Search Results for: penthouse

Pier 55 Floating Park Moves Forward with a Lease Deal
February 12, 2015

Pier 55 Floating Park Moves Forward with a Lease Deal

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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
PlaceInvaders Invites You to Have Dinner in NYC’s Most Extraordinary Private Homes
February 9, 2015

PlaceInvaders Invites You to Have Dinner in NYC’s Most Extraordinary Private Homes

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There's definitely no shortage of amazing homes to ogle over from your desktop (especially when on 6sqft), but how often do you actually get to experience one of these places up close and personal? PlaceInvaders is a cool new local startup that gives us regular folks the keys to some of the city's most incredible apartments. Here individuals are invited to schmooze with fellow NYC inhabitants while also wining and dining on often experimental fare. PlaceInvaders recently brought foodies into Cindy Gallop's infamous “Black Apartment,” while another event found a group eating delicious moose pot pie (yes, you read that right) in an artist's loft overlooking the Brooklyn Navy Yard.
Find out how to sign up here
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

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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
7,279 NYC Homes Are Valued at More Than $5 Million

The Upper East Side, where the most $5 million + homes are located, via CityRealty

February 3, 2015

7,279 NYC Homes Are Valued at More Than $5 Million

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If you think that statistic is jaw-dropping, consider this, too–those 7,279 homes valued at more than $5 million amount to a total fair market value of $65.2 billion, according to data from the city’s Independent Budget Office. The Wall Street Journal requested the data to take a closer look at the proposal to impose higher property taxes on pied-à-terre owners, and the findings show that "the city’s most expensive homes would generate less money from a higher tax surcharge than what its advocates have suggested."
More details here
Developers Rush to Break Ground and Add Affordable Housing Before Tax Incentives End

Image via Pexels 

February 2, 2015

Developers Rush to Break Ground and Add Affordable Housing Before Tax Incentives End

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It would be nice to think that developers added affordable housing to their projects out of the goodness of their hearts, but it probably has more to do with the construction bonuses and tax incentives afforded for up to 25 years to developers when they reserve at least 20 percent of a building's units for poor and moderate-income tenants. But this real estate tax break, known as the 421a abatement, is set to expire on June 15, lighting a fire under developers to break ground on new projects. The concern, though, is that some development sites receive 421a benefits as of right (meaning solely for putting up a new building), while others are required to include affordable housing. The difference is based on geographic location. For example, Manhattan between 14th and 96th Streets and the waterfronts of Brooklyn and Queens must include affordable housing. According to Crain's, some housing advocates "want projects to get abatements only if they create affordable units—which are priced for renters who earn 60 percent or less of the area's median income."
What does this mean for the future of affordable housing?
Soho Pad with ‘Ghost’-ly Past Returns to the Market as a $32,500/Month Rental
January 30, 2015

Soho Pad with ‘Ghost’-ly Past Returns to the Market as a $32,500/Month Rental

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This pristine full-floor condo at 102 Prince Street has a lot to brag about. For starters, it's newly renovated and stunning, landing a spot in Interiors magazine’s "Best of 2011" issue. But its biggest claim to fame is that the apartment above is where Demi Moore and Patrick Swayze shot their iconic pottery scene in Ghost. The only thing more brag-worthy would be if Whoopi Goldberg dropped by occasionally to tell the future tenants, “You in danger, girl!” The unit sold for an impressive $13.8 million just this past March, netting the seller a $4.9 million profit (they had purchased it in March of 2013 for $8.9 million). The 2014 sale was the highest price anyone had paid for a non-penthouse unit in Soho. And now, after just six months, it's back on the market as a $32,500/month rental.
More pics inside
Actress Gina Gershon Sells Chelsea Duplex in Celeb-Favorite 200 11th Avenue for $8.2M
January 29, 2015

Actress Gina Gershon Sells Chelsea Duplex in Celeb-Favorite 200 11th Avenue for $8.2M

