Search Results for: billionaire

May 26, 2015

Own a Mansion with Celebrity History on a Private Island Overlooking NYC for $11M

Considering the fact that New York City townhouses go for tens of millions of dollars and luxury condos are climbing into the hundred million range, $11 million for an entire private island and mansion seems like quite the bargain. Tavern Island is a 3.5-acre piece of land located in the Long Island Sound near Rowayton, Connecticut, overlooking NYC. According to the Daily Mail, in the 1950s and '60s, theater impresario and lyricist Billy Rose owned the island and hosted lavish parties for the likes of Marilyn Monroe, Maureen O'Sullivan, and Barbara Streisand. In addition to these epic bragging rights, the new owner of the island will gain a six-bedroom English Colonial mansion dating to 1900, private beach, swimming pool, and a docking area and boat for access the mainland.
Tour this unique island

May 22, 2015

Fully-Furnished Rentals Launch at One57

By Dana Schulz

In the past when we've talked about the latest occupancies at billionaires' row blockbuster One57 we were referring to the record-breaking $100 million condo sale (the most expensive in the city ever) or Bill Ackman's $91.5 million flip attempt. But now those looking to get in on the city's most expensive condo building can do so without dropping seven figures in one fell swoop. Extell Development, after selling most of the condos at One57, has quietly listed 38 fully-furnished apartments for rent on the building's seven lower residential floors. But don't get too excited if you're not in the billionaires' club; asking prices range from $13,350/month for a one-bedroom unit to $50,366 for a three-bedroom.
More details ahead

Real Estate Trends

VIDEO: Preview the Interiors of Jean Nouvel’s MoMA Tower Ahead of This Week’s Sales Launch

Image: Bloomberg

May 18, 2015

VIDEO: Preview the Interiors of Jean Nouvel’s MoMA Tower Ahead of This Week’s Sales Launch

By Michelle Cohen

Since it started making news in 2006, the starchitect-designed condominium tower at 53 West 53rd Street, officially known as 53W53 along Manhattan's "Billionaire's Row," has progressed slowly, stalled until last September when developers were able to obtain 240,000 square feet of development rights from MoMA and the St. Thomas Episcopal Church for $85.3 million and secure a $860 million construction loan. The Jean Nouvel-designed 1,050-foot asymmetrical tower, often called MoMA Tower, is adjacent to the museum and will occupy three of its lower floors. Now Bloomberg brings us a video interview with Nouvel and interior designer Thierry Despont from the building's sales gallery that opens the door on the building's interiors–or at least those of the building's furnished model unit, which is more than we've gotten so far. We also get to behold a sleek model of the tower's facade surrounded by its neighbors. The architect says that there are "...almost no two similar apartments in the building because on every floor the shape and the layouts are different."
Check out the interiors and the video this way

May 11, 2015

Charting the Property Taxes of the City’s 10 Most Expensive Apartments

By Dana Schulz

Back in March, we learned that the owner of the $100 million apartment at One57 (the most expensive sale ever in the city) pays only $17,268 in annual property taxes– "or 0.017 percent of its sale price, as if it were worth only $6.5 million," as we noted. "In contrast, the owner of a $1.02 million condo nearby at 224 East 52nd Street is paying $24,279, or 2.38 percent of its sale price." Why does this happen? It's in part due to the 421-a program, which offers tax breaks for the inclusion of affordable housing and "lowers the billable-assessed value of a property to incentivize real-estate development," according to CityLab. It's also thanks to the city's haphazard system for assessing market values of condos and co-ops. In response to this growing issue of inequality, Mayor de Blasio announced just last week that he hopes to end 421-a for condos, as well as implement an even stricter mansion tax. To make the issue a bit more black-and-white, CityLab has put together two charts that show just how disproportionate the actual value of the city's ten most-expensive apartments is compared with their property taxes. As they note, "In NYC, billionaires pay 1/100th the average property-tax rate."
Find out more here

