Search Results for: billionaire

November 11, 2016

Headed for auction, Trump’s childhood home could fetch Queens couple $10M

A divorcing couple in Jamaica Estates, Queens just got something new to fight over: proceeds from the sale of their relatively modest six-bedroom Tudor home at 85-15 Wareham Place, which will head for the auction block in the first week in December. The house, which the estranged couple tried to sell for $1.65 million, chopped to $1.2 million, then pulled from the market, just happens to be where President Elect Donald Trump spent his terrible twos, and is expected to fetch at least 10 times that ask at auction, according to the New York Post.
A rising Trump floats at least one boat
November 4, 2016

The closing of neighborhood grocery stores is leaving local shoppers stranded

An important must-have when apartment hunting often involves the presence of a grocery store within a few blocks. A local food market, regardless of how harsh its fluorescent lighting or how narrow its aisles, is often the key to feeling part of civilization, especially when you've run out of milk for breakfast. The familiar branches of local chains–from Key Food to D'Agostino to the corner deli–are closing down across the city, in some cases leaving New Yorkers in something of a "grocery desert" surrounded by restaurants but without access to fresh ingredients and emergency baby supplies. According to the New York Times, the landscape is definitely shifting: Between 2005 and 2015, about 300, or eight percent, of the city's greengrocers–defined as "family-owned stores of less than about 7,000 square feet"–closed up shop and left the neighborhood.
What's causing the shift?
November 3, 2016

My 4000sqft: Tour the 113-year-old Ditmas Park home of an architectural preservationist

Michelle Williams' move to Ditmas Park may have put the neighborhood on the real estate map, but for those in the know, the area's history is far more profound than any of its celebrity residents. More than a century ago, Ditmas Park was not much more than farmland, but with the arrival of the subway also came interest from developers. One notable developer who descended upon the area was Dean Alvord. In 1899, Alvord initiated a new housing project that he envisioned as a “park in the city” for the rich. What followed was the construction of a range of large and stately suburban-style houses, built in an assortment of styles, from Tudors to Victorians. The development was a great success, and even drew in Manhattan's upper crust (among them Guggenheims and the Gillettes). However, as New York declined in the 70s and 80s, so did Ditmas Park. But fast-forward a few decades you'll come to seen an area that is experiencing a revival. Though it admittedly remains quite sleepy when compared to other burgeoning Brooklyn neighborhoods, Ditmas Park's suburban vibes make it the ideal destination for city-loving families—particularly when its architecturally grand proportions are taken into account. In this My sqft feature, we check out one urban family's lovely home, a landmarked wood construction owned by preservation architect Norma Barbacci and her husband, architectural conservator Glenn Boornazian. The pair purchased the house in 2004 and raised two children within its historic walls. Ahead Norma takes us through the space—which maintains most of its 1903 character—and introduces us to the Ditmas Park of 2016.
Go inside the home here
November 2, 2016

Daredevil climber scales Robert A.M. Stern’s 220 Central Park South to capture these insane shots

Robert A.M. Stern's 220 Central Park South will eventually rise 950 feet amongst the supertall and super-luxury towers of Billionaires' Row. As of August, the 66-story tower had risen 600 feet, and now that it's nearing the homestretch, urban explorer and photographer Viktor Thomas decided it was time to get past the construction zone and scale the limestone skyscraper. First shared by Untapped, he posted this vertigo-inducing set of photos on his Instagram account @vic.invades that show the truly insane views from the tower.
See all the photos right here
November 1, 2016

The world’s 12 richest people could buy all of Manhattan’s residential stock

When it comes to the richest people in the world, the disparity is staggering, and what better way to exemplify this than by sizing these individuals up against the nation's most expensive real estate market, in a city that's home to more billionaires than anywhere else. PropertyShark took data from Forbes' World Billionaires List and created an infographic that shows how the world's 12 richest people have enough wealth to buy all of Manhattan's residential stock for $578 billion and still have some pocket change leftover.
See the full infographic here
October 26, 2016

Pearl River Mart reopening in Tribeca next month; Brace yourself for Santacon 2016

