Search Results for: billionaire

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

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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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NYC Council votes to close mechanical void loophole

Rendering of 50 West 66th Street; courtesy of Binyan Studios/ Snøhetta

May 30, 2019

NYC Council votes to close mechanical void loophole

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The New York City Council on Wednesday voted to close a zoning loophole that has allowed developers to fill multiple floors of a tower with mechanical equipment without counting the floors as part of the building. The so-called mechanical void loophole enabled taller residential towers, and therefore higher, more expensive units, without actually creating more housing. The amendment approved by the Council will count mechanical voids taller than 25 feet as zoning floor area, as Crain's reported.
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New looks and pricing details for Extell’s Central Park Tower

New rendering of Central Park Tower’s indoor pool, via Extell

May 17, 2019

New looks and pricing details for Extell’s Central Park Tower

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In March, Extell Development's supertall on Billionaires' Row became the tallest residential tower in the world, surpassing the 1,396-foot-tall 432 Park Avenue. Now, ahead of Central Park Tower's official topping out scheduled this summer, the developers have released new renderings of its exclusive amenity space, including the indoor pool and full-service lobby. And a handful of the building's 179 residences will be listed for the first time next week, ranging from a two-bedroom for $6.9 million to a five-bedroom for $63 million.
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Marymount School puts grand Upper East Side mansion on the market for $32M

Photo credit: Will Ellis of DD Reps, courtesy of The Corcoran Group.

April 17, 2019

Marymount School puts grand Upper East Side mansion on the market for $32M

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Currently home to Marymount School of New York, this grand–even by Upper East Side standards–12,300-square-foot property at 2 East 82nd Street, asking $32 million, could give new meaning to the term "private school." Originally built as a residence around 1898 by architect Alexander McMillan Welch of Welch, Smith & Provot, the home's first owners were Mr. Albert Gould Jennings, owner of a Brooklyn lathe works, and his wife, who lived here until 1940. Behind its landmarked limestone-and-brick facade, many of the original turn-of-the-century details remain, and an elevator services all floors.
Tour this unusual city mansion-turned-school
Jeff Bezos is reportedly checking out $60M apartments at 220 Central Park South

Photo of Bezos via NMAH’s Flickr; 220 CPS photo via a Vornado Realty Trust and Robert A.M. Stern Architects

April 15, 2019

Jeff Bezos is reportedly checking out $60M apartments at 220 Central Park South

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While Amazon won't find a home in New York City, the tech giant's founder just might. The New York Post reported on Friday that Jeff Bezos has been house hunting in the Big Apple following his recent divorce settlement. Bezos, currently the richest man in the world, checked out apartments at 220 Central Park South, where the most expensive home in the country recently sold.
Get the details
See inside Hudson Yards arts center The Shed

View from Hudson Yards; Photo by Iwan Baan, courtesy of The Shed

April 5, 2019

See inside Hudson Yards arts center The Shed

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A new cultural institution in New York City is finally open after more than a decade in the making. The Shed, which straddles the recently opened Hudson Yards neighborhood and the High Line on 30th Street, will commission and present original artwork across a variety of disciplines. Designed by Diller Scofidio + Renfro and Rockwell Group, the building features a 120-foot movable shell, allowing it to physically change on demand and adapt to different performances. Kicking things off today, April 5 is a five-night concert series, "Soundtrack of America," which was directed by Steve McQueen, Quincy Jones, and Maureen Mahon, and explores the impact of African American music on modern culture.
See more here
Central Park Tower rises above 432 Park, officially becomes tallest residential building in the world

Current view of construction via 6sqft (L); Rendering of the completed tower via Extell (R)

March 27, 2019

Central Park Tower rises above 432 Park, officially becomes tallest residential building in the world

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Extell Development's supertall on Billionaires' Row is officially the tallest residential tower in the world. As YIMBY reported this week, Central Park Tower, at 225 West 57th Street, has reached its 92nd floor, surpassing the 1,396-foot-tall tower at 432 Park Avenue. Designed by Adrian Smith + Gordon Gill Architecture, Central Park Tower will top out at 95 stories, or 1,550 feet tall, making it stand out significantly among neighboring skyscrapers when construction wraps up next year.
Details here
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

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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?
Hudson Yards got bigger tax breaks than the ones promised to Amazon

Rendering courtesy of Related/Oxford.

March 11, 2019

Hudson Yards got bigger tax breaks than the ones promised to Amazon

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The $20 billion, 28-acre Hudson Yards megaproject has been in the news recently as its official March 15 grand opening approaches. The New York Times reports that the nation's largest residential development has gotten more than a little financial help from the city government to get there. In fact, public records–and a recent study by the New School–reveal that the development has received nearly $6 billion in the form of tax breaks and additional government assistance, twice the controversial $3 billion in incentives held out to Amazon to entice the retail tech giant to bring its second headquarters to Queens.
That's a pretty big break
JFK’s TWA Hotel will curate exhibitions of rare Jet Age artifacts and memorabilia

Image courtesy of MCR and Morse Development

March 11, 2019

JFK’s TWA Hotel will curate exhibitions of rare Jet Age artifacts and memorabilia

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Guests of the TWA Flight Center Hotel—set to open on May 15—will be able to experience the Jet Age through exhibitions of Trans World Airlines artifacts curated by the New-York Historical Society. Flight attendant’s logs, vintage furniture from TWA headquarters, in-flight amenities—like gilded playing cards and custom matchbooks—are some of the types of objects that will be on view in a rotating series of exhibitions dedicated to the former TWA terminal, a historic landmark designed by Finnish architect Eero Saarinen and opened in 1962.
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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

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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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Get a rare look inside 220 Central Park South thanks to this $59K/month rental
March 5, 2019

