Search Results for: penthouse

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?

March 20, 2019

Walnut finishes throughout this $3.1M Nomad loft combine glamour and utility

By Alexandra Alexa

This four-bedroom loft in Park Avenue South Tower, a 1920's Art Deco industrial building that was converted to co-op loft apartments in 1980, just hit the market for a cool $3,100,000. The beautifully renovated corner unit boasts eleven large windows, beamed ceilings, hardwood floors throughout, and custom walnut cabinetry and storage built-ins that bring a mid-century glam vibe to the residence.
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Distinctive Homes

Taylor Swift’s former West Village carriage house rental finds a buyer

Listing photos by Chris Riccio, courtesy of the Corcoran Group

March 14, 2019

Taylor Swift’s former West Village carriage house rental finds a buyer

By Michelle Cohen

The carriage house at 23 Cornelia Street in the West Village that Taylor Swift called home while her sprawling Franklin Street property was being renovated has sold for $11.5 million after several years on the market and a price chop of half its original ask of $24.5M, the New York Post reports. The pop star's hefty $39,500 monthly rent sounds a little more understandable when you've seen the private pool, garage and rooftop terrace with city views.
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March 12, 2019

$9M triplex condo has a private entrance on one of Tribeca’s most charming alleys

By Alexandra Alexa

With a private entrance on Collister Street—a quiet alley in Tribeca named for its past association with Trinity Church—this 4,500-square-foot home feels like a townhouse but comes with all the convenience and amenities of the full-service condominium it’s housed in at 7 Hubert Street. Spanning three floors with three bedrooms, a finished basement, and a charming ground floor complete with high ceilings, casement windows, and a furnished garden, this turnkey residence just hit the market for $8,950,000.
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Distinctive Homes

March 8, 2019

This $1.5M Seaport loft is a refreshing mix of old and new

By Michelle Cohen

This classic corner loft co-op at 270 Water Street in a Seaport district that's changing more every day has old-school Manhattan charm, up-to-the-minute renovated interiors and plenty of space and light. It's a three-flight walkup, but the sunlight and City Hall views mean that can be as much a positive as a workout. It's asking $1.485 million.
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Bjarke Ingels’ two twisting towers top out in Chelsea

Photo by Evan Joseph

March 8, 2019

Bjarke Ingels’ two twisting towers top out in Chelsea

By Alexandra Alexa

Bjarke Ingels’ twisting towers at 76 Eleventh Avenue in Chelsea officially topped out this week, with the 36-story West tower reaching 400 feet shortly after the 26-story East tower hit its 300-foot height. The High Line-adjacent XI, located right across the street from Thomas Heatherwick’s bubbled condos at 515 West 18th Street, will offer 236 luxury condos, the first Six Senses Hotel location in the United States, commercial space, and a new public promenade that will extend from the park. Designed by Bjarke Ingels Group (BIG), the XI's slanted shape gives the illusion the two buildings are being pulled apart, allowing for all residents to have views of both the city and the Hudson River.
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Current views of 125 Greenwich Street at its full height. Photos courtesy of Field Condition.

March 7, 2019

Rafael Viñoly’s 88-story tower at 125 Greenwich Street officially tops out at 912 feet

By Alexandra Alexa

Situated at the northwest corner of Thames Street, just south of the World Trade Center and northwest of Wall Street, Bizzi & Partners Development's condo tower at 125 Greenwich Street has officially topped out at 912 feet. Designed by Rafael Viñoly Architects, the firm behind 432 Park Avenue, the building will offer some of the highest apartments in the Financial District. Upon completion later this year, the 88-story tower will house 273 residences.
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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

By Alexandra Alexa

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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March 7, 2019

Once home to Rosario Candela’s daughter, this $7.5M Upper East Side triplex feels like a country retreat

By Alexandra Alexa

Though he didn’t design the building, Rosario Candela gifted this sumptuous three-story Upper East Side home to his daughter as soon as it was completed in 1913. The deed has only changed hands once since, and the residence maintains its period details, including cove ceilings, paneled walls, French doors, and exquisite crown moldings throughout. With a flexible and generous layout, the bright interiors feel more like a country escape from the city, with the added bonus of being only two blocks away from Central Park and a short walk from the Metropolitan Museum of Art. The 4,500 square-foot space is now on the market for $7.495 million.
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Feeling lucky? Why some New Yorkers consult a numerologist before renting or buying

Photo via Flickr cc

March 6, 2019

Feeling lucky? Why some New Yorkers consult a numerologist before renting or buying

By Cait Etherington

No one ever said that the New York City real estate market was easy to understand or even entirely logical. Still, you might not expect numerology to be among the knowledge sets required to fully navigate the market. But from good luck and bad luck floors to lucky number combinations, numerology plays a surprisingly significant role in how some units are priced, how quickly they sell, and most importantly, to which buyers.
It's a numbers game

Real Estate Trends

March 5, 2019

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

By Alexandra Alexa

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!
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Karlie Kloss and Joshua Kushner just put their Nolita condo on the market for $7M

Photo of Karlie via Flickr

February 28, 2019

Karlie Kloss and Joshua Kushner just put their Nolita condo on the market for $7M

By Michelle Cohen

Recently-wed supermodel Karlie Kloss and Joshua Kushner, venture capitalist, and brother of presidential son-in-law/advisor Jared Kushner have just listed their two-bedroom condo at 211 Elizabeth Street for $6.995 million, the New York Post reports. The 2,000-square-foot home boasts interiors by Roman and Williams and a 1,120-square-foot landscaped, irrigated terrace.
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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

