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Building on Sunnyside Yards Comes with a Slew of Political, Cost and Engineering Complications
February 9, 2015

Building on Sunnyside Yards Comes with a Slew of Political, Cost and Engineering Complications

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Of the new city initiatives laid out by Bill de Blasio last week during his State of the City address, few were as ambitious as the mayor's plan to build 11,250 affordable apartments on Sunnyside Yards. But, as it turns out, more than just the mayor are looking to turn the 200-acre property into their legacy project. Crain's reports that since the plan was announced, Governor Cuomo has emerged with his own ideas, namely tunnels that would bring the Long Island Rail Road into the heart of Midtown. Former Bloomberg administration Deputy Mayor Daniel Doctoroff has also chimed in with a plan of his own that encompasses a huge new money-spinning convention center. But it doesn't stop there; the clashing of ideas is just one of the burdens that comes with building on this coveted site—meaning we probably won't see any affordable housing here for more than several decades.
More on the complications here
Chinese Real Estate Investors Expanding Their Search to the Long Island Suburbs

Old Westbury Gardens, a Gold Coast mansion also known as “the Gatsby House”, © Old Westbury Gardens

February 6, 2015

Chinese Real Estate Investors Expanding Their Search to the Long Island Suburbs

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In recent years, the Manhattan real estate scene has had a major upswing in the amount of wealthy buyers from China, who feel that New York City condos and other properties are a safe place for their money. In fact, high-profile real estate firms are even tapping Chinese brokers to cater to this growing clientele. But now the trend is moving east, with Chinese buyers eyeing the stately mansions that make up the Gold Coast suburbs of Long Island. According to the Times, "Some Chinese buyers are parking money in what they see as a low-risk investment. Others are seeking a trophy home. Still others are intent on living in these places full time while their children attend the area’s high-performing schools."
More details ahead
Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights
February 5, 2015

Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights

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Discord around the construction of One Vanderbilt continues to grow, and the latest contender to enter the ring is Harvard Law professor, "liberal constitutional scholar" and President Barack Obama's former educator, Laurence H. Tribe. Grand Central owner Andrew Penson has tapped the big-time lawyer to battle the city in his fight against the 1,514-foot supertall, according to The New York Times. Yesterday, with Tribe in tow, Penson went head-to-head—yet again—with the tower's developer SL Green at the City Planning Commission hearing. The meeting got as heated as one would expect, and "unconstitutional" and "ridiculous" were just a couple of the words thrown around.
Find out more here
Tiny East Village Treasure Is Huge on Charm and Priced Well Under $1M
February 4, 2015

Tiny East Village Treasure Is Huge on Charm and Priced Well Under $1M

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In a city filled with space-challenged (okay, let’s just admit it, tiny) living spaces, one can only hope the expression “good things come in small packages” holds true. When we took one look at this adorable East Village co-op at 323 East 8th Street we felt compelled to take a little literary license with the well-known phrase because sometimes “great things come in small packages.”
Check out more of this East Village treasure
February 3, 2015

Then and Now: From Luchow’s German Restaurant to NYU Dorm

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For those of us who came to the city within the past decade, it's hard to imagine East 14th Street without its stretch of bulky NYU dorms, big-box supermarkets, and mini-chain restaurants. But of course this wasn't always what the area looked like. In the late 19th century, the area centered around Irving Place, was full of entertainment venues like the Academy of Music, the city's opera house, Steinway Hall, Tammany Hall, and the City Theatre movie house. And at the heart of it all was a restaurant that catered to both the theater crowd and the German population of the East Village–Luchow's. Luchow's was established in 1882 at 110 East 14th Street at Irving Place when German immigrant August Lüchow purchased the café/beer garden where he worked as a bartender and waiter. It remained in operation for a full century, becoming an unofficial neighborhood and city landmark, until it was replaced by NYU's University Hall dormitory.
Read the full history here
Luxe Penthouse at the Carlton House Sells at a Discounted $52 Million
February 3, 2015

Luxe Penthouse at the Carlton House Sells at a Discounted $52 Million

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It's been a couple weeks since we've seen a sale break the $50 million mark, but lo and behold, the penthouse at Extell Development's Carlton House has just sold for $52 million. According to city records filed today, the top unit sold at a markdown, originally listed for $65 million back when it first hit the market in October 2013. The price cut, however, shouldn't discount what's inside. The six-bedroom, six-plus-bathroom, 8,988-square-foot Upper East Side duplex features a private outdoor roof space (there's 5,261 square feet of outdoor space in total), en-suite bathrooms in all the bedrooms and wrap-around terraces. The building itself also boasts quite an interesting backstory. It was originally designed in 1940 by Kenneth B. Norton, but not completed until 1950 as construction was halted during World War II. After purchasing the building in 2010, Extell hired Beyer Blinder Belle to convert the structure into condos. The job cost a reported $350 million and Extell's President Gary Barnett told The New York Times that the decision to preserve the building was “actually more expensive than if we tore the damn building down and built it again.”
Check out the floor plan here
Bushwick Buzz: A Look at the Neighborhood That’s Dethroned Williamsburg as Brooklyn’s Most Hipster
January 29, 2015

