Search Results for: 220 central park

Last month, the city's Advisory Commission on Property Tax Reform revealed a report outlining sweeping changes to the property tax code that would essentially raise the same amount of money but substantially redistribute where it comes from. Under the current system, property owners pay taxes based on assessed value rather than market value, so working-class homeowners often pay a higher tax rate than those who can afford the city's multimillion-dollar luxury condos. Mansion Global took a closer look at the numbers and found that property taxes along Billionaires' Row could increase up to five times their current rate under the proposed system.
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Policy

December 31, 2019

6SQFT’S TOP STORIES OF 2019!

By 6sqft

As we wrap up 2019, 6sqft is taking a look back at the top stories of the past 12 months in topics like apartment tours, new developments, news, and city guides. From a rare look inside a 220-square-foot Chelsea Hotel SRO to guides to the city's best museums to plenty of news about the newest openings at Hudson Yards, these are the stories that readers couldn't get enough of.
See the full list here

Uncategorized

Ultra-high-end sales defined the 2019 real estate market

Looking north towards Billionaires’ Row in early October © 6sqft

December 27, 2019

Ultra-high-end sales defined the 2019 real estate market

By Dana Schulz

Throughout the year, there was much speculation that the real estate market was on a decline, but according to CityRealty's annual Manhattan Year-End Report, ultra-high-end sales continue to keep the market strong. On par with 2018's 228 sales, this year saw 221 sales at $10 million or more, totaling $4.6 billion, up from last year's $4.2 billion. As CityRealty tells us, this is "largely due to big-ticket purchases near the southern end of Central Park, most notably at 220 Central Park South," which accounts for one-third of that total, as well as a glut of new development condos coming online.
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Real Estate Trends

Billionaire’s Row tops list of most expensive streets in the world

Looking north towards Billionaires’ Row in early October © 6sqft

December 17, 2019

Billionaire’s Row tops list of most expensive streets in the world

A new study of the top "ultra-prime" locations in the world dispels any doubt that Billionaire's Row is living up to its name. London-based property consultancy Knight Frank, along with Douglas Elliman, looked at the number of homes sold for over $25 million since 2015 and found the greatest concentration along Midtown's 57th Street, where 41 transactions have been closed in the last five years at an average price of $38.5 million. Manhattan cracked the top ten three more times, with Central Park South coming in third, followed by Park Avenue and Fifth Avenue in fourth and seventh place.
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Real Estate Trends

NYC real estate experts offer their 2020 predictions

Photo by Leonhard Niederwimmer via Pixabay

December 16, 2019

NYC real estate experts offer their 2020 predictions

In some ways, 2019 was a continuation of the past few years: political and global uncertainty loomed over the New York real estate market, development continued at a steady pace, and prices were as high as ever. (Oh wait -- they were actually higher.) But the year also brought notable changes, from a total overhaul of rent and tenant protections, increased urgency in regards to climate change, an increasingly buyer's market, and dry-up of the once pervasive rental concessions. So what's in store for the year ahead? Real estate experts believe sustained political uncertainty -- particularly around an election year -- could mean buyers proceed cautiously. The new rent laws will undoubtedly shape New York, as both the rental and condo markets tighten. Pre-war design will make a comeback in defiance of glassy modern architecture, while the focus on sustainability will increase and amenities will become more flexible.
Keep reading for the 6sqft's full roundup of 2020 predictions.

Real Estate Trends

December 12, 2019

NYC’s 11 best starchitect-designed buildings that you can live in

By Lidia Ryan

The Empire State Building, the Chrysler Building, One World Trade Center: all buildings that instantly come to mind when you think of the iconic New York City skyline. But more and more new skyscrapers are beginning to pop up in that classic view. And while it’s likely many an architects' dream to contribute a design to the most famous skyline in the world, only a handful of world-renowned "starchitects" get to do it. Ahead, 6sqft has rounded up 11 starchitect-designed condo buildings that you can actually live in, from veterans like Robert A.M. Stern and Renzo Piano to some more up-and-comers like David Adjaye and Bjarke Ingels.
See the list

December 5, 2019

VOTE for 6sqft’s 2019 Building of the Year

If you had to boil it down, 2019 has been an important year for advancing the city's most noteworthy residential projects. Perhaps no news was more important than the official opening of Hudson Yards, which introduced a collection of sleek towers to the Manhattan skyline. (Two Hudson Yards buildings, 15 and 35 Hudson Yards, have made this list.) But that still didn't overshadow other glittering towers now transforming the skyline: the world's tallest residential tower at Central Park Tower, the most expensive residential sale in the country at 220 Central Park South, and the highest infinity pool in the Western Hemisphere at Brooklyn Point. It's been a year of construction progress, eye-popping sales prices, and exceptionally luxurious apartments and amenities behind unique facades. Our picks are down to 12 of the most notable residential structures this year. Which do you think deserves 6sqft’s title of 2019 Building of the Year? To have your say, polls for our fifth annual competition will be open up until midnight on Friday, December 13th and we will announce the winner on Monday, December 16th.
Cast your vote!

