Search Results for: billionaire

January 2, 2020

Sales at Trump-branded condos continue to fall behind the rest of Manhattan

In November, 6sqft shared data that showed sales at Trump Tower were still in a post-2016 slump, but year-end figures show that the decline is a larger trend across Trump-branded buildings in NYC. According to CityRealty's annual Manhattan Year-End Report, "In the third full year of Donald Trump’s presidency, the average sales price for the 11 Trump-branded condos in Manhattan once again fell below the Manhattan condo average."
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Real Estate Trends

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.
More details ahead

Real Estate Trends

De Blasio unveils $100M plan to end long-term street homelessness

Photo credit: Michael Appleton/Mayoral Photography Office on Flickr

December 18, 2019

De Blasio unveils $100M plan to end long-term street homelessness

By Devin Gannon

Mayor Bill de Blasio on Tuesday released a plan to get 3,600 homeless New Yorkers off city streets within five years. The six-point initiative adds new "safe haven" beds, creates 1,000 permanent units of housing, provides new health resources, and ramps up the city's outreach response. Named The Journey Home, the $100 million plan comes as the number of those experiencing homelessness in the city has reached the highest levels in nearly 100 years, with more than 60,000 people currently living in homeless shelters.
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NYC’s third-priciest apartment ever just sold at 220 Central Park South for $92.7M

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

December 17, 2019

NYC’s third-priciest apartment ever just sold at 220 Central Park South for $92.7M

By Dana Schulz

Despite some trepidation about the luxury sales market, the year is finishing strong, at least near Billionaires' Row, which was just named the most expensive street in the entire world. As the NY Post first reported, property records filed today show a $92.7 million penthouse sale at 220 Central Park South, making it the third-most-expensive NYC sale ever, behind billionaire Ken Griffith’s $238 million purchase also at 220 CPS in early 2019 and Michael Dell's $100 million buy at One57 in 2015. Though it was purchased by an anonymous LLC, the Wall Street Journal uncovered that billionaire hedge-funder Daniel Och is the buyer.
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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

By Emily Nonko

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

Asking $50M, the Greenwich Village Milbank House is twice as wide as the average townhouse

Photo credit: Cary Horowitz for Brown Harris Stevens.

December 16, 2019

Asking $50M, the Greenwich Village Milbank House is twice as wide as the average townhouse

By Michelle Cohen

Between Russian-born billionaire Roman Abramovitch's three-townhouse Upper East Side combo, Sarah Jessica Parker's Village two-fer plans, and the many similar but less newsworthy grandiose schemes by modern-day moguls to collect and build dream castles, the mega-mansion may seem like a sign of 21st-century excess. But the practice has a long history, as evidenced by this 54.5-foot-wide Greenwich Village property at 11 West 10th Street that just hit the market for a trophy-level $50 million, which could set a townhouse record below 34th Street, according to the New York Times. Built by renowned architect Ernest Flagg in the early 1800s, the duo was combined in the early 1900s by investor Jeremiah Milbank, creating a 16,560-square-foot, L-shaped property surrounded by 5,690 square feet of private terrace. Today, it's been renovated from stem to stern and is ready to welcome a new decade's decadence.
Megamansion tour, this way

Distinctive Homes

NYC’s third $100M+ real estate deal closes at 220 Central Park South

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

December 13, 2019

NYC’s third $100M+ real estate deal closes at 220 Central Park South

By Alexandra Alexa

A penthouse at 220 Central Park South has sold for $100 million to an undisclosed buyer, the Wall Street Journal reports. The Billionaire's Row transaction is only the third nine-figure deal to close in New York City, following hedge-fund executive Ken Griffin’s whopping $240 million purchase in the same building earlier this year (the most expensive home ever sold in the U.S.) and tech mogul Michael Dell’s $100.47 million penthouse at nearby One57, which closed in 2014.
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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.
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December 5, 2019