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

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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!
Look inside
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

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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?
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

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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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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

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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!
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

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

Rendering courtesy of Wordsearch

January 18, 2019

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

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"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
Cuomo pledges $23M for Hudson River Park project in State of the State speech

Rendering by Pier55 Inc/Heatherwick Studio

January 17, 2019

Cuomo pledges $23M for Hudson River Park project in State of the State speech

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Gov. Andrew Cuomo's State of the State speech Tuesday included a $23 million pledge to go toward the completion of Hudson River Park. That nearly-hidden line item in the state budget represents the governor's mediation efforts in a billionaire-vs.-billionaire feud involving Barry Diller's 2.7-acre park at Pier 55 on the water near West 14th street (often referred to as Diller Park), Crains reports.
Find out more
East Village rowhouse once home to Andy Warhol and Paul Morrissey lists for $5M
January 7, 2019

East Village rowhouse once home to Andy Warhol and Paul Morrissey lists for $5M

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In the late 1960s, this East Village house at 321 East 6th Street was owned by none other than Andy Warhol, during which time his close friend, film director Paul Morrissey, lived at the address, too. Today, the Anglo-Italianate brick townhouse has been chopped up into five units, but it retains many original details from even before Warhol's time, including two wood-burning fireplaces, crown moldings, 13-foot ceilings, and parquet and hardwood floors. It's just been listed for $4,950,000 with the option to convert the home into a grand single-family residence.
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$130M penthouse at 520 Park Avenue is now two separate units
January 4, 2019

$130M penthouse at 520 Park Avenue is now two separate units

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The quest to outdo One57's record-setting $100.5 million penthouse doesn't seem to be working. The two contenders, 220 Central Park South and 520 Park Avenue--both Robert A.M. Stern-designed buildings--announced their $250 and $130 million penthouses in 2016 and 2014 respectively, but there's been no movement since. The latter building seems to have taken the hint, though, as The Real Deal reports that the 12,398-square-foot triplex has been chopped up into two "smaller" units--a $40 million full-floor unit and an $80-$100 million duplex.
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See new images of Barry Diller’s $250M Pier 55 park taking shape in the Hudson River

Photo by CityRealty

December 10, 2018

See new images of Barry Diller’s $250M Pier 55 park taking shape in the Hudson River

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Back in July 6sqft reported construction progress at the enthusiastically on-again Pier 55  public park project on the Hudson River funded by billionaire businessman Barry Diller. The park broke ground in April, and some snaps courtesy of CityRealty revealed new concrete pylons arranged in various heights that will act as the wave-shaped floating park’s support structure. Now, the New York Times details further and more fascinating progress on the $250 million park and performing arts venue, including the installation of its stylistic anchor in the form of a system of concrete supports called pots, the underpinnings of Diller's unconventional architectural vision. And CityRealty once again reveals photos of what's happening in the Hudson just west of the Meatpacking District.
Take a look at what's rising from the Hudson
VOTE for 6sqft’s 2018 Building of the Year
December 5, 2018

VOTE for 6sqft’s 2018 Building of the Year

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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.
Long Island City advocates want to obtain a city-owned building before Amazon takes over

Department of Education facilities via Google Earth

November 26, 2018

Long Island City advocates want to obtain a city-owned building before Amazon takes over

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Long Island City advocates are requesting ownership of a city-owned building that sits on land soon to be developed by Amazon for its second headquarters, as the Wall Street Journal first reported. The sprawling, block-long structure at 44-36 Vernon Boulevard currently houses offices related to the city's Department of Education along with over 1,000 staff members. For the past three years, local residents have asked for the building to be turned into a community facility. With all eyes on Long Island City due to Amazon's impending move there, advocates believe this is their last chance for the community to take over the property.
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Will Jeff Bezos live in one of his Upper West Side apartments when Amazon comes to town?

Photo of Bezos via NMAH’s Flickr and photo of the Century via Wikimedia

November 15, 2018

Will Jeff Bezos live in one of his Upper West Side apartments when Amazon comes to town?

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With Amazon officially coming to New York City, where will its founder and chief executive live? Jeff Bezos will have an easier time finding a property in the city than most, as he already owns four apartments in Manhattan. All of the NYC properties owned by the multi-billionaire are located on the Upper West Side at 25 Central Park West, in a condo building known as the Century (h/t I Love The UWS). Bezos, who owns several homes (as well as the biggest in Washington, D.C.) and remains one of the top landowners in the country, has requested helipad access for Amazon's new Long Island City headquarters, making any neighborhood he chooses to live just a quick ride away.
More here
$1.7M Ridgewood listing tries to make SoMA (South of Myrtle Avenue) a thing
November 13, 2018

$1.7M Ridgewood listing tries to make SoMA (South of Myrtle Avenue) a thing

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As if Quooklyn wasn’t bad enough. A recent tipoff about townhouse at 16-35 Hancock Street in prime Ridgewood near the Myrtle-Wyckoff subway stop informed us that: "SoMA (South of Myrtle Avenue) is the new SOHO, with a blossoming creative community of artists and restauranteurs. Former Soho/Tribeca residents have moved to Ridgewood for a more authentic experience and stimulating lifestyle." It's true that Soho/Tribeca residents have long ago fled those neighborhoods on account of billionaire rents and not wanting to live in a sneaker mall, and also true that Ridgewood is ablaze with creative newcomers and packed to the gills with authentic experience. But after SoBro (South Bronx), Dobro (Downtown Brooklyn) SoHa (South Harlem), Soho West (New Jersey) and NoLo (uh...we're really not sure), and, apparently, NoBat, NoCal, BoHo, and GoCaGa, enough may just be enough. Plus, Ridgewood requires no rebranding–it's cool enough on its own.
So let's see the house
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