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

The possible skyline in 2018, via CityRealty

May 4, 2015

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

By Dana Schulz

In the past, it was street names like Park Avenue and Central Park West that signaled a building's wealth and prestige, but these days it's gotten confined to a much shorter thoroughfare, 57th Street. Appropriately dubbed Billionaires' Row, the stretch has gotten much heat lately for its influx of supertall towers casting shadows on Central Park just to the north. Three of the towers in this sky-high lineup belong to Extell Development: the under-construction Nordstrom Tower at 217 West 57th Street, which will be the tallest residential building in the world when completed; 111 West 57th Street; and everyone's favorite One57. But now, as Crain's reveals, Extell is looking to expand its 57th Street portfolio with the site of the current Calvary Baptist Church and the Salisbury Hotel at 123 West 57th Street, on the same block as 111 West 57th and One57. As the paper reports, the church "will soon decide whether it will sell its sanctuary and 197-room hotel" to the developer.
More on the possible project here

Central Park Sunshine Task Force Meets to Speak Out Against Supertall Shadows

Rendering showing the location, size and massing of projects currently being developed along Central Park South, via MAS “Accidental Skyline” report

April 29, 2015

Central Park Sunshine Task Force Meets to Speak Out Against Supertall Shadows

By Dana Schulz

There are a dozen supertalls (1,000 feet or higher) in the construction or planning stages in Manhattan, many of which are sprouting up along the billionaires' row hotbed south of Central Park. The trend has incensed many New Yorkers because of the shadows these giant towers will cast on the park. Last month, Councilman Mark Levine introduced legislation to create a task force that will examine, as he put it, “the looming threat of shadows falling on our parks from the rising number of skyscrapers.” A similar group of concerned parties, the Central Park Sunshine Task Force of Community Board 5, met last night to discuss the issue. As Curbed reports, in the standing-room-only town hall meeting at the New York Public Library the group covered issues including zoning laws, transparency in the building process, construction safety, matters of light and air, overdevelopment, and even the "'phallic' nature of the buildings themselves."
More on the meeting here

April 28, 2015

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

By Dana Schulz

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

Real Estate Trends

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

Rendering via NY Yimby

April 20, 2015

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

By Dana Schulz

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 20, 2015

The City’s Plan B for Barry Diller’s Pier 55 Floating Park Is Far Less Exciting

By Dana Schulz

In February, the futuristic Pier 55 floating park planned for the Meatpacking District moved forward with a lease deal between the Hudson River Park Trust and a nonprofit group controlled by Barry Diller, the billionaire media mogul who pledged $130 million back in November to fund the $151.8 million park. Diller is allocating the funds through the Diller-von Furstenberg Family Foundation (his wife is fashion designer Diane von Furstenberg), but under the agreement he can pull his support if he feels renovations at neighboring piers aren't up to par. And according to DNAinfo, the city's backup plan in this event is quite underwhelming, completely scratching the floating island and creating a $30 million park similar to others along Hudson River Park.
READ MORE

Architecture And Design

April 12, 2015

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

By Ondel Hylton

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

What the NYC skyline could look like in 2018, via CityRealty

March 31, 2015

City Council Task Force Will Look at Park Shadows Cast by Supertall Towers

By Dana Schulz

It comes up every time a rendering is released for the latest supertall tower –how will the massive structure impede the views of its neighbors and what kind of obstructive shadows will it cast below? With a dozen supertalls (1,000 feet or higher) in the construction or planning stages in Manhattan, the threats are imminent and unavoidable, but Councilman Mark Levine hopes to get ahead of the issue moving forward. Levine, who chairs the parks committee, will introduce legislation today to create a task force that will examine, as he put it, "the looming threat of shadows falling on our parks from the rising number of skyscrapers," according to Capital New York.
More information here

March 26, 2015

Woody Johnson’s Co-op Sale Still Sets Record, but Comes In Lower Than Expected at $77.5M

By Dana Schulz

The real estate world was abuzz last fall when the news hit that Jets owner Woody Johnson had sold his Upper East Side apartment to billionaire Leonard Blavatnik for $80 million, setting the record for most expensive co-op sale ever. The official city documents have hit, though, and the sale price came in lower than expected at $77.5 million. But […]

Real Estate Trends

March 16, 2015

Robert Durst Arrested for Murder; Try the Mayor de Blasio Lateness Excuse Generator