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Just after Robert Pattinson checked out a $20 million penthouse with a private, drive-in elevator at 200 Eleventh Avenue, actress Gina Gershon sold her duplex unit in the building for $8.2 million, reports the Post. She and her partner Bobby Dekeyser, founder of outdoor furniture brand DEDON and subject of the biography Not for Sale!, purchased the $2,391-square-foot Chelsea pad in 2012 for $6.6 million, and after listing in June for $9.5 million, they've made the sale for a little more than a million under the asking price.
See inside here
Tribeca Townhouse with Wild and Fiery Facade by System Architects Will Soon Come to Life
January 26, 2015

Tribeca Townhouse with Wild and Fiery Facade by System Architects Will Soon Come to Life

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This isn't the sort of design we'd expect to see in Tribeca, but lo and behold, this bold statement by architect Jeremy Edmiston is about to become a reality along its brick and mortar block. The Tribeca Citizen reports that the single-family residence located at 187 Franklin Street is moving forward with construction on the kooky design which was first proposed in 2010. The project will see the building's facade removed and replaced with an undulating red facade complemented by silvery, net-like balconies.
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East Village’s Historic Meseritz Synagogue Gets Ready for Restoration and Condo Conversion

Mezritch Synagogue © LuciaM via Panoramio

January 22, 2015

East Village’s Historic Meseritz Synagogue Gets Ready for Restoration and Condo Conversion

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At the turn of the century, the Lower East Side/East Village was home to 75 percent of the 2.5 million Ashkenazi Jews that immigrated to the U.S. They quickly established synagogues, many of which were "tenement synagogues," aptly named because they were built on the narrow lots between tenements and served the mostly-impoverished people who lived in the surrounding, overcrowded buildings. Only one of these tenement synagogues is still in operation–the Congregation Meseritz Synagogue (or Anshei Meseritz) at 515 East 6th Street. Narrowly saved from the wrecking ball in 2012, Meseritz is now undergoing a total overhaul. Real estate developer East River Partners is adding three luxury apartments, including an 11-foot-tall penthouse, to the top of the structure. Though the plan was initially contested by some neighbors and local community and preservation groups, the developer is undertaking a multimillion-dollar gut renovation of the ground floor, creating a new home out of which the congregation can worship.
More details ahead
Billionaire Roman Abramovich’s DIY Mansion Getting Bigger; A Gramercy Park Building Wants $200M
January 22, 2015

Billionaire Roman Abramovich’s DIY Mansion Getting Bigger; A Gramercy Park Building Wants $200M

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After holding a 199-unit apartment building in Gramercy Park for nearly 70 years, the owner has put it on the market for $200 million. [Crain’s] Russian billionaire Roman Abramovich’s makeshift mansion could be even bigger than initially reported. Word is he’s purchased yet another building on East 75th Street. [NYP] Designer Michael Kors is purchasing a posh penthouse at […]

Can Developers Still Make a Profit as Land Prices Reach Record Sums?

What Manhattan will look like in 2018, via CityRealty

January 21, 2015

Can Developers Still Make a Profit as Land Prices Reach Record Sums?

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Most landowners, especially those who have been in the development business for a long time, aren't easily persuaded to sell their holdings, but with sales reaching record sums, that's all starting to change. As Crain's recounts, back in November Jerry Gottesman, who has a property empire worth over $3 billion, sold a parking lot he owned between 17th and 18th Streets near the High Line for $800 million. He bought the site in the early '80s for $2.4 million. Influenced by the sale, other landowners are also looking to get in on the action; just last week three large residential development sites hit the market asking $1,000 or more per buildable square foot–a 50 percent increase in the price of Manhattan land from last year. And if the parcels fetch these sums, it will be the first time values per buildable square foot reach four figures. With these record sale sums, Manhattan condo builders would have to sell units at sky-high prices to make a profit. For example, a 1,000-square-foot apartment would need to sell for $3 million or more just to break even.
More on the trend here
Tour the Chefs Club Restaurant by ‘Food & Wine’ Magazine at the Landmark Puck Building
January 20, 2015

Tour the Chefs Club Restaurant by ‘Food & Wine’ Magazine at the Landmark Puck Building

