plan to preserve at least 300,000 square feet of production space in the Garment District for the fashion industry by providing tax breaks for owners who lease manufacturing space. While the district, bound by 35th and 40th Streets and Broadway and Ninth Avenue, was once home to hundreds of thousands of fashion jobs, it has lost 85 percent of firms in the last three decades. In addition to the tax incentives, the plan creates a new zoning rule that would help limit the construction of hotels by introducing a special permit. The Garment Center IDA program, backed by City Hall, the city's Economic Development Corporation, Manhattan Borough President Gale Brewer and industry leaders, also includes lifting previous protections from a 1987 mandate that preserves millions of square feet of apparel-production space on certain side streets. According to the Wall Street Journal, if the plan is approved by the city council, owners would be allowed to convert buildings to other uses, like offices.
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Policy

Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

Google Street View of 666 Fifth Avenue

June 4, 2018

Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

By Devin Gannon

Kushner Companies has agreed to purchase the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust for $120 million, nearly wrapping up the drawn-out saga of the problem-plagued condo tower. According to the Wall Street Journal, Vornado said the contract with Kushner is expected to close in the third quarter of this year and is conditional and "there can be no assurance that this transaction will be completed." Kushner Cos. first purchased the 41-story building in 2007 for a record $1.8 billion, but the economic recession created enormous financial strain for the company. To help restructure the building's major debt, they brought in Vornado, which purchased the stake in the building for $80 million and the assumption of half the property's $1.2 billion mortgage in 2011.
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Policy

Daniel Libeskind will redesign a new star for the Rockefeller Center Christmas Tree

Image via Swarovski

May 18, 2018

Daniel Libeskind will redesign a new star for the Rockefeller Center Christmas Tree

By Devin Gannon

Swarovski has tapped architect Daniel Libeskind to redesign a new star to top the Rockefeller Center Christmas Tree, the first time it will be replaced in 14 years. Libeskind, who is best known for designing the master site plan for the rebuilding of the World Trade Center site, called the star "a symbol that represents our greatest ambitions for hope, unity and peace." According to Architectural Digest, Libeskind's geometric, angular designs made him an easy choice as the new topper's designer.
Get the sparkling details

Michael Cohen puts up $9M Trump Park Avenue apartment as collateral against bank debt

Photo of Michael Cohen via Wikimedia; image of Trump Park Avenue via Google Earth

May 9, 2018

Michael Cohen puts up $9M Trump Park Avenue apartment as collateral against bank debt

By Devin Gannon

Michael Cohen, the longtime attorney for President Donald Trump, has put up his family's Park Avenue apartment as collateral against a bank loan worth millions of dollars. The bank valued Cohen's condo, fittingly at Trump Park Avenue in Lenox Hill, for $9 million. The financially troubled lawyer is putting his apartment against $12.8 million in loans he took out for his taxi business in 2014. Cohen secured these loans by New York City taxi medallions, which have dropped in value by 80 percent due to the growth of ride-sharing services, according to Bloomberg.
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Policy

A Saudi prince and NYC real estate company will buy iconic Plaza Hotel for $600M

Photo via Creative Commons

May 4, 2018

A Saudi prince and NYC real estate company will buy iconic Plaza Hotel for $600M

By Devin Gannon

Update 5/8/18: Saudi Prince Al-Waleed Bin Talal and Ashkenazy Acquisition Corp. will buy the Plaza Hotel for $600 million, besting a previous offer made less than a week ago, according to the New York Post. While it was reported White City Ventures and the Kamran Organization were in contract to buy the iconic building, the prince and Ashkenazy, as the minority owner, had the option to acquire the hotel if they matched the $600 million offer. The deal is expected to close this summer. A deal to sell the historic, 111-year-old Plaza Hotel has finally been reached, after the New York City landmark sat on and off the market for years and changed hands numerous times. As the Real Deal reported, a group of investors including Shahal Kahan of White City Ventures and Kamran Hakim of the Hakim Organization, are in contract to buy a majority share of the hotel for $600 million. While reports in March said the group was considering paying for part of the purchase with cryptocurrency, the deal instead is being made up of equity from investors and a $415 million loan from a pair of British billionaires, David and Simon Reuben.
More details here

Real Estate Trends

Trump once lobbied against legislation that required sprinklers in NYC high-rises