Bushwick Buzz: A Look at the Neighborhood That’s Dethroned Williamsburg as Brooklyn’s Most Hipster

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Of Brooklyn's gentrifying neighborhoods, few have seen such rapid change as Bushwick. The neighborhood, which sits in the northern portion of the borough, running from Flushing Avenue to Broadway to Conway Street and the Cemetery of the Evergreens, has grown as a natural extension of Williamsburg—a haven for creatives and young folks looking for lower rents. But well before its trendy vibe put it on the map, Bushwick was a forested enclave originally settled by the Dutch—its name is derived from a Dutch word "Boswijck,"defined as “little town in the woods”—and later, German immigrants who began building breweries and factories. Unfortunately, as the breweries along Brewer’s Row and factories closed and farms disappeared, derelict buildings and crime took hold—with the looting, arson and rioting after the city’s blackout during the summer of 1977 playing a starring role. According to the New York Times, "In a five-year period in the late 1960s and early 70s, the Bushwick neighborhood was transformed from a neatly maintained community of wood houses into what often approached a no man's land of abandoned buildings, empty lots, drugs and arson.”
More on Bushwick's past... and present
A 12-Acre Mixed-Use Project Is Set to Wake Up Sleepy Red Hook
January 28, 2015

A 12-Acre Mixed-Use Project Is Set to Wake Up Sleepy Red Hook

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If you've been to Red Hook lately chances are you were visiting the Fairway for lunch or taking the ferry to Ikea for a new $10 end table and some Swedish meatballs. But we soon may have many more reasons to visit the sleepy, industrial, square-mile Brooklyn neighborhood. The Red Hook Innovation District is a plan for a 12-acre, 1.2 million-square-foot, mixed-use project that would include offices, retail space, performance venues and a promenade. Last month, Los Angeles-based development firm Estate Four purchased the final property on the site. They now plan to roll out the $400 million project in phases over five years.
More details ahead
Churchill’s Granddaughter, Sculptor Edwina Sandys, Relists One-of-a-Kind Soho Loft for $10M
January 23, 2015

Churchill’s Granddaughter, Sculptor Edwina Sandys, Relists One-of-a-Kind Soho Loft for $10M

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You know an apartment is exceptional when Philip Johnson once referred to it as "the most beautiful loft in Soho." Home to sculptor Edwina Sandys, the granddaughter of Sir Winston Churchill, and her husband, architect Richard Kaplan, this one-of-a-kind space at 565 Broadway was also the location for the original season of "The Real World" in 1992 and has since seen the likes of architects Richard Meier and Rafael Vinoly, Barbara Taylor Bradford, Massimo Vignelli and Christine Ebersole pass through its doors for high-society parties hosted by Sandys and Kaplan. But the real draw here is the simply stunning historic architecture. Originally home to Ball Black & Co., the top 19th century jeweler before Tiffany's, the five-bedroom duplex boasts a double-height, 17-foot, exposed-brick vault ceiling, stately Corinthian columns, and a Carrara marble floor, which certainly justifies the $10 million price tag.
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Nearly Half of Luxury Condos Set to Hit the Market This Year Are Already in Contract
January 22, 2015

Nearly Half of Luxury Condos Set to Hit the Market This Year Are Already in Contract

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We know very well that 2015 will see a huge influx of new super-luxury condo units, but what we didn't know until now was that nearly half of these high-end homes set to hit the market are already in contract, making this year's forecast widely overblown. According to Crain's, a new report from Halstead Property Development Marketing suggests that of the 6,500 new condo listings that have been projected for 2015, only about 3,500 will actually be available for sale in the next 11 months, as 3,000 of them are already taken.
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One57 Records Another Blockbuster Sale, 85th-Floor Pad Sells for $55.6 Million
January 21, 2015

One57 Records Another Blockbuster Sale, 85th-Floor Pad Sells for $55.6 Million

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There’s no slowing One57. Yet another blockbuster sale hit city records this morning, bringing the brash blue supertall its third most expensive sale to date—and the city its ninth most expensive condo sale in history. The ultra-luxe pad is the 6,240-square-foot 85th-floor unit, which boasts four bedrooms, four baths, and the lofty, breathtaking views that have have made One57 one […]

A Madcap Engineer Wanted to Pave Over the East River to Create a “Mega-Manhattan”

Part of the proposal, “A Really Greater New York”, that shows the East River infill and southern Manhattan peninsula

January 14, 2015

A Madcap Engineer Wanted to Pave Over the East River to Create a “Mega-Manhattan”

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The East River may not be the most beautiful body of water we've ever witnessed, but that certainly doesn't mean we'd like to see it paved over. That's exactly what T. Kennard Thomson, an engineer and planner, proposed in 1911, hoping to create a mega-Manhattan. Plus, he wanted to add a long hunk of infill at the southern tip of Manhattan, creating a new peninsula bolstered by Governor's Island, add more new land in the Hudson between Bayonne and Manhattan, and relocated the Brooklyn Navy Yard.
Let's take a closer look at this ambitious, but never realized, plan
Traditional Westchester Estate Gets a Glassy Modernist Addition and Green Roof
January 14, 2015

