In 1971, New York City launched a new program designed to encourage developers to build on vacant land. The program known as the 421-a tax abatement gave developers a ten-year exemption on paying taxes if they agreed to develop the underused land. At the time, the program made a lot of sense. In the 1970s, urban decay was rampant, even in many areas of Manhattan. But the program not only benefited developers. Owners who bought units in a 421-a tax abatement building also benefited since the bill effectively enabled developers to pass along their tax break to buyers who in turn could avoid paying taxes on their units for the first decade.
While the original 421-a tax abatement is essentially dead, there are still a few 421-a deals left for buyers. This reflects the fact that several of the condo projects that secured a 421-a exemption before the program was phased out are only now coming to completion. To help buyers looking to take advantage of this final round of 421-a benefits, 6sqft has compiled a list of some of the best deals left on the market.
Jay Wright, founder and CEO of The Wright Fit, a gym design and management consultancy, is behind many of the gorgeous gyms in high-end NYC residential buildings, from 15 Central Park West to 56 Leonard. The Wright Fit has a very specific philosophy that guides their design and programming for their clients’ facilities. “That philosophy is called centerpoint strategy. The goal of is to create balance, functional longevity, and optimal quality of life for our clients and the residents of the building. We are trying to get people off of fixed path motion machines, where the actual machines define the path of motion, and teach people about their bodies. We like to challenge people to evolve their way of thinking.”
Wright says that time and proximity are the biggest barriers to working out. By creating gorgeous gyms in residential buildings, those two barriers are eliminated. So if you live one of these buildings with amazing gyms, let us envy you as you run down the stairs (forget the elevator) and start sweating. Ahead, we’ve rounded up the 15 best residential gyms that are getting New Yorkers’ heart rates pumping.
Check out our list without breaking a sweat
For many New Yorkers, the Lower East Side is one neighborhood that still has a lot of authenticities and good ‘ole New York grit left. It has been described as Manhattan’s “last frontier of cool. The promised land of old as well as new… Where the Godfather lives side by side with a hipster movie.” Put more tangibly by Benjamin Baccash of Taconic Investment Partners, the developer of LES’s Essex Crossing, “The Lower East Side has wonderful restaurants, art galleries, and great street life. It’s a real neighborhood and that’s what a lot of people are looking for.”
In addition to great diversity, personality, and transportation, the city is undertaking huge improvements on the east river waterfront, and developers are erecting new developments at all corners of the ‘hood. Ahead, 6sqft takes a look at everything that’s keeping the Lower East Side a vestige of old New York during its contemporary resurgence, from massive projects like Essex Crossing to a booming art gallery scene.
As Irving Berlin once said, “Everybody ought to have a Lower East Side in their life.”
The votes have been tallied, and so it’s time to name the 2017 Building of the Year! The winning title belongs to no other than One Manhattan Square, the Lower East Side meets Chinatown skyscraper that will be home to NYC’s largest outdoor private garden when it opens next year. The 800-foot-tall tower beat out 11 other significant NYC buildings in a competitive two-week competition held by 6sqft. Out of 3,782 votes cast, the Extell-developed, Adamson Associates-designed structure took first place with 959 votes or 25.35% of the total.
More on this year’s winner!
This year was all about new development redefining the New York City skyline. Construction moved along at a rapid pace, whether it be the topping out of Richard Meier’s tower at 685 First Avenue or foundational work kicking off at Brooklyn’s first supertall 9 Dekalb. In the next several years we’ll see these buildings open and show off apartments at sky-high prices, but for now, we get to enjoy the construction process on some of the most notable new architecture to come to New York.
We’ve narrowed down a list of 12 news-making residential structures for the year. Which do you think deserves 6sqft’s title of 2017 Building of the Year? To have your say, polls for our third annual competition will be open up until midnight on Monday, December 11th and we will announce the winner on Tuesday, December 12th.
VOTE HERE! And learn more about the choices.
New development visualized through 2020, via CityRealty
According to CityRealty’s 2017 Manhattan New Development Report, things are really going to heat up over the next few years. While new development sales dropped to $8.3 billion in 2017 from $9.4 billion in 2016 (attributed to a softening in the luxury market), there are a number of new big-time buildings that will commence closings and have the potential to drive total sales up to a whopping $11.9 billion by 2020. One key player is Extell Development’s One Manhattan Square on the Lower East Side. With 815 apartments, it will be the largest condo by unit count ever constructed in the city. And up on Billionaires’ Row, Extell’s Central Park Tower will have the city’s biggest sell-out ever at $4 billion, while Vornado’s 220 Central Park South is looking to set the record for highest price per square foot ever in NYC.
Living in any of One Manhattan Square‘s 815 units is a pretty extravagant opportunity; the 800-foot Two Bridges tower will boast more than 100,000 square feet of over-the-top indoor and outdoor amenities, ranging from a tree house with fire pits and stargazing observatory to a 70-seat movie theater and bowling alley. But those 25 condos on the upper floors will be afforded an even more luxurious lifestyle, with “limitless bird’s eyes vistas” of the skyline, Brooklyn, New York harbor, and the East and Hudson Rivers. According to a press release from developer Extell announcing this Skyscape Collection, the deluxe residences are mainly three-bedroom homes, along with the building’s five five-bedroom penthouses, two of which are duplexes (one of these already sold for $13 million).
Find out more right here
Adding to its unique character, Extell’s One Manhattan Square will soon be home to NYC’s largest outdoor private garden, detailed in a new video released today by the developer. The proposal, designed by urban planning and landscape architecture firm West 8, includes more than an acre of garden space for residents to both work and socialize, boasting indoor and outdoor grilling spaces, ping-pong tables, a putting green, children’s playground, adult tree house, tea pavilion, and an observatory made for stargazing.
Watch the video here
Despite the rapid influx of new development that’s popping up in the controversial Two Bridges area, the Chinatown-meets-Lower East Side neighborhood’s first project, One Manhattan Square, still reigns as the tallest. In fact, when it reaches its full 823-foot height, Extell’s 80-story condo at 252 South Street will have the highest rooftop between downtown and Midtown Manhattan. Now that sales have commenced, CityRealty paid the construction site a visit, noticing that the double-slab tower is already more than 30 stories tall and has begun to receive its reflective glass skin.
More views ahead
Images via Extell and Google Maps
The construction of Extell’s high-rise condo development at the foot of the Manhattan Bridge is now well underway. When complete, 250 South Street (formerly 227 Cherry Street) will rise more than 80 stories above the East River and be home to just under 800 units, but that’s not all. As the Extell building goes up, the surrounding area is also attracting growing attention from other developers. In July, JDS Development announced plans for a rental development just next door at 247 South Street. Given the scope of the Extell development and its neighboring rental development on South Street, thousands of new residents are expected to arrive in the Cherry Street neighborhood between now and 2020. Of course, there are many neighbors who arrived first.
READ MORE AT CITYREALTY…