By Michelle Cohen

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

By Devin Gannon

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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February 25, 2019

Anne Hathaway’s former Midtown love nest hits the market for $19.5M

By Annie Doge

The Midtown five-bedroom condo once owned by actress Anne Hathaway hit the market this week for $19.5 million. The A-list Oscar winner rented the duplex in the 52-story Olympic Tower on Fifth Avenue for $37,000 per month with ex-boyfriend Raffaello Follieri, who was jailed in 2008 for fraud and money-laundering. Hathaway previously owned a loft in Dumbo's Clocktower building, which sold for $4.25 million in 2014, and a few years later picked up a Central Park-adjacent penthouse on the Upper West Side for $2.55 million.
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Pair of East Village townhouses with Mary-Kate Olsen history list for a combined $16M

Photo of 123 East 10th Street by Nina Poon for Sotheby’s International Realty; Photo of Mary-Kate Olsen via Wiki Commons

February 13, 2019

Pair of East Village townhouses with Mary-Kate Olsen history list for a combined $16M

By Annie Doge

The Olsen twins love real estate almost as much as they love smokey eye shadow. Before Mary-Kate married French banker Olivier Sarkozy in 2015, the couple spent some time in the East Village. Sarkozy purchased the Anglo-Italianate townhome at 123 East 10th Street in 2012 for $6.25 million. However, the lovebirds never moved in; instead, they rented the similar house next door at 125 East 10th Street from 2012 until they purchased and moved into an equally grand townhouse in Turtle Bay in 2014. The Post now reports that the neighboring East Village homes have once again come onto the market, this time with the option to combine them for one $16 million mansion.
Tour both houses

February 13, 2019

New renderings for Kohn Pedersen Fox-designed redevelopment of One Madison Avenue

By Devin Gannon

Last December, SL Green announced plans to renovate its building at One Madison Avenue with an 18-floor addition and modern interiors. On Tuesday, CityRealty uncovered a few new renderings of the planned redevelopment, which is being designed by Kohn Pedersen Fox. The developer will reduce the 13-story building to its ninth floor and then add the 18 column-free floors above, as well as wraparound and rooftop terraces overlooking Madison Square Park.
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Architecture And Design

February 12, 2019

Mariska Hargitay finds a buyer for her $9.75M Upper West Side brownstone

By Michelle Cohen

The "Law & Order: SVU" star and her husband, actor Peter Hermann, who bought the stunning Upper West Side brownstone for $10.7 million in 2012, had hoped to make it a $10.75 million brownstone when they put it on the market last fall. After a price cut to an unprofitable $9.75 million, the six-story, 6,000+ square-foot home at 45 West 84th Street is in contract, the New York Post reports. The couple reportedly decided to sell because their family needs have changed, though they've said they plan on staying in their beloved neighborhood.
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Lucy Liu’s $5.9M pair of Flatiron condos finds a buyer

Lucy Liu image: Wikimedia commons.

February 6, 2019

Lucy Liu’s $5.9M pair of Flatiron condos finds a buyer

By Michelle Cohen

TV Star Lucy Liu of CBS' "Elementary" has just put a pair of condominiums that span the third and fourth floors of a Flatiron District apartment building at 29 West 19th Street into contract, Variety reports. The homes have a combined total of more than 3,500 square feet of living space, and though they haven't been combined, we wouldn't be surprised if a new buyer merged the two modern-on-the-inside pads for an impressive duplex in an historic Manhattan brownstone with only five floors total. Both units have private elevator access, so getting between the two–priced together at $5.9 million or $3 million for each unit separately–is already a luxury endeavor. What's more, the building's penthouse is also for sale, which would top a trophy triplex off nicely.
Imagine the potential

January 28, 2019

New images of SHoP’s skinny supertall at 111 West 57th Street show facade progress

By Michelle Cohen

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!

January 23, 2019

Late playwright Neil Simon’s three apartments at the Ritz Tower are for sale

By Devin Gannon

A group of apartments in Midtown owned by late Broadway playwright Neil Simon are on the market, the Wall Street Journal reported on Wednesday. The three apartments are in the Ritz Tower, an Emery Roth-designed 42-story building in Midtown East and range in price from $1.5 million to $2.8 million. Simon, a Pulitzer Prize-winning writer who was best known for plays like "The Odd Couple," died at age 91 last August.
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Rendering courtesy of Wordsearch

January 18, 2019

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

By Dana Schulz

"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

January 17, 2019

World Trade Center developer Larry Silverstein sells Upper East Side apartment at a loss

By Annie Doge

He may have hit it big at the World Trade Center redevelopment, but super-developer Larry Silverstein lost nearly $5 million on the sale of his long-time Park Avenue apartment. He first put the residence at 500 Park Avenue on the market for $13.9 million a little over a year ago, not long after he and his wife Klara bought a $34 million penthouse at Silverstein Properties' own development 30 Park Place, which overlooks the WTC site. The Silversteins have now sold the Upper East Side home, according to the Post, but for only $9.3 million.
Have a look around

January 17, 2019

For $825K, this Hell’s Kitchen duplex is as efficient as it is charming

By Alexandra Alexa

On a tree-lined block in Hell’s Kitchen, this two-bedroom co-op just hit the market for a cool $825,000. The cozy 800-square-foot duplex at 455 West 43rd Street offers a loft vibe filled with beautiful details—dramatic high ceilings, wood floors, exposed brick, a spiral staircase, and a fireplace—along with all the modern amenities you need to live in true comfort.
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