Soho’s beloved Pearl River Mart closed its doors in February after nearly 50 years in business, but it will reopen next month in Tribeca. [Crain’s] Santacon 2016 announces details that’ll bring 20,000 drunk revelers out to Williamsburg. DNAinfo] All the criminals (and gangsters, billionaires, and celebrities) who have called Trump Tower home. [Bloomberg] A Queens funeral […]

October 20, 2016

Donald Trump’s childhood home goes to auction; $82M penthouse could be 432 Park’s second most expensive

The Tiles for America are back on display in Greenwich Village’s Mulry Square. [Untapped] Donald Trump‘s childhood home in Jamaica Estates has hit the auction block for $849,000, after originally listing for $1.65 million in July. [Crain’s] Explore Bob Dylan’s New York with this interactive map. [NYT] A 95th floor penthouse at 432 Park listed for $82 million, […]

October 20, 2016

Jean Nouvel’s MoMA Tower is getting the first of its intricate, diagrid skin

News at starchitect Jean Nouvel's condominium MoMA Tower (officially called 53W53) has been relatively quiet since units hit the market just over a year ago. But CityRealty brings us an update from the Billionaires' Row construction site, where the 1,050-foot-tall, tapered tower is currently getting the first of its intricate, diagrid skin, which the architect once said will resemble blood running the veins with its nighttime lighting.
More details and views this way
October 18, 2016

Bill Ackman thinks he can flip One57 penthouse for $500M

When hedge fund manager Bill Ackman closed on a $91.5 million penthouse at One57 in April 2015, he had already boasted that he had no intention of ever living in the place, but that he'd host parties there and eventually flip it as a "fun" investment. It seems that over the past year and a half, Ackman, whose net worth is estimated at $1.6 billion, has gotten even more optimistic, as a source close to him told Vanity Fair that he thinks he'll be able to sell the 13,500-square-foot duplex for $500 million. As The Real Deal notes, this claim comes despite the fact that other units in the building have been recently listed at a loss and that his fund Pershing Square Capital is down to $11.4 billion under management from $20 billion in March of 2015.
More on this ahead
October 7, 2016

Construction update: Soori High Line’s soaring ceilings and private, heated pools take shape

Soo K. Chan, founder of Singapore-based firm SCDA Architects, says "good architecture should move the human spirit." The practice's first New York development, a ground-up condominium named Soori High Line at 522 West 29th Street, certainly elicits a high degree of "wow," conveyed through its soaring 19-foot ceilings, equally tall windows, private heated swimming pools, and living room fireplaces. The $70 million project is a joint venture between Siras Development and Soo Chan's real estate arm Oriel. 6sqft took a tour of the still-under-construction building, where it was clear that even in its raw unfinished state, the opulence of Soori's homes is already undeniable.
See all the renderings and construction shots this way
October 1, 2016

September’s 10 most-read stories and this week’s features

September’s 10 Most-Read Stories Everything You Need to Know About Affordable Housing: Applying, Getting In, and Staying Put One month after anti-Trump sale, Keith Olbermann’s former Trump Palace condo returns for $3.9M The ‘empty mansions’ of Huguette Clark: Luxury and mystery of an era past The 10 Best Plants for Apartment Dwellers Live in SOM’s […]

September 29, 2016

Skyline-altering tower to rise 928 feet along Fifth Avenue in Nomad

A near supertall skyscraper is coming to Nomad, according to a recent Department of Buildings filing for 262 Fifth Avenue. Boris Kuzinez, an Israeli-Russian billionaire, submitted plans last week for a 54-story, 928-foot-tall mixed-use tower on the southwest corner of Fifth Avenue and 29th Street where a trio of pre-war buildings currently stand. The tower […]

September 19, 2016

The ‘empty mansions’ of Huguette Clark: Luxury and mystery of an era past

Reclusive copper heiress Huguette M. Clark died in 2011 at the age of 104; in the years preceding and after her demise, obsessive followers of her story puzzled over her decision to remain in a small hospital room for the last 20 years of her life after having rarely left her apartment in the decades before. In this day of heiresses who run fashion companies and give house tours, Huguette Clark’s wealth and her retreat from the public eye—despite being by all accounts entirely lucid—have made her the target of endless fascination. But almost as fascinating are the storybook-grand properties that still stand as remnants of a gilded age long past and what remains of one of its biggest fortunes, barely touched and preserved as if in aspic until their recent acquisition by a new generation of magnates and heirs.
See more of Huguette Clark's abandoned Gilded Age opulence
September 8, 2016