Via Krystal T’s Flickr

April 9, 2018

Trump once lobbied against legislation that required sprinklers in NYC high-rises

By Devin Gannon

Following back-to-back fatal fires in 1998 at two New York City buildings that lacked working sprinklers, public officials advocated for new regulations requiring sprinklers in all buildings. Mayor Rudy Giuliani's administration that year pushed for legislation to address the lack of sprinklers in high-rise towers. But real estate developers, including President Donald Trump, fought against the proposals, citing the high expense of retrofitting existing buildings with them, as the Washington Post reported. After fierce lobbying from developers, including Trump who personally called a dozen council members, the city enacted a law in 1999 that would require sprinklers in new construction but not existing buildings, exempting the president's Trump Tower. On Saturday, a fire ripped through a 50th-floor apartment at Trump Tower, killing a 67-year-old art dealer. Sprinklers were never installed at the Fifth Avenue property.
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Uncategorized

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Google Street View of 666 Fifth Avenue

April 9, 2018

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

By Devin Gannon

Update 4/9/18: Vornado announced on Friday that it reached a "handshake" deal to sell its stake at 666 Fifth Avenue back to the Kushner Cos, according to the New York Times. It remains unclear if the Kushners have found a new partner. Steven Roth, chairman of Vornado, in the filing, said the payment would cover the company's investment: "The existing loan will be repaid including payment to us of the portion of the debt we hold." Kushner Cos. said this week it is in talks to buy the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust, furthering the drama at the 41-story Midtown Manhattan office building, according to the Wall Street Journal. The tower has remained one of Kushner Cos. most financially troubled projects. In addition to its debt and high rates of vacancy, the building has been mired in controversy, mostly due to Jared Kushner's role as a senior adviser and son-in-law to President Donald Trump. While Jared divested in the property to avoid conflicts of interest, investors have been reluctant from entering a deal with Kushner Cos.
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Policy

An eco-conscious pavilion made of scaffolding and moss could bloom in Times Square

Rendering via Sam Biroscak/ Design Pavilion 2018

April 6, 2018

An eco-conscious pavilion made of scaffolding and moss could bloom in Times Square

By Devin Gannon

New York City has 280 miles of scaffolding, totaling more than 7,700 sidewalk sheds in front of 7,752 buildings. Described as pervasive eyesores and sunlight-blockers, scaffolding has an unflattering reputation in the city. Artist Sam Biroscak is looking to change the public perception of these sidewalk sheds, by highlighting it as an "under-appreciated" urban element in his conceptual design. Dubbed Mossgrove, Biroscak's project would create an architectural pavilion in Times Square made of two materials seen as nuisances: moss and scaffolding. The proposal calls for the installation be built during NYCxDESIGN, a nine-day event featuring interactive installations and talks. The theme of this year's Design Pavilion will be "From This Day Forward" (h/t Untapped Cities).
See the design

Jennifer Lopez and A-Rod pick up $15M apartment at 432 Park Avenue

432 via DBOX; Alex Rodriguez via Wiki Commons; Jennifer Lopez via Wiki Commons

March 28, 2018

Jennifer Lopez and A-Rod pick up $15M apartment at 432 Park Avenue

By Annie Doge

Update 4/2/18: The pair picked up a three-bedroom, 4.5-bathroom that takes up half of the 36th floor of 432 Park, according to Observer. The apartment measures just over 4,000 square feet and features its own elevator, oak floorings, a library and custom-designed eat-in kitchen. Power-couple Jennifer Lopez and Alex Rodriguez, affectionately known as J-Rod, have purchased an apartment for $15.316 million at 432 Park Avenue, the tallest residential building in the Western Hempishere. As Mansion Global reported, the duo picked up a 4,000-square-foot unit with three bedrooms and four and a half baths. The deal, which closed in February, turned out to be less expensive than expected, as the couple in October reportedly checked out a $40.5 million three-bedroom and an $82 million penthouse.
More details here

Celebrities

Investor group may create its own cryptocurrency to fund purchase of the Plaza

Photo via Wally Gobetz/Flickr

March 28, 2018

Investor group may create its own cryptocurrency to fund purchase of the Plaza

By Michelle Sinclair Colman

Photo via Wally Gobetz/Flickr Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.
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March 21, 2018