By Dana Schulz

Go inside the studios of five Brooklyn artists. [BK Mag] On the final episode last night of “The Jinx,” HBO’s Robert Durst crime documentary, the real estate scion implicated himself in the murders of three people and was arrested Saturday in New Orleans. [Forbes] Space-saving takeaways from a 48-square-foot kitchen. [Curbed] Are you chronically late? Try the Mayor […]

Uncategorized

March 11, 2015

70-Story Residential Tower Coming to Long Island City; Piero Lissoni Chosen to Design Interiors of 45 Park Place

By Diane Pham

Long Island City’s skyline continues to take shape. A new 70-story tower is slated to bring hundreds of residential units to the area. [TRD] Italian architect Piero Lissoni will design the residences and amenities at stunner 45 Park Place, which is being designed by a team made up of SOMA and Jean Nouvel. [6sqft inbox] Billionaire David Bren […]

Real Estate Trends

March 9, 2015

Owner of $100M Apartment at One57 Only Pays $17,268 in Property Taxes

By Dana Schulz

Remember the $100 million apartment at One57, the most expensive ever in New York City? Well, the (presumably) billionaire buyer pays just $17,268 in annual property taxes on the unit, or 0.017 percent of its sale price, as if it were worth only $6.5 million, according to the New York Post. In contrast, the owner of a $1.02 million condo nearby at 224 East 52nd Street is paying $24,279, or 2.38 percent of its sale price. This is just one example of the fact that the owners of the city's ten most expensive apartments pay effective rates that are unbelievably lower than those paid on cheaper properties. How is this possible? It's in part due to the 421-a tax abatement, but more so due to the city's convoluted method of assessing market value for condos and co-ops.
More on the tax inequality here

March 8, 2015

$3M Hamptons Home Was Designed by Robert A.M. Stern in an Unorthodox Shingle Style

By Dana Schulz

Starchitect Robert A.M. Stern certainly made headlines last week, with floorplans for two of his supertall billionaire's row towers coming to light (520 Park Avenue and 220 Central Park South). And it's these type of ground- and record-breaking urban projects that we've come to associate with the architect, who favors stately and classic buildings over the zig-zagging glass towers of his peers. But long before the days of 15 Central Park West, Stern was beginning his architecture career with much humbler projects, like this Hamptons home, an unorthodox take on the shingle style that he completed just a few years after architecture school. The 3,000-square-foot, postmodern vacation house is on the market for $2.95 million, offering architecture buffs the chance to own a piece of history.
Take a tour around the Stern-designed residence here

March 7, 2015

Weekly Highlights: Top Picks from the 6sqft Staff

By Dana Schulz

Upstate Greek Revival Beauty Dating to the 1700s Can Be Yours for under $500K REVEALED: Asking Prices, Floorplans for 520 Park Avenue, the Next Billionaire’s Row Blockbuster Your Suspicions Are Correct, Subway Service Is Really Getting Worse Ikea Releases Furniture Collection That Will Wirelessly Charge Your Phone 220 Central Park South Penthouse Could Set a […]

Uncategorized

March 5, 2015

220 Central Park South Penthouse Could Set a New Record with $175 Million Price Tag

By Diane Pham

It's a good day for Robert A.M. Stern, whose buildings seem to be bringing billionaires to their knees. The Real Deal has just caught wind of the offering plan for Stern's 220 Central Park South tower being developed by Vornado. According to the papers filed with the Attorney General and sources close to the development, the penthouse may ask $150 million to $175 million, bringing the building's total sellout to a staggering $2.4 billion. The $175 million price tag would by far blow the Sony Building's $150 million penthouse out of the water, and most certainly One57's record $100 million sale which currently holds the title for the most expensive unit ever sold in the city.
Find out more here, plus floor plans!

Where Will Mayor de Blasio Land on the 421-a Tax Abatement Debate?

Mayor de Blasio via @KevinCase via photopin cc; affordable housing buildings via gkjarvis flickr

March 2, 2015

Where Will Mayor de Blasio Land on the 421-a Tax Abatement Debate?