REVEALED: World Trade Center Performing Arts Center will be a translucent marble cube

After stalling for years, the $243 million World Trade Center Performing Arts Center started to make headway in recent months, first with a decision to go with REX as the designers and then with a $75 million gift from Billionaire businessman and philanthropist Ronald O. Perelman (who is gaining naming rights). And finally, the official renderings have been revealed, and they showcase a nearly 90,000-square-foot, translucent veined marble cube that both stands out as an impressive piece of cultural architecture and co-exists with the other structures on the WTC complex such as the 9/11 Museum and transportation hub. According to a press release from developer Silverstein Properties, "The Perelman Center is inspired by the Center’s mission to defy experiential expectations. Its design cues were taken from [an] aim to foster artistic risk, incubate original productions, provide unparalleled flexibility, and deliver the most technologically advanced and digitally connected spaces for creative performance."
See all the renderings
September 7, 2016

POLL: Are you in favor of the Pier 55 offshore park moving ahead?

As of late last month, summer construction work on the Barry Diller-funded Pier 55 was complete, with the first nine piles propping up the offshore park having been installed. It seemed as though all systems were a go at the $130 million futuristic park, but yesterday 6sqft reported that The City Club of New York, the civic group who was behind an earlier lawsuit and stop work order, may have a backer in none other than Douglas Durst. And today the Wall Street Journal shares that opponents had their first day in front a panel of state appellate-court judges to express environmental concerns and frustrations that the initial planning between billionaire Diller and the Hudson River Park Trust was done behind closed doors. What are your thoughts on the issue?
More details on the hearing, and tell us if you're in favor of Pier 55 moving ahead
August 29, 2016

Facebook co-founder Sean Parker buys three Greenwich Village townhouses to create mega-mansion

There must be something about the Village and Facebook that go together. Back in January, the social media company's co-founder Chris Hughes sold his Soho loft for $8.5 million and relocated to a $23.5 million West Village townhouse. And now the Post reports that the other founding partner, Sean Parker, who also created Napster, has acquired three homes along West 10th Street, where he plans to create one big mega-mansion.
READ MORE
August 24, 2016

Summer work on Barry Diller-funded futuristic offshore park complete

Work on the Barry Diller-funded Pier55 park is advancing nicely, even after being slapped with a lawsuit and a stop work order in June. As the Hudson River Park Trust (HRPT) and Pier55 Inc. announced this afternoon, the first nine piles propping up the 2.7-acre undulating park have been installed. Per the pair's press release, the milestone marks the completion of summer work and is part of the initial work of the first phase of construction.
more on the progress here
August 18, 2016

Robert A.M. Stern’s 220 Central Park South now two-thirds erected

Robert A.M. Stern's latest Billionaires' Row blockbuster continues its rapid ascent into the sky. As CityRealty.com reports, 220 Central Park South (220 CPS) is now two-thirds of the way up, construction having knocked out about 600 feet of the tower's eventual 950-foot height. Application of the limestone cladding started in April and has thus far been installed across over one-third of the building. When finished in 2017, the two-winged skyscraper with its rare and direct Central Park South frontage will host 118 luxurious homes across 66 stories—and it will be one of the city's most expensive residences. Jump ahead to see more photos of all the work that's been completed.
More photos of the tower under construction here
August 12, 2016

The Real Estate Loopholes That Let Donald Trump Look Penniless on Paper

As chatter surrounding Republican presidential candidate Donald Trump's refusal to make his tax returns public grows louder, the New York Times explains what all the fuss is about, pointing out that while he's under no legal obligation to open up the books to public scrutiny, every presidential candidate has chosen to do so since Richard Nixon. Despite the hundreds of millions in gross revenue from his vast real estate holdings, there's a good chance that Trump has paid little–perhaps even zero–federal income tax in past years. The interesting point is that technically the candidate hasn't done anything "wrong," but rather is in the business of doing business, and that business is real estate. The opportunities that real estate can provide for the wealthy to legally avoid forking over the taxes that their incomes would otherwise dictate they pay are numerous, from hiding behind LLCs to swapping real estate purchases to avoid paying taxes.
Get the full scoop
August 11, 2016