One of only two condos with private terraces at One57 lists for $28.5M

By Dana Schulz

Sure, Michael Dell has bragging rights to buying One57's $100 million penthouse, the most expensive home ever sold in New York City, but Bill Ackman's $91.5 million buy a few floors down came with a coveted terrace. Only two units in the Billionaires' Row building claim "private outdoor space on the park," and the second has just come on the market for the first time, asking $28.5 million. Dubbed the Spring Garden Residence (as opposed to Ackman's "Winter Garden Penthouse," as Curbed notes), the 41st- and 42nd-floor duplex boasts a 43-foot-long great room wrapped in floor-to-ceiling windows that lead to a 671-foot solarium and a terrace with views of the park and skyline.
Take a tour

Distinctive Homes

Empire State Building gets a new, nightly sparkling light show

Via Empire State Realty Trust

March 20, 2018

Empire State Building gets a new, nightly sparkling light show

By Michelle Cohen

Via Empire State Realty Trust If you're lucky enough to be blessed with Empire State Building sightlines, your views will, as of this week, include a five-minute sparkling light show every hour, on the hour, between sunset and 2 AM nightly. As Time Out New York reports, this latest addition to the iconic spire's light show repertoire joins a lighting tradition that began in 1932 and includes holiday flair–red, white, and blue lights on the Fourth of July, the green and orange of the Irish flag on St. Patrick’s Day–music-enhanced light shows, and color changes to salute occasions and organizations every night of the year.
See the skyline sparkle

City Living

March 2, 2018

How COOKFOX Architects outfitted their Midtown office with wellness technology and outdoor space

By Dana Schulz

6sqft’s series “Where I Work” takes us into the studios, offices, and off-beat workspaces of New Yorkers across the city. In this installment, we’re touring the Midtown offices of architecture firm COOKFOX. Want to see your business featured here? Get in touch! When COOKFOX Architects started looking for a new office space three years ago, it was a no-brainer that they'd incorporate their signature biophilic tools, but their one non-negotiable requirement was outdoor space to connect employees directly with nature. And though the firm has come to be associated with so many contemporary projects, they found their ideal space on the 17th floor of the 1921, Carèrre and Hastings-designed Fisk Tire Building on 57th Street. Not only did it offer three terraces (that the team has since landscaped with everything from beehives to kale), but the large, open floorplan allowed the firm to create their dream wellness office. 6sqft recently took a tour of the space to see how employees utilize the space day-to-day and learn more about how COOKFOX achieved LEED Platinum and WELL Gold status by incorporating natural materials for finishings and furniture, temperature control systems, lighting that supports healthy circadian rhythms, and, of course, plenty of connections to nature despite being in the middle of Midtown Manhattan.
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March 2, 2018

A 17-year-old artist created a model of Midtown out of recycled motherboards and hot glue sticks

By Devin Gannon

Zimbabwe-based artist Zayd Menk spent three months working on this 165 by 80 centimeter model of Midtown Manhattan. The 17-year-old student, who built the piece of art for a school project, used a plethora of electronic bits and pieces to build the reduced model: 263 hot glue sticks, 11 CPUs, 27 motherboards, 10 CRT motherboards, 15 batteries, 2 clocks, 4 watches, 3 hard drives, 3 graphics cards, 4 audio cards, 7 power supplies and 13 floppy disk readers (h/t designboom). The used electronics, plus lots of math and scouring of the internet, come together in Menk's project in an art form he refers to as "recyclism."
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Events & Things To Do

February 27, 2018

Finalists for Park Avenue design contest propose an artificial mountain and a river for kayak commutes

By Devin Gannon

Fisher Brothers unveiled on Tuesday the 17 finalists chosen for its "Beyond the Centerline" design competition after receiving more than 150 submissions. Participants were asked to think of creative and ambitious ideas to transform the traffic medians along Park Avenue between 46th and 57th Streets. The finalists did not disappoint. Proposals call for an Alpine mountain, a massive aquarium, floating gardens, mini-golf, an elevated walkway and more. Although a jury will select the grand prize winner, all 17 proposals will be on display for public voting at Park Avenue Plaza, located at 55 East 52nd Street, from March 5 to March 9 for the second-place prize. Below, check out all of the unique projects.
See the ambitious ideas