VOTE for 6sqft’s 2019 Building of the Year

By Emily Nonko

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

Design unveiled for New York Philharmonic’s $550M revamped concert hall

Renderings courtesy of the New York Philharmonic and Lincoln Center

December 2, 2019

Design unveiled for New York Philharmonic’s $550M revamped concert hall

By Devin Gannon

A plan to redesign the New York Philharmonic's concert hall was unveiled on Monday, nearly two decades after the project was first proposed. The $550 million plan aims to create a more intimate experience, acoustically and visually, at David Geffen Hall by moving the stage closer to the audience, improving sightlines, and reducing the seating capacity. Officials estimate the new hall will open in March of 2024.
More here

Architecture And Design

Barry Diller’s $250M offshore Pier 55 park dubbed ‘Little Island’

Rendering courtesy of Little Island

November 13, 2019

Barry Diller’s $250M offshore Pier 55 park dubbed ‘Little Island’

By Devin Gannon

The offshore park currently under construction in the Hudson River has been officially christened "Little Island," the Diller-von Furstenberg Family Foundation announced Wednesday. The Pier 55 project, which is being funded by billionaire Barry Diller and overseen by the Hudson River Park Trust, includes over two acres of public green space across a wave-shaped structure near West 13th Street in the Meatpacking District. First proposed in 2014 for $35 million, Little Island is expected to cost $250 million and open in the spring of 2021.
Get the details

Architecture And Design

Sales still in a slump at post-2016 Trump Tower

Photo by Krystal T via Flickr

November 4, 2019

Sales still in a slump at post-2016 Trump Tower

By Michelle Cohen

Living under the shadow of having President Trump as an occasional neighbor–and as a sign on the front of your building–doesn't do much for condo property values in midtown Manhattan, if commercial leasing and residential sales at Trump Tower are any indication. CityRealty reports that vacancies persist in the commercial podium of 721 Fifth Avenue, and residential condo sales in the mixed-use tower have yet to recover from recent stagnation: Almost one half of the units up for sale have cut their initial asking prices, and all but two of the 11 condos whose sales closed this year have sold at an often-considerable–more than 10 percent–discount.
More on the Trump slump

Real Estate Trends

Designs revealed for Phillips auction house’s new home in 432 Park Avenue’s white cube base

Rendering by studioMDA

October 30, 2019

Designs revealed for Phillips auction house’s new home in 432 Park Avenue’s white cube base

By Devin Gannon

British auction house Phillips will move its headquarters into the white cube base of the supertall at 432 Park Avenue next year. As first reported by the New York Post, architecture firm studioMDA has been tapped to design the 55,000-square-foot auction house and will replace the ground floor the existing space with a sunken mezzanine. The new Billionaires' Row spot will open in the summer of 2020.
More here

Architecture And Design

See inside SHoP’s slender supertall at 111 West 57th Street

The living room of the 43rd-floor unit; Photo by Peter Murdock

October 29, 2019

See inside SHoP’s slender supertall at 111 West 57th Street

By Devin Gannon

The skinny skyscraper perfectly positioned over Central Park has officially topped out at 1,428 feet, becoming the world's second tallest residential building. Designed by SHoP Architects, 111 West 57th Street's super-slender frame allows each of the 46 full-floor and duplex condos to feel like a penthouse. In addition to the Billionaires' Row tower reaching its pinnacle height at 91 stories, new images released Tuesday provide a first look inside the residences, with 360-degree views of Manhattan and bold interiors conceived by Studio Sofield.
See inside the supertall

New Developments

Ken Griffin drops another $4M on Central Park South condos after record $240M penthouse purchase

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

October 10, 2019

Ken Griffin drops another $4M on Central Park South condos after record $240M penthouse purchase

By Devin Gannon

Billionaire Ken Griffin really likes 220 Central Park South. The hedge fund mogul picked up two more apartments at the Robert A.M. Stern-designed skyscraper last month, less than a year after he bought a record-breaking $240 million penthouse there. The New York Post first spotted the sales, which includes apartments 20H for $1.89 million and 20J for $2.06 million, bringing his total investments at the property to roughly $244 million.
And another one

Real Estate Trends

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

By Devin Gannon

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

Robert A. M. Stern’s 220 Central Park South passes $1B in sales

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

September 18, 2019

Robert A. M. Stern’s 220 Central Park South passes $1B in sales

By Dana Schulz

Since its first closing nearly a year ago, Robert A.M. Stern's 220 Central Park South has now surpassed the $1 billion mark in sales according to data compiled by CityRealty. The milestone is definitely not surprising considering this is the same building where Billionaire Ken Griffin bought the country's most expensive home ever sold for $239,958,219. And with an average sales price of $6,934 per square foot for its 39 total closings, 220 is also the city's most expensive condo building.
More info ahead

