Search Results for: -fifth avenue

April 30, 2015

A Record $11.9B Has Gone into Building New Condos, but Few Apartments Actually Produced

The NYC luxury real estate market is as hot as ever and developers are scrambling to get in on the action. The Daily News reports that a record breaking $11.9 billion was poured into new developments last year, a 73 percent jump over the last 12 months, and up $5 billion over the previous record (source: New York Building Congress). While this rise may seem like great news in a city facing a serious housing crisis, the bounty going towards new construction isn't doing much to remedy it. The paper adds that though spending is way up, the bulk of the cash is being funneled "into delivering only a few massive high-end pads with luxe finishes targeted at the global elite."
Find out more here
April 30, 2015

Art Nerd New York’s Top Event Picks for the Week, 4/30-5/6

This week, I recommend taking a magical vintage-inspired boat ride set to romantic music, or experiencing old New York with an exhibition at the historic Westbeth Artists Housing's gallery. You can also gawk at the ill-fated Edie Sedgwick's beauty as Andy Warhol's Screen Tests take over Times Square, commemorate the life of urban activist—and Robert Moses nemesis—Jane Jacobs with over 200 free walking tours, or celebrate the vigor of the city with Michael Sorgatz's paintings. Leave your comfort zone and head to New Jersey–zip into Newark for the Gateway Project's ribbon cutting and party, or spend the day taking in the 1 million square feet of art space at Mana Contemporary in Jersey City.
All the best events here
April 30, 2015

Hell’s Kitchen, Once the ‘Wild West,’ Now Undergoing Rapid Gentrification

There's yet to be an exact agreed-upon theory as to where the name Hell's Kitchen came from, but most historians agree that it had something to do with the poor tenement conditions and general filth of the neighborhood in the 19th century. Its reputation didn't get any better in the 20th century, though. After the repeal of prohibition, the area became overrun with organized crime, and until the 1980s it was known as a home base for several gangs. Today, Hell's Kitchen is no longer the "Wild West," but rather a rapidly gentrifying community ripe for new development. A neighborhood profile today in the Times looks at the transformation of the neighborhood, also called Clinton or Midtown West, which is generally defined as the area from Eighth Avenue to the Hudson River between 34th to 59th Streets. Summed up, "New buildings are going up, and older ones are being converted to high-end residences. The development of Hudson Yards and the High Line just to its south and the addition of the Time Warner Center on its northeast border have spurred growth. Prices have gone up but are still generally lower than in surrounding neighborhoods."
Find out more ahead
April 29, 2015

The Four Seasons: An Iconic Interior Landmark Faces an Uncertain Future

As you probably already know, 2015 marks the 50th anniversary of the NYC landmarks law. And one of the ways the city is marking the historic event is with an exhibit at the New York School of Interior Design called Rescued, Restored, Reimagined: New York’s Landmark Interiors, which focuses on some of the 117 public spaces throughout the five boroughs that have been designated interior landmarks. In conjunction with this exhibit, Open House New York recently hosted an interior landmark scavenger hunt (for which 6sqft took eighth place out of 40 teams!), which brought participants to designated interior spaces in Manhattan, the Bronx, and Brooklyn over the course of seven hours. One of the spots we visited was the Four Seasons restaurant inside the famed Seagram Building. Through our scavenger hunt challenges here, we learned just how groundbreaking this restaurant was for its innovative design and role as the quintessential Midtown "power lunch" spot. But the Four Seasons, despite its landmark status, is facing an uncertain future.
Learn about the past, present, and future of the Four Seasons here
April 28, 2015

Five Luxury Towers Will Account for One-Third of New Development Sales over the Next Five Years

It's projected that over the next five years, new development sales in Manhattan condos will total $27.6-$33.6+ billion, but this sky-high figure is heavily skewed by prices in just five buildings. These luxury towers will account for one-third of the total projection. Three of the buildings -- 432 Park, 220 Central Park South, and 550 Madison Avenue (the former Sony Building) -- are located on billionaires' row and are expected to bring in a whopping $8 billion. The Greenwich Lane and 10 Madison Square West will also likely bring in close to $1.5 billion each. Along with this boost from the upper end of the market comes a trend where fewer units are selling, but prices are shooting up.
More info and CityRealty's full infographic here
April 28, 2015

The Multi-Million Dollar Real Estate of Brooklyn’s… Gravesend?