New Developments

Names of celebrities and wealthy New Yorkers buying condos under LLCs could be disclosed

Photo via Pexels

October 9, 2019

Names of celebrities and wealthy New Yorkers buying condos under LLCs could be disclosed

The names of some wealthy property owners in New York City will soon be made public under a new state law signed last month by Gov. Andrew Cuomo. In response to reports of illegal home conversions in Rockland County, state lawmakers drafted a bill to prevent buyers from purchasing homes through limited-liability companies. The new law requires the name and address of each member of the LLC for both buyers and sellers in New York State. According to the Wall Street Journal, the change in law may affect buyers of Manhattan real estate who wish to remain undisclosed.
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Policy

26-story boutique office building planned on top of Calvary Baptist Church on Billionaires’ Row

Photo via Wikimedia

October 7, 2019

26-story boutique office building planned on top of Calvary Baptist Church on Billionaires’ Row

Developers are planning to build a massive office project on top of a Billionaires' Row church. The Real Deal reported on Monday that Alchemy and ABR Investment Partners have partnered to buy properties owned by Calvary Baptist Church at 123-141 West 57th Street. The proposed boutique office building would rise 26 stories atop church space and sit next to Extell Development's supertall, One57.
More here

New Developments

Exclusive supper club for the ultra-wealthy will open at 35 Hudson Yards this fall

Photo by Timothy Schenck for Related-Oxford

August 13, 2019

Exclusive supper club for the ultra-wealthy will open at 35 Hudson Yards this fall

One of the city's most elite supper clubs is set to open this October at 35 Hudson Yards—and early reports say it's so exclusive that even residents of the luxury building (where apartments start at $5.1 million) won't be able to afford a membership. “It’s not for residents,” a source familiar with the project told the New York Post. “It’s for the developer’s super-rich buddies and CEO friends.” Details about the luxe club, which will be called WS New York, are being kept on the down-low but its website boasts "unparalleled access to the finest wine and spirits, world-class dining, and one-of-a-kind cultural events" offering guests an "insider perspective on rarified worlds."
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Food & Dining

Jeff Bezos scoops up three Flatiron apartments for a record-setting $80M

Rendering of 212 Fifth Avenue by Visualhouse; Photo of Jeff Bezos via Wiki Commons

June 4, 2019

Jeff Bezos scoops up three Flatiron apartments for a record-setting $80M

The Wall Street Journal reported today that Amazon Chief Executive Jeff Bezos is closing on three apartments at 212 Fifth Avenue, next to Madison Square Park. Bezos is scooping up a penthouse and two units that are right under it for approximately $80 million, though the precise numbers haven’t been made public yet. Combined, the apartments add up to over 17,000 square feet. The deal is reportedly the largest to ever close in New York south of 42nd Street, and the second largest deal of the year, second to Ken Griffin’s now-infamous $240 million penthouse at 220 Central Park South.
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Find out how much a pied-à-terre tax would affect the value of NYC’s most expensive homes

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

March 25, 2019

Find out how much a pied-à-terre tax would affect the value of NYC’s most expensive homes

Calls for a so-called pied-à-terre tax have increased since hedge fund manager Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million in January, for a residence that the billionaire will be using as “a place to stay when he’s in town.” And State Budget Director Robert Mujica stated recently that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs. Owners of some of the city's highest-priced real estate, however, could face a dramatic dip in their property values if the tax plan is enacted, the Wall Street Journal reports, after an analysis that showed how the heftiest tax would be levied on a small number of houses, co-ops, and condos with market values of $25 million or more. The new tax could potentially slash the value of this handful of pricy properties by almost half.
How much is half of too much?