Real Estate Trends

September 17, 2019

The world’s tallest residential building, Central Park Tower, tops out at 1,550 feet

By Devin Gannon

Central Park Tower officially topped out on Tuesday, breaking the record set by nearby 432 Park Avenue for the tallest residential building in the world. Reaching 1,550 feet high, the skyscraper at 217 West 57th Street would be the tallest building in New York City if not for the 400-foot spire of One World Trade, as New York Magazine reported. Developed by supertall-specialists Extell, Central Park Tower includes a seven-story Nordstrom flagship store and 179 luxury condos.
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Art-filled Harlem home of a celebrity doorman and collector seeks $1.275M

Listing images by Rise Media; courtesy of Compass

August 30, 2019

Art-filled Harlem home of a celebrity doorman and collector seeks $1.275M

By Alexandra Alexa

By day, Ron Dominguez worked as a doorman at some of the Upper East Side's finest addresses—including 1040 Fifth Avenue, the building Jackie Kennedy Onassis called home. At his home in Harlem, he focused on his passion: collecting pop-surrealist art. “I don’t know any other doorman that happens to be a psychotic art collector,” he told the Wall Street Journal in 2014. "I was hustling a full-time job in one [building] and part-time in two others to support my art habit." After a long career, Dominguez is moving to Cuba—the country his family fled in 1971—and his two-bedroom apartment is now on the market for $1.275 million, art not included.
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Distinctive Homes

How brands owned by Stephen Ross have responded following the fallout from Trump fundraiser

Via Flickr

August 15, 2019

How brands owned by Stephen Ross have responded following the fallout from Trump fundraiser

By Devin Gannon

After Related Companies CEO Stephen Ross's plan to host a fundraiser for President Donald Trump leaked to the public last week, there were calls to boycott organizations owned by his company. Much to the disappointment of many millennials, Ross's company owns Equinox, SoulCycle, and PureYoga, as well as foodie favorites Momofuku and Milk Bar. In response to the quick backlash, some of the brands released statements separating themselves from the Hamptons fundraiser, which raised millions of dollars for Trump's reelection campaign. Others announced plans to donate proceeds to charity.
The full list

Policy

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

By Alexandra Alexa

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."
More info

Food & Dining

Sting drops $66M on penthouse in millionaire-magnet 220 Central Park South

Photo of 220 CPS via CityRealty; photo of Sting via Wiki Commons

August 1, 2019

Sting drops $66M on penthouse in millionaire-magnet 220 Central Park South

By Dana Schulz

It's been three years since rumors surfaced that Sting and wife Trudie Styler were in negotiations to buy an apartment in ultra-exclusive 220 Central Park South. Since then, they sold their nearby 15 Central Park West penthouse for $50 million and reportedly rented a swanky pad at Zaha Hadid's High Line condo. But now The Real Deal has confirmed those early whispers and reports that the couple has purchased a $66 million penthouse at the Central Park South building, which has become a magnet for high-wealth house hunters after hedge funder Ken Griffin dropped $238 million on a residence there, becoming the most expensive home in the country.
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$18M Beaux-Arts mansion is an Upper West Side architectural icon with Dakota views

Photo credit: Yale Wagner for Sotheby’s International Realty.

July 12, 2019

$18M Beaux-Arts mansion is an Upper West Side architectural icon with Dakota views

By Michelle Cohen

On the market for the first time in over 60 years, asking $17.995 million, this 20-foot-wide Beaux-Arts mansion stands among the most desirable blocks of the Upper West Side. Designed by the architectural firm Welch, Smith and Provot–the firm also designed the Duke-Semans Mansion on Fifth Avenue later owned by Carlos Slim–the six-story, 9,575-square-foot home at 5 West 73rd Street is one of the neighborhood's most architecturally significant houses; among its most compelling features are iconic views of another Upper West Side classic, the Dakota.
Take the grand tour of this grand home

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