Traditional Westchester Estate Gets a Glassy Modernist Addition and Green Roof

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AbelowSherman Architects have given an historic mansion in Westchester a unique facelift, covering both ends of the architectural spectrum by adding a traditional conservatory and a modern glassy addition. The 16,000-square-foot gut renovation also added a flashy Corten steel staircase and concrete pool cabana to the sumptuous property. From the front, the home is stately and elegant, but a surprising modern twist awaits in the rear.
Tour the property here
EVENT: Is the Vanderbilt Corridor the Future of East Midtown?
January 12, 2015

EVENT: Is the Vanderbilt Corridor the Future of East Midtown?

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The proposed East Midtown Rezoning has been a hotly debated issue over the past few years. First introduced by Mayor Bloomberg, and backed by Mayor de Blasio, the rezoning would allow developers to build larger and taller than the current Grand Central Terminal district zoning allows in exchange for financial contributions to the area's infrastructure needs. The Department of City Planning feels the rezoning would ensure that the area maintains its spot as a global business center, but others think it would forever ruin the historic nature of the neighborhood. One of the most major components of the project is One Vanderbilt, a 68-story, 1,514-foot zigzag tower that will stand adjacent to Grand Central. Along with the building comes a reconfiguration of the Vanderbilt Corridor, the streetscape around the Terminal. A panel discussion at the Museum of the City of New York on January 20th will examine both the tower and the corridor and what they mean for Midtown East.
More about the event here
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
The Lena Dunham Real Estate Effect: Looking at the Homes of the Stars of ‘Girls’
January 8, 2015

The Lena Dunham Real Estate Effect: Looking at the Homes of the Stars of ‘Girls’

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One of the reasons Girls became such an instant hit is because it was lauded as the anti-Sex & the City. Its characters live in Greenpoint, not the Upper West Side; they wear Converse instead of Manolos; they struggle to pay the rent rather than living in completely unrealistic apartments. But when it comes to their real lives in New York City, the cast of the HBO show is definitely not struggling to make ends meet, as is evidenced by their impressive collection of real estate. So, in anticipation for this Sunday's season four premier, let's take a look at how Lena Dunham and her posse actually live in the city, as compared with their characters' fictional digs.
See where the stars of 'Girls' live on and off the screen
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
Soap Opera Star Wants $17M for Stunning Gramercy Townhouse Once Priced at $1.6M
December 31, 2014

Soap Opera Star Wants $17M for Stunning Gramercy Townhouse Once Priced at $1.6M

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Actress Noelle Beck and her husband Eric Petterson are looking to unload their stunning four-story townhouse on Stuyvesant Square for $17 million. To give that price tag some perspective, the couple purchased the home in 1997 for just $1.6 million. That’s right, if all goes according to plan, these two could walk away with close to 20 times the amount they paid for their Gramercy pad. Now, how’s that for a dramatic plot twist?
Take a look inside here
Real Estate Wire: Luxury Development Hitting the West 90s; 70,000 People Apply for 38 Affordable Apartments in Williamsburg
December 30, 2014

Real Estate Wire: Luxury Development Hitting the West 90s; 70,000 People Apply for 38 Affordable Apartments in Williamsburg

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The West 90s, long considered the more affordable part of the Upper West Side, is seeing an influx of luxury development. [NYT] 70,000 people applied for 38 affordable apartments in Williamsburg at 59 Frost Street. [DNAinfo] Not everyone agrees with the Times endorsement of the QueensWay. [2nd Ave. Sagas] Soap opera star Noelle Beck lists […]

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
Real Estate Wire: Williamsburg Development Site Sells for Record-Setting $40M; Plaza Condo Drops Price by $15M
December 26, 2014

Real Estate Wire: Williamsburg Development Site Sells for Record-Setting $40M; Plaza Condo Drops Price by $15M

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Sale of two Williamsburg buildings on Bedford Avenue for $40 million sets a new record. [Crain’s] Extell employs holograms to market its One Riverside Park condominium. [NYT] Google is expanding its footprint in Chelsea, creating a 3.5-million-square-foot urban tech campus. [WSJ] Art Deco Plaza condo drops asking price by $15 million. [Curbed] Images: Rendering of the new […]

Get Your Chef On in Restaurateur Keith McNally’s Greenwich Village Townhouse for $25K/Month
December 23, 2014

Get Your Chef On in Restaurateur Keith McNally’s Greenwich Village Townhouse for $25K/Month

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Restaurateur Keith McNally is offering up his Greenwich Village townhouse again, fully furnished, for $25,000 per month. The four-story, 3,600-square-foot space is brimming with charm and features four bedrooms and a separate studio. Best of all, it’s the place to bring your foodie friends to dine in the house that celebrated restaurants like Balthazar, Odeon, Café Luxembourg, Schiller’s, and Minetta Tavern built.
Take a closer look, here
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