When people talk about expensive Brooklyn real estate, the conversation often revolves around the well-kept townhouses in Brownstone Brooklyn, the waterfront condos of Williamsburg, the freestanding mansions of Prospect Park South. Gravesend is not a neighborhood that’s on most New Yorkers' minds. But this South Brooklyn enclave, bordered by Sheepshead Bay, Midwood, Bensonhurst and the waterfront, sees some of the highest home sales in all of Kings County. Here, it’s not uncommon for selling prices to break the $10 million mark. Two years ago, a home hit the market for $14 million. So what’s happening in Gravesend? Simply put, this is not your average New York City real estate market. This neighborhood is home to the largest Sephardic Jewish community in the United States, and real estate is dominated by proximity to synagogues and Jewish Community Centers. That pressure for proximity has driven real estate prices into the multi-millions.
Learn more about the unique Gravesend real estate market…
April 28, 2015

Debt-Ridden MTA May Hike Subway Fares to $3.15

It might be time to trade in your metro card for a bike. Straphangers could soon see yet another fare hike if the MTA is unable to bridge its $15 billion budget gap. The NYDN reports that top transit officials are warning that the increase could ring in at as much as 15 percent, upping subway fares to $3.15 from $2.75. The agency tacked on 25 cents just last month to a single ride, much to the dismay of millions of commuters.
FInd out more here
April 23, 2015

Architectural Saviors: NYC Landmarks Saved from Destruction

Yesterday we rounded up some of the most heinous crimes committed against architecture in New York City, but today we're taking a look at the sunnier side of things. Our list of architectural saviors includes sites saved from the wrecking ball, as well as those that have remained intact and been adaptively reused. And with city-wide preservationists celebrating this year's 50th anniversary of the landmarks law, what better time to take a look back?
View our list of architectural saviors
April 22, 2015

Forbes Tallies the World’s Richest Real Estate Tycoons

Forbes recently released their annual list ranking the world’s billionaires for 2015. The universe’s wealthiest human is still Bill (Gates, that is), with a fortune worth $79.2 billion at last count. In the overall under-40 crowd, Marc Zuckerberg topped the list with $35.1 billion, his fortune far outstripping the rest of the youngsters on the list. A look at the world’s top real estate billionaires—the list can be sorted by industry among other factors—gives us a peek at some interesting facts and figures about the world’s top property tycoons.
Find out which real estate big-wigs are swimming in billions here
April 20, 2015

Going Green and Curbing Gentrification: How the Bronx Is Doing It Differently

“Ladies and gentlemen, the Bronx is burning." The infamous phrase, uttered in a 1977 broadcast of a Bronx fire, has stuck in the mind of many New Yorkers even today. Indeed, the Bronx saw a sharp decline in population and quality of life in the late 1960s and 1970s, which culminated in a wave of arson. By the early 1980s, the South Bronx was considered one of the most blighted neighborhoods in the country, with a 60 percent decline in population and 40 percent decline of housing units. Although revitalization picked up by the '90s, the Bronx never quite took off like its outer-borough counterparts Brooklyn and Queens. While media hype, quickly rising prices and a rush of development has come to characterize those two boroughs, the Bronx has flourished more quietly. The borough, nevertheless, has become home to growth and development distinct from the rest of New York City. Innovative affordable housing, adaptive reuse projects, green development and strong community involvement are redefining the area. As Bronx Borough President Ruben Diaz Jr. said during this Municipal Arts Society discussion in 2014, this is "The New Bronx."
Keep Reading About What's Going on in the Bronx
April 20, 2015

New Renderings Revealed for 217 West 57th Street, the Will-Be Tallest Residential Building in the World

It's been relatively quiet on the Nordstrom Tower front since we saw some skyline renderings in September. But now YIMBY has uncovered the official renderings for Extell's 217 West 57th Street, the 92-story, 1,775-foot supertall that will take the title of tallest residential building in the world when completed, surpassing Mumbai’s World One Tower by 29 feet. The images continue to show how the tower will dominate the skyline, but they also give us a detailed look at the façade and a peek into one of the penthouses.
See all the renderings here
April 17, 2015

New Yorker Spotlight: Getting the Scoop with Jennie Dundas of Brooklyn’s Blue Marble Ice Cream

Spring may have taken its time this year, but the sun is shining, the trees are finally starting to bloom, and this means one thing–it's officially ice cream season. If you're looking for the perfect local scoop, which also happens to be consciously sourced and organic, then you might just stop by Blue Marble Ice Cream's Cobble Hill or Prospect Heights shops or pick up one of their pints on your next grocery store trip. Blue Marble Ice Cream was co-founded in 2007 by former roommates turned entrepreneurs Jennie Dundas and Alexis Gallivan. For Jennie and Alexis, who originally connected on Craiglist, a love of ice cream inspired them to open a scoop shop. And while neither had a business background, they were determined and opened up in Brooklyn. Fast forward several years, and Blue Marble is ready to expand nationwide after being picked up by a number of major supermarket chains. On a local scale, they're part of a wave of businesses helping to transform Industry City in Sunset Park, Brooklyn, something of which the company is extremely proud. We recently spoke with Jennie to get the scoop on Blue Marble's founding, its headquarters in Industry City, and of course, to find out why ice cream is everyone's favorite warm-weather (or year-round!) treat.
Read our interview with Jennie here
April 17, 2015

Long Island City’s Hot New Park-Front Project Liv@ Murray Park North Set to Begin Sales