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There's been plenty of talk about the luxurious penthouses that top off the historic Puck Building. But just below these spectacular homes is an equally stunning space that's sure to take your breath away—or at least get your stomach rumbling. Archdaily brings us on a tour of the Chefs Club, a brand new dining experience dreamt up by the folks over at Food & Wine magazine. The sleek eatery opened just last fall to rave reviews, and it's no surprise; the Chefs Club by Food & Wine is exactly what you'd hope it is: the magazine's "Best New Chefs" and an international roster of rockstar cooks whipping up meals unlike any you've had before.
Take a tour of the spectacular interiors here
Russian Billionaire Roman Abramovich Buys Up Three UES Townhouses to Build a Makeshift Mansion
January 19, 2015

Russian Billionaire Roman Abramovich Buys Up Three UES Townhouses to Build a Makeshift Mansion

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While some billionaires are busy eyeing the glass penthouses of the city's up-and-coming and ultra-luxe towers, others are taking a more DIY approach to realizing their dream home. The latest to join the building-your-own-mansion trend is billionaire Roman Abramovich, who according to the  NY Post has just "secretly" purchased a 9,495-square-foot townhouse at 11 East 75th Street for $29.7 million from developer Larry Gluck. The buy follows Abramovich's December purchase of another 7,286-square-foot townhouse two doors down for $18.3 million, and word on the street is that he's in contract for the townhouse wedged right in between.
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Construction Resumes at 432 Park; The Case Against Supertalls and Their Super-Long Shadows
January 19, 2015

Construction Resumes at 432 Park; The Case Against Supertalls and Their Super-Long Shadows

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Work has resumed on 432 Park. This follows last week’s stop work order issued after an eight-foot pole fell from tower and crashed into the street below. [Dezeen] Critics of supertalls blast NYC’s “as of right” development policy and what little has been done to protect the urbanscape from the shadows cast by these massive buildings. [The Guardian] A window washer […]

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever
January 16, 2015

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever

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Expect another blockbuster year for the super-luxury tower that launched a slew of other wannabe developments across the city. A palatial unit occupying the 89th and 90th floor of One57 has just sold for a record-breaking $100,471,452.77—the most expensive condo purchase ever recorded Manhattan. The buyer of the massive 10,923-square-foot penthouse apartment remains a mystery—city records simply show an […]

Checking In on 56 Leonard: The Rising Star in the Downtown Skyline
January 12, 2015

Checking In on 56 Leonard: The Rising Star in the Downtown Skyline

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Esteemed architect and historian Robert A.M. Stern once said that "New York is a constellation of magic moments. No city as complex as New York rebuilds itself so often, and often so well." Two stars are being born in that nebula of irregular streets we call Downtown. The taller of the two, 30 Park Place, is designed by the famed starchitect himself, and has recently surpassed its neighbor, the Woolworth Building, to soon take its place as the tallest residential perch in the district. The other star, 56 Leonard, may still shine brighter, however. While absent any height superlatives, 56 Leonard may very well end up being the most interesting skyscraper Downtown has produced in decades. Nicknamed the "Jenga-building" and the "tower of penthouses," 56 Leonard's design comes from the Swiss architectural firm of Herzog & de Meuron while working with the residential know-it-alls at Goldstein Hill & West. Currently, the concrete frame is approximately 700 feet tall with little more than 100 feet to rise before topping off. The floors progressively stagger at varying configurations creating cantilevered interior spaces as well as outdoor balconies for each of the residences.
More details ahead
158-Year-Old Legally-Embattled Building on Leonard Street Finally Sells for $11.2 Million

Image via Tribeca Trib

January 7, 2015

158-Year-Old Legally-Embattled Building on Leonard Street Finally Sells for $11.2 Million