Sting and Trudie Styler Buying 220 Central Park South Triplex

The NY Post reports that Sting and Trudie Styler are in negotiations to purchase a condo in the Robert A.M. Stern-designed 220 Central Park South. The tantric twosome aren't new to the parkside circuit; they're currently among the significant celebrity contingent at the also-Stern-designed 15 Central Park West, where the pop star purchased a 5,413- square-foot penthouse for $26.5 million in 2008.
Find out more
August 3, 2016

Find Prewar Manhattan Glamor in Modern Midtown for $10K a Month

For old-world Manhattan living it would be hard to argue with the Parc Vendome, from its award-winning formal English tea gardens to graciously-configured apartments—like this 2,000 square-foot, two-bed-plus-office beauty—with wood-burning fireplaces, entry galleries and capacious closets. Built in 1931, the elegant two-building complex at 333 West 56th Street was converted to condominium apartments in 1983. In addition to space and charm and a fortunate location blocks from both Lincoln Center and Central Park, you'll have an impossibly lovely south-facing private terrace and open city views, all for $10K a month (gas and electric are included).
Get a closer look
July 28, 2016

Time Lapse Video Shows How Midtown’s Tall Towers Will Cast Dark Shadows on the Park

A dozen supertalls (1,000 feet or higher) in the construction or planning stages in Manhattan include a significant number on the rise along the Billionaires’ Row strip just south of Central Park. This trend has been causing concern due to the shadows the looming towers will cast on the park. Now, a slightly ominous time-lapse video from Cube Cities shows how Billionaires' Row will have a sundial effect on the park (h/t Gothamist). The length and duration of the shadows will vary as the sun's angle changes with the seasons; fall and winter days are looking dark, with the tall towers' long shadows reaching as much as a mile into the park.
Watch the tall towers darken the park on a fall day in the future
July 28, 2016

Rupert Murdoch’s Multi-Terraced West Village Townhouse Sells for $27.5M in Just Five Months

Last August 6sqft reported that News Corp. head and Fox News founder Rupert Murdoch had put his West Village townhouse–the one he'd bought just five months prior for $25 million–on the market. Now, just five months after listing the 25-foot-wide, four-story brick home for $28.9M, the house has found a buyer, the New York Observer reports. Whomever is behind the entity known as West 11th Street, LLC has purchased the 6,500-square-foot Greek Revival manse for $27.5 million. The deal represents a $2.5M profit for Murdoch (and we all know how much he needs a few more million).
See what else makes this townhouse so buy-able
July 22, 2016

Units at Trump’s 11 Manhattan Condo Buildings Are Still Selling at a Premium

Historically, the Trump brand has boosted sales prices at Manhattan condos. Since 2005, units in the Donald's buildings have sold for an average of 31 percent more than other NYC condos. But with his beyond-contentious presidential run, it's been unclear if his real estate empire would take a hit in a city where 70 percent of registered voters are Democrats. New data brought to us by MarketWatch, however, shows that he's "still king of New York." According to an analysis by CityRealty.com of 2016 sales data at Trump's 11 Manhattan condos, these units sold for an average of $1,974 a square foot, compared with $1,873 for all other condos, a five percent advantage that was also echoed in 2015.
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July 18, 2016

Huge Tax Disparities Along Central Park Become Visuals in Architectural Art Installation

"Section 581" by SITU Studio, Photograph by Patrick Mandeville Billionaires get off nearly tax-free and billions go uncollected due to flaws in the way the city assesses property value. As part of a new exhibit at the Storefront for Art and Architecture in Soho, interdisciplinary architecture firm SITU Studio created visual representations of these inequities in one of their most glaring examples: the buildings along Central Park. New York City's property tax structure assigns higher real property taxes to renters than it does to the infamous absentee owners of the trophy condos on Billionaires’ Row, short-changing the city of millions in annual revenue, according to CityLab. The acrylic bands in the SITU models show the disparity between the taxed value of these properties and the sky-high amounts they’d actually sell for.
Find out how the state law is giving billionaires a free lunch