State budget director says a pied-à-terre tax could help fund MTA

Via Flickr

March 7, 2019

State budget director says a pied-à-terre tax could help fund MTA

Calls for a pied-à-terre tax have increased since billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million. The sale shattered the existing record of the most expensive home sold in the US by $100 million but Griffin will only be using the residence as "a place to stay when he’s in town." City Council Members Mark Levine and Margaret Chin recently announced support for a bill that was first drafted by Sen. Brad Hoylman five years ago, which would place a yearly surcharge of 0.5% to 4% on secondary residences worth more than $5 million. In a statement released on Wednesday, State Budget Director Robert Mujica added his support, stating that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority's $40 billion in capital needs.
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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.
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Policy

Pied-à-terre tax backed by NYC Council members

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

February 26, 2019

Pied-à-terre tax backed by NYC Council members

Update 2/26/19: Council Members Mark Levine and Margaret Chin announced on Monday that they plan on introducing a resolution in support of the pied-à-terre tax, as amNY reported. The tax would be modeled after the measure sponsored by State Sen. Brad Hoylman and apply an annual surcharge on non-primary homes worth more than $5 million. Last month, billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as "a place to stay when he's in town." The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and apply to non-primary residences, as reported by the New York Times.
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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

Announcing 6sqft’s 2018 Building of the Year!

Rendering via Hill West Architects; frame via Pixabay

December 13, 2018

Announcing 6sqft’s 2018 Building of the Year!

By Dana Schulz

The votes have been tallied, and it's time to name the 2018 Building of the Year! The winning title belongs to none other than Long Island City's Skyline Tower. The 778-foot-tall tower beat out 11 other significant NYC buildings in a competitive two-week competition held by 6sqft. Out of nearly 3,000 votes cast, the Hill West-designed structure took first place with a whopping 1,021 votes or 35.5% of the total. Was it the fact that the Skyline Tower is on course to become the borough’s tallest building? Or that it has an estimated $1.088 billion sellout, the first in the borough to break the one billion mark? Or perhaps it's the LIC location, the forthcoming home to 25,000 Amazon employees?
More on this year's winner!

December 5, 2018

VOTE for 6sqft’s 2018 Building of the Year

The city’s most important residential projects include a glittering showcase of superlatives that continue to eclipse all that came before, with claims that include tallest (Central Park Tower), skinniest (111 West 57th Street ), most expensive (a $250 million penthouse at 220 Central Park South) and loftiest outdoor lounge (Fifteen Hudson Yards) and pool (Brooklyn Point) almost being a requirement for selling the fabulously luxurious apartments and amenities that lie within. Though some of this year’s contenders appeared on previous years’ lists, their sales launches and toppings-out in 2018 proved that their arrivals on the city's skyline–and among its residential options–are no less impactful than the anticipation that preceded them. We’ve narrowed our picks down to a list of 12 headline-stealing residential structures for the year. Which do you think deserves 6sqft’s title of 2018 Building of the Year? To have your say, polls for our fourth annual competition will be open up until midnight on Wednesday, December 12th and we will announce the winner on the 13th.
VOTE HERE! And learn more about the choices.

New Developments

April 4, 2018

Sting is reportedly renting at Zaha Hadid’s High Line-hugging condo

By Annie Doge

Just six months after selling his huge Central Park West penthouse for $50 million, Sting has reportedly moved on to an equally swanky residence. According to Page Six, he and wife Trudie Styler are "renting a large terraced apartment on a high floor" in Zaha Hadid's recently-completed, curvy, High Line-hugging condo at 520 West 28th Street in Chelsea. Though his former home was in a classic Robert A.M. Stern-designed building (he must really have a thing for starchitects), it was decked out in an uber-contemporary style, so it makes sense that he'd want to move over to one of the city's most futuristic buildings.
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Crown Building penthouse may be in contract for $180M, beating NYC record by $80M

Penthouse rendering courtesy of Aman Resorts

March 16, 2018

Crown Building penthouse may be in contract for $180M, beating NYC record by $80M

Another Billionaire's Row sky mansion–this one with a piano lounge, two kitchens, a wraparound terrace, and two swimming pools spread out over five stories at 730 Fifth Avenue–is on its way to record-smashing glory, according to The Real Deal. Sources say an unknown buyer has spoken for the 12,536-square-foot residence in the actual crown of the Crown Building, to the tune of $180 million. If the sale closes, it will be the New York City's most expensive sale ever at $14,358 per foot (also a record), surpassing Michael Dell's $100.5 million penthouse atop Extell Development’s One57.
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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

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.
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Real Estate Trends

December 12, 2017

Announcing 6sqft’s 2017 Building of the Year!

The votes have been tallied, and so it's time to name the 2017 Building of the Year! The winning title belongs to no other than One Manhattan Square, the Lower East Side meets Chinatown skyscraper that will be home to NYC’s largest outdoor private garden when it opens next year. The 800-foot-tall tower beat out 11 other significant NYC buildings in a competitive two-week competition held by 6sqft. Out of 3,782 votes cast, the Extell-developed, Adamson Associates-designed structure took first place with 959 votes or 25.35% of the total.
More on this year's winner!

December 11, 2017

Last day to vote for 6sqft’s 2017 Building of the Year!