Architecture And Design

Design competition proposals call for fish tanks and mini-golf in the middle of Park Avenue

Rendering courtesy of Eric Spencer

February 26, 2018

Design competition proposals call for fish tanks and mini-golf in the middle of Park Avenue

By Devin Gannon

In November, Fisher Brothers first launched a design competition to bring life to the boring traffic medians along Park Avenue, between East 46th and East 57th Streets. The privately-funded contest, dubbed "Beyond the Centerline," aims to spur creative thinking and unique ideas never before considered for the traffic medians. After the developer received more than 150 submissions from landscape architects and urban planners, the list has been narrowed to 17 finalists (h/t New York Times). Stand out proposals from the finalists include a mini-golf course, a glass aquarium and a curvy, elevated park.
More details here

Architecture And Design

More than half of NYC’s 20 most expensive sales were at One57 and 432 Park

432 Park Avenue via CIM Group/Macklowe Properties

February 26, 2018

More than half of NYC’s 20 most expensive sales were at One57 and 432 Park

By Devin Gannon

The buyer of One57's $100 million penthouse was unveiled as Michael Dell last week, finally solving the mystery of which billionaire set New York City's record for the most expensive home ever sold. The reveal sparked CityRealty's interest in finding out where other costly buildings fall in comparison. Unsurprisingly, Midtown's One57 and 432 Park make up 12 out of the city's 20 priciest homes ever sold with single units going for $100.47 million and $91.5 million, respectively. While those two buildings on Billionaires' Row easily take the top three spots, 15 Central Park West ranks fourth, with its $88 million penthouse sold in 2012.
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Real Estate Trends

Billionaire Michael Dell revealed as the secret buyer of One57’s $100M penthouse

Image courtesy of Extell/One57

February 22, 2018

Billionaire Michael Dell revealed as the secret buyer of One57’s $100M penthouse

By Devin Gannon

Founder and CEO of Dell Technologies, Michael Dell, was revealed as the buyer of the sprawling penthouse at One57 for $100.47 million, the most expensive home ever sold in New York City. According to the Wall Street Journal, Dell first entered a contract to buy the unit in 2012 when the Billionaires' Row building, located at 157 West 57th Street, was still under construction. He closed the transaction through a limited liability company in 2014.
Get the details

Real Estate Trends

Photo via Richard BURGER/Flickr

February 20, 2018

The 8 best places in Times Square that don’t suck

By Rebecca Fishbein

One of the true marks of a New Yorker is an aversion to Times Square, where slow-walking out-of-towners clog sidewalks, costumed characters try to hug you for tips, and overpriced suburban chains like Olive Garden and Applebees abound. But a few bright spots exist amid the touristy madness and Broadway shows, and they’re worth a visit if you happen to be in the area, if not a specific trip (seriously, avoid Times Square at all costs if you can).
Here are a few of our favorites

Events & Things To Do

Passing $2B in sales, 432 Park becomes highest selling building in NYC ever

Photo via Douglas Elliman

February 7, 2018

Passing $2B in sales, 432 Park becomes highest selling building in NYC ever

By Devin Gannon

CIM Group and Macklowe Properties announced on Wednesday that the world's tallest residential building just broke another record: the single best-selling building in New York City. According to the developers, they have sold $2 billion in luxury condominiums at 432 Park Avenue, a 1,396-foot tower designed by renowned architect Rafael Viñoly. The building's most significant closings include 48 residences selling for more than $20 million each.
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Real Estate Trends

February 6, 2018

Lottery launches for 258 rentals at TF Cornerstone’s West 57th tower, from $613/month

By Devin Gannon

The lottery for TF Cornerstone's massive building at 606 West 57th Street officially launched on Tuesday, offering 258 mixed-income rentals in the brand new 42-story tower. Designed by Arquitectonica, the rental, dubbed 606W57, boasts a unique, boxy design and will hold over 1,000 apartments. It sits near other West Side architectural standouts like the pyramid-shaped, Bjarke Ingels-designed Via57 West, as well as the Helena. Qualifying New Yorkers earning 40, 60 and 120 percent of the area median income can apply for units ranging from a $613/month studio to a $2,902/month three-bedroom.
Find out if you qualify

Empire State Building looking for tenants to fill 50,000 square feet of retail space