By Dana Schulz

Developers have been rushing to break ground on projects before June, when the controversial 421-a tax abatement is set to expire, as it provides incentives to developers for up to 25 years when they reserve at least 20 percent of a building’s units for low- and moderate-income tenants. However, those against the 40-year-old program criticize it for using working people's tax dollars to build swimming pools and pet hotels for the world's billionaires; after all, the construction of One57, where a penthouse recently sold for $100 million, was built using subsidies from the program. But on what side of the debate does Mayor de Blasio, whose goal is to implement "the largest affordable housing program that any city, any state has attempted in a ten-year time span in the history of the republic," fall? Though many of his supporters oppose 421-a, in order to reach his goal of building 80,000 new affordable housing units–especially in places like East New York where a rezoning would be necessary to allow for denser construction that mandates the inclusion of permanently affordable apartments–de Blasio says he needs the program, according to Capital New York.
More on the 421-a debate here

February 26, 2015

Saudi Prince’s UWS Apartment with Three Bullet-Proof Panic Rooms Lists for $48.5M

By Annie Doge

But if panic rooms aren't your thing, there's also a sushi island bar, fitness center, billiards room, hair salon, ventilated cigar room, 60-foot living room overlooking the Hudson River, and a lounge with a six-person Jacuzzi. It certainly sounds like Prince Nawaf bin Sultan bin Abdulaziz Al-Saud has been having fun in his 10,500-square-foot Heritage at Trump Place triplex, which was previously listed in 2013 for $75 million. The four-bedroom Upper West Side pad is now back on the market for $48.5 million, according to the Wall Street Journal. Ryan Serhant of Million Dollar Listing fame is one of the listing agents, and though he declined to confirm the owner, he said he is selling because he rarely uses the residence anymore.
You can't miss seeing the rest of this incredible home

Distinctive Homes

February 23, 2015

First Look at the Amenities in Queens’ Tallest Residential Skyscraper 28 on 28th

By Ondel Hylton

In December we broke the news that 42-12 28th Street, known as 28 on 28th, in Long Island City would top out at 58 stories and 648 feet. Now, Goldstein, Hill & West's (GHWA) affiliated interior design firm, Whitehall Interiors NYC, has given us our first look at the amenities of Heatherwood Communities' upcoming rental tower. The perks include a swimming pool and attended parking garage–and they also give us a glimpse of how the units themselves may be designed. The construction site already has steel re-bar poking up above street-level, meaning the tower will soon race skyward, eventually taking its place as the tallest residential skyscraper in New York City outside of Manhattan.
Check out the renderings here

February 12, 2015

Pier 55 Floating Park Moves Forward with a Lease Deal

By Dana Schulz

Last we heard about Pier55–the 2.4-acre futuristic floating park and performance space proposed by billionaire media mogul Barry Diller that would jut 186 feet into the Hudson at 13th Street–Community Board 2 had mixed feelings about the project. They liked Thomas Heatherwick's design, but cited concern over the lack of transparency from Diller and the Hudson River Park Trust. Despite these feelings, though, we've learned today from the Times that the Trust approved a lease agreement with Pier 55 Inc., a nonprofit group controlled by Diller, to help develop the $130 million public space. Diller has already pledged $113 million toward the project through the Diller-von Furstenberg Family Foundation (his wife is fashion designer Diane von Furstenberg). So, what's next?
What's to come for Pier 55

Architecture And Design

Foreign Shell Companies Hide the Names of the Seedy Buyers of NY’s Luxury Real Estate

The Time Warner Center

February 9, 2015

Foreign Shell Companies Hide the Names of the Seedy Buyers of NY’s Luxury Real Estate

By Dana Schulz

We've been talking a lot lately about foreign investors with their hands in the NYC real estate market, but a story in the Times took the investigating one step further by uncovering the secrecy of more than 200 shell companies at the Time Warner Center, documenting "a decade of ownership in this iconic Manhattan way station for global money transforming the city’s real estate market." Though most of these were simply wealthy Americans, at least 16 were rich foreigners who "have been the subject of government inquiries around the world, either personally or as heads of companies," ranging from environmental violations to financial fraud. In 2014, around 50 percent of all $5 million+ sales were to shell companies, but at the Time Warner Center it was 80 percent. With this growing trend, however, the government hasn't taken a closer look at the money being used to buy luxury real estate, allowing shell companies to make the movement of foreign funds largely untraceable.
Find out more about Mr. Low and this real estate trend

Real Estate Trends

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