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It's been a rough year for an even rougher 158-year-old structure located at 17 Leonard Street. Since 2013, there's been an ongoing dispute over damage in the building that caused an evacuation ordered by the Depart­ment of Buildings. Owner Christopher Rolf has been feuding with his next-door neighbor, Steven Schnall, who is constructing a seven-story condo build­ing with a two-story penthouse next door at 15 Leonard. The dispute concerns the cause of several giant cracks that Rolf alleged appeared once Schnall started construction. Rolf claimed Schnall's project was the reason for the damage, while Schnall insisted that the old structure was already in shambles long before he even broke ground. The drama has dragged on for over a year, but a recent sale points to the end of the saga at 17 Leonard—at least for Rolf. According to public records, Rolf has finally parted ways with the property, striking a deal with an undisclosed buyer (listed simply as "17 Leonard Properties, LLC") for $11.165 million.
More details here
Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market
January 1, 2015

Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

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It's that time of year when we take a look back at the biggest stories of the year and look ahead at what's to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down. This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We'll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.
Check out the year in review and 2015 predictions here
As the Met Prepares to Move into the Whitney’s Old Building, A Madison Avenue Block Is Transformed
December 26, 2014

As the Met Prepares to Move into the Whitney’s Old Building, A Madison Avenue Block Is Transformed

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All eyes have been on the construction of Renzo Piano's new downtown home for the Whitney Museum, set to open in May. But let's not forget about what's happening to the Whitney's old Marcel Breuer-designed building on Madison Avenue and 75th Street. The Brutalist building opened in 1966 and has since dominated its Upper East Side surroundings. It's set to be taken over as a satellite location for the Metropolitan Museum of Art to showcase their contemporary and modern art collections when it reopens in March 2016. And though the Met will not alter the façade of the landmarked museum building, its surroundings will certainly look different than in the Whitney's days. The biggest changes are happening right next door, where the row of six 19th-century Italianate and Greek Revival brownstones on Madison Avenue and two townhouses on East 74th Street are being reimagined as condos and retail space by developer and healthcare entrepreneur Daniel Straus, who bought the properties from the Whitney in 2010 for $95 million and subsequently was granted approval by the Landmarks Preservation Commission for their new design by Beyer Blinder Belle. According to the Times, who profiled the development, the flurry of construction could be considered "the Met effect."
More on the development here
Steven Harris-Designed West Village Townhouse Sells for $15M
December 26, 2014

Steven Harris-Designed West Village Townhouse Sells for $15M

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We're big fans of the work of Steven Harris Architects here at 6sqft, so it came as no surprise that this West Village townhouse that features the firm's lovely designs sold for $15 million. According to city records released today, the seller of the home located at 156 West 13th Street is Candida Smith, curator and daughter of the late celebrated artist and sculptor David Smith. The Greek Revival townhouse was built in 1846 for the estate of Peter Remsen, a member of a prominent Knickerbocker family. Steven Harris updated the home to include modern conveniences like an elevator and an industrial-sized kitchen, while retaining its historic charm and grandeur.
Take a look around here
170 Amsterdam Avenue: NYC’s First Concrete Diagrid Nears Completion
December 23, 2014

170 Amsterdam Avenue: NYC’s First Concrete Diagrid Nears Completion

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Final touches are being added to the Upper West Side's exoskeletal rental building at 170 Amsterdam Avenue. The 20-story mid-rise between 67th and 68th Streets will be the first residential building in the city to feature a concrete "diagrid" structural system. Developed by Chicago-based Equity Residential, the tower will house 239 luxury rental units and is slated to begin leasing early next year. Rental pricing may be similar to the Aire next door, where available units range from $3,375 for a 25th floor studio to $15,000 for a three-bedroom penthouse. According to the New York Post, Equity signed a 99-year lease for the site from the American Properties Group for $76.5 million back in 2011.
More details here
So You Think You Know Everything About One57?
December 22, 2014

So You Think You Know Everything About One57?

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Well, you might want to think twice. Even though the city's most expensive condo building is also perhaps the most written-about (even the Times has run out of ways to describe it), there are still plenty of little-known facts about the 1,005-foot-tall tower. One57 is considered the crown jewel of what's been dubbed "Billionaire's Row," and can also be credited with launching the ultra-luxury building boom. Developed by Extell's Gary Barnett and designed by Pritzker-winning architect Christian de Portzamparc, the sleek tower is currently the second tallest structure in the city. And that's just the beginning.
Bone up on your One57 factoids here
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