Photo via Wikimedia

February 2, 2018

Empire State Building looking for tenants to fill 50,000 square feet of retail space

By Devin Gannon

The landlords of New York City's most iconic skyscraper are looking to fill 50,000 square feet of retail space by 2020, even as brick-and-mortar businesses in Manhattan have struggled to stay open. According to Bloomberg, owners of the Empire State Building are marketing the tower's ground-floor, concourse and second-floor real estate, as the building undergoes a retail renovation for the first time since opening in 1931. Plus, the tower's observatory entrance will be moved from Fifth Avenue to 34th Street.
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Real Estate Trends

New York City’s first crosstown bike lanes proposed for Midtown

Photo via Wikimedia

January 18, 2018

New York City’s first crosstown bike lanes proposed for Midtown

By Devin Gannon

Crosstown protected bike lanes may finally come to Manhattan's Midtown neighborhood, the first of its kind in New York City. The city's Department of Transportation presented on Wednesday a series of proposals to create bike lanes that stretch from the East River to the Hudson River, traveling east to west instead of north to south. The first two protected lanes are proposed to run east on 26th Street and west on 29th Street, where an existing lane will be replaced. Officials are also looking to add a lane moving west on 55th Street and east on 52nd Street. DOT's move to add more protected bike lanes in Midtown comes after the city experienced an increase in the number of cyclist deaths in 2017, despite it being the safest year on record for traffic fatalities.
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City to open homeless shelter adjacent to One57 on Billionaires’ Row

Image © 6sqft

January 18, 2018

City to open homeless shelter adjacent to One57 on Billionaires’ Row

By Devin Gannon

Mayor Bill de Blasio plans to open a new homeless shelter for 150 single adult men on Manhattan's Billionaires' Row, part of the city's initiative to open 90 new shelters over the next five years. According to the New York Post, a former hotel at 158 West 58th Street, the Park Savoy, will be converted into the shelter and open in March. The Central Park South building sits behind One57, a supertall known for the city's most expensive residential sale ever: a penthouse that sold for $100 million in 2015.
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Policy

December 28, 2017

65th-floor unit at 432 Park changes hands for the third time in a year-and-a-half

By Dana Schulz

The end of 2017 has seen a lot of record-setting headlines for 432 Park Avenue, namely the $91 million, three-penthouse sale that was the city's most expensive all year. And a sale at the supertall that came through city property records today makes it clear that there's no sign of slowing down. Unit 65A, a half-floor, three-bedroom spread, first sold in June of 2016 for $27 million to an anonymous LLC dubbed "432 Holdings LLC." This past September, the building's developers CIM Group and Macklowe Properties bought back the apartment for $27.9 million in a presumed attempt to let the seller buy a larger unit in the building. As The Real Deal reported, the seller did just that, upgrading to an 80th-floor unit that cost $39 million. But as of today, the developers have all but made their money back, as the 65th-floor residence sold yet again for $26.4 million to another LLC called "Mallow Enterprises."
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Real Estate Trends

December 20, 2017

Chinese buyer snags three penthouses at 432 Park for $91M

By Devin Gannon

After dropping a staggering $91.1 million, a buyer from China now owns three penthhouse apartments at 432 Park Avenue, the most expensive closing to date. Picking up units 92, 92B and 93B, the buyer, 432 Park Joy LLC, gets 11,906 square feet spanning two floors (h/t TRD). As 6sqft learned earlier this month, the combined units originally hit the market for roughly $120 million. Prior to this deal, the largest closing at the supertall was a penthouse that was asking $95 million but closed last year for $87.7 million. But it's still One57 that holds the record for the city's priciest residential deal, a penthouse that sold for $100.4 million in 2014.
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Real Estate Trends

December 18, 2017

World Trade Center developer Larry Silverstein lists Park Avenue pad for $14M

By Dana Schulz

After deciding that he wants to move downtown, mega-developer Larry Silverstein has put his longtime Park Avenue pad on the market for $13.9 million, reports the Wall Street Journal. Silverstein Properties is responsible for much of the World Trade Center redevelopment, so it's no surprise that Larry is opting to trade his Central Park views for those of the WTC site; last year, he and his wife Klara dropped $34 million on a penthouse at nearby 30 Park Place. The couple moved from White Plains to 500 Park Avenue 33 years ago when their children left for college.
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Distinctive Homes

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