While Manhattan buyers typically pay a great premium for a park-front address, a single subway stop away in Long Island City, a new condominium aptly named Liv@ Murray Park North will begin sales with homes starting around $400,000. Developed by George Xu and Century Development Group, the six-story, 39-unit building will house a mix of studio, one- and two-bedroom apartments designed by Queens' own Raymond Chan Architects. Liv@ Murray Park North is located at 11-35 45th Avenue along the northern frontage of the 2.5 acre Murray Park/Murray Playground. Similar in size to downtown's Gramercy Park, the community jewel is LIC's largest green space not situated along the East River. The park is also across from the neighborhood's sole historic district and is positioned centrally between the area's two booming high-rise nodes–the master-planned Hunter's Point waterfront community and the Court Square-Queens Plaza business district.
More on the project ahead
April 16, 2015

Art Nerd New York’s Top Event Picks for the Week, 4/16-4/22

This week, I suggest rediscovering Times Square, by participating in an incredible installation by Justin Bettman, and experiencing a screen-takeover with a short film by Peggy Ahwesh. Then observe and educate with a visit the Jewish Museum, or hit up Lincoln Center for a special art film program, an art exhibition that deconstructs notions of beauty, or an epic art fair catered toward photography. But if you're looking to shake it up and strike up a conversation with someone new, visit Salon Demimonde, a resurrection of the 17th century salons of the past where creatives and intellectuals can mix and mingle. You can also get your dance on at Aperture's Spring Party!
All the best events here
April 16, 2015

The Sutton, Toll Brothers’ ‘Modern Vintage’ Condo, Tops Out and Gets Motley Skin

Toll Brothers' latest condo development The Sutton has reached its 30-story apex and is currently applying a variety of skins to its frame that its designers hope will capture a "modern vintage" aesthetic. Situated at the boundary of Midtown East's Turtle Bay and Sutton Place neighborhoods at 959 First Avenue, the 90-unit tower (down from 114-units) will hold one- to four-bedroom residences priced from $1 million to more than $6 million, and provide the typical array of amenities and interiors that reflect the surrounding area's classic New York vibe.
Find out more about the project
April 16, 2015

New Clinton Hill Building with $1,064 Two-Bedroom Apartments Now Taking Applications

Clinton Hill rents may be skyrocketing, but there are a handful of units coming up sure to bring some peace of mind to those worried that the neighborhood is turning into another haven for the rich. DNA Info reports that a brand new building coming up at 490 Myrtle Avenue at Hall Street that will boast a terrace, veggie garden, reflecting pools with cabanas and $1,064 two-bedroom apartments. The building is sited along one of the more rapidly gentrifying areas of the neighborhood, just a block away from the Pratt Institute along a stretch of Myrtle Avenue that is about to see a serious boom in new developments and green space.
Find out more here and if you qualify for one of the units
April 15, 2015

Jet Blue Wants to Turn the TWA Terminal into a Hotel; NYPL Requests Proposals for Its Flagship Redesign

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 […]

April 14, 2015

Enormous ‘Authentic and Locally Curated’ Food Hall Coming to Downtown Brooklyn

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
April 13, 2015

VIDEO: RuPaul Takes Us Around the 1980s Meatpacking District and the Jane Hotel

We know all about the Meatpacking District's beginnings as the Gansevoort Market and the epicenter of meat marketers, as well as its current status as a burgeoning office tower district, but in the 1980s, this neighborhood was one to which most people didn't pay much mind. It was fairly run down, with its industrial tenants having moved out, and became notorious for prostitution, sex clubs, and drug dealing. But there was much more to the area, including an accepting LGBT community and a downtown music and entertainment scene. In this video we found from 1986, a young RuPaul takes us into his penthouse suite at the Jane Hotel, then known as the Jane West Hotel and far seedier than it is today, as well as walks around the gritty streets of the Meatpacking District and into his friend's 9th Avenue rowhouse, which will undoubtedly look familiar to anyone who's walked these cobblestone streets.
Watch the video here
April 13, 2015

Norman Foster’s 2 World Trade Center Could Get a Jumpstart Thanks to Rupert Murdoch

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
April 12, 2015

Construction Update: SOM’s 252 East 57th Street Getting Its Glass Skin

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
April 10, 2015

UWS Brownstone Duplex with Private Terrace Asks $1.8 Million

If you can't afford the multi-millions it takes to buy a townhouse off Central Park West, this duplex at 132 West 78th Street may do the trick. Of course, the price is still significant with an ask of $1,795,000. But it's a smaller sum for a lovely, historic pad–the co-op takes up two floors of a brownstone, which is located on a block of even more gorgeous brownstones. And did we mention it's located less than a block away from the Museum of Natural History, and one block from Central Park?
Take a look around here
April 9, 2015

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

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
April 8, 2015

Adorable Wood House Renovated with Reclaimed Materials Asks $1.2M in Gowanus

If you’re one for Brooklyn’s more hidden gems, travel with us to Gowanus, where a fixer-upper at 162 10th Street was rescued by an architect who redesigned it for her family. The end result is a sophisticated interior with treasures at every turn. We’re talking tons of reclaimed materials and details that give this $1.195 million townhouse a built-in story hour.
More pics inside