Real Estate Trends

February 6, 2025

Fifth Ave’s highest condo fetches $11.5M

The highest condo on Fifth Avenue has found a buyer. As first spotted by CityRealty, Penthouse 80 at 520 Fifth Avenue sits 880 feet in the air, surrounded by iconic views in every direction. The trophy residence first hit the market two months ago for $11,500,000; the deal will likely close by the end of the year when the building wraps up construction.
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February 6, 2025

NYC to redevelop Long Island City site once proposed for Amazon’s HQ2

The city is looking to redevelop three sites in Long Island City that nearly became Amazon's second headquarters. As first reported by Crain's New York, the Adams administration will release a request for expressions of interest (RFEI) this spring to redevelop 44-36 Vernon Boulevard, a longtime Department of Education property. The city is prioritizing proposals that include commercial, industrial, and community-serving tenants for the six-story building. The 672,000-square-foot warehouse was once slated to be part of Amazon's "HQ2," a sprawling campus for the retail giant, but the company withdrew its plan in 2019 after strong opposition from residents, elected officials, and community groups.
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February 5, 2025

Waldorf Astoria welcomes first condo residents after renovation

Nearly a decade in the works, the famed Waldorf Astoria is welcoming its first residents after a restoration converted the historic hotel into luxury condos. Closings have officially commenced at the landmarked Park Avenue hotel, which shuttered in 2017 as part of a revamp to bring 375 luxury condos atop a 375-key hotel. Building on the success of the first phase of sales, prospective buyers can now experience model residences designed by AD100 designer Josh Greene, with prices starting at $1,875,000 for studios.
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February 4, 2025

UN Plaza buildings to get $500M revamp

Two United Nations buildings will undergo a $500 million revitalization, creating over 1,800 jobs and boosting New York City's economy by billions, New York officials announced this week. Mayor Eric Adams, Gov. Kathy Hochul, and the UN Development Corporation (UNDC) on Monday announced plans for the redevelopment, which will modernize One and Two United Nations Plaza—built in the 1970s and 80s—while consolidating its office space. As part of the plan, the UN has committed to long-term leases at the site.
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January 30, 2025

Nation’s largest office-to-residential conversion starts leasing for 1,300 apartments in FiDi

The largest office-to-residential conversion in the country officially began leasing in the Financial District. The former 1960s office tower at 25 Water Street, once home to JPMorgan Chase and the New York Daily News, is now a luxury apartment building with 1,320 homes and 100,000 square feet of amenities, following a two-year redevelopment designed by CetraRuddy. Dubbed "SoMA," for its location in "South Manhattan," according to a press release, the rental is the first to take advantage of the 467-m tax break, a new incentive for converting offices to residential space.
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January 24, 2025

Conversion of historic Nomad office building into 65 condos moves forward

The conversion of a landmarked Nomad office building into luxury condos is moving forward after receiving a $99 million construction loan. As reported by The Real Deal, Sunlight Development and NuVerse secured the loan for their office-to-residential conversion of the historic Emmet Building at 95 Madison Avenue into 65 luxury homes. BHI, the U.S. arm of Bank Hapoalim, provided a $40 million senior loan, while two other financial firms provided the rest of the capital.
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January 23, 2025

Macaulay Culkin sells full-floor Noho loft for $7.75M

A sprawling Noho loft purchased by "Home Alone" star Macaulay Culkin as a teenager has sold for $7.75 million, city records show. As first reported by the New York Post, the full-floor loft at 704 Broadway was purchased by the former child star in 1999 for $1.75 million—about $3.36 million today when adjusted for inflation. The home features three bedrooms, two bathrooms, and a spacious L-shaped living area spanning the kitchen, dining, and living rooms.
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January 10, 2025

Macy’s to close 5 NYC locations, including Downtown Brooklyn flagship

Macy's on Thursday announced the closure of 66 stores across the country, including five locations in New York City. The closures are part of the department store chain's "Bold New Chapter" strategy, which includes closing roughly 150 underperforming stores by 2026. The announcement follows the sale of Macy's location at 422 Fulton Street in Downtown Brooklyn last month for just $23 million, as first reported by the New York Post.
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January 2, 2025

Plans filed to transform Times Square office building into 942 apartments

A coalition of prominent New York City real estate figures has filed plans to transform a 39-story office building in Times Square into more than 900 new homes. As reported by The Real Deal, Apollo Global Management, in partnership with RXR and SL Green, aims to convert 5 Times Square into a mixed-use building with 942 apartments. This office-to-residential conversion would be one of the largest in the city to date, and the first in the heart of Times Square.
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December 27, 2024

6sqft’s top stories of 2024!

As we close the chapter on 2024, 6sqft is taking a moment to reflect on the stories that resonated most with readers this year. From record-breaking real estate deals near Central Park and the Upper West Side's new tallest tower to a visual portal linking Dublin and NYC and the city’s first Passive House public schools, readers stayed up to date on New York City's latest happenings. Readers also enjoyed an exclusive look at some of the city's most remarkable real estate listings, including the priciest townhouse in Park Slope and a restored Marcel Breuer-designed home on the Hudson.
what readers loved this year, ahead
December 19, 2024

$7.2M penthouse is most expensive sponsor sale in Williamsburg

A penthouse went into contract at the "urban resort-style" One Williamsburg Wharf this week, marking a possible new record for sponsor sales in the neighborhood. Penthouse A is a three-bedroom, three-bath home with an expansive private terrace, fireplace, and sweeping views of the Manhattan skyline and East River. The apartment, which entered contract on Wednesday for $7.2 million, would break Williamsburg's previous most expensive sponsor sale by $2 million if it closes at that price.
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December 19, 2024

NYC’s largest chain stores continue to struggle

For the fifth time in the last seven years, the total number of chain stores in New York City has dropped. The Center for an Urban Future (CUF) on Wednesday released its annual "State of the Chains" report, which found a 1.3 percent decrease in the number of chain stores across the five boroughs over the last year. These findings indicate that, despite many of the city’s central commercial districts experiencing a strong recovery in storefronts, major national retailers continue to struggle.
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December 11, 2024

Mets shortstop Francisco Lindor to buy $20M UES penthouse

Another New York Mets contract is grabbing headlines. Shortstop Francisco Lindor is set to score a $20 million penthouse at a boutique new condo building on the Upper East Side. As first reported by the Wall Street Journal, Lindor signed a contract for a 5,000-square-foot penthouse at 200 East 75th Street, an under-construction 18-story tower developed by EJS Group. Penthouse 5, which has six bedrooms and multiple terraces, is likely the baseball star's new home.
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December 4, 2024

One High Line penthouse sells for $47M

The most expensive Downtown deal of the year belongs to One High Line in Chelsea. According to public records, a penthouse at the Bjarke Ingels-designed condominium on West 18th Street sold for $47 million last month. Last June, the apartment entered contract after asking $52 million. According to CityRealty, Penthouse 36 is the most expensive apartment to sell at One High Line to date; another penthouse at the building asking $49 million entered contract in January but has not closed yet.
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December 2, 2024

Apple leases additional 61K square feet at 11 Penn Plaza

Apple has expanded its footprint in Vornado's Penn 11 office tower in Midtown, acquiring an additional 61,000 square feet. As reported by The Real Deal, the tech giant has signed a new lease that brings its total space in the building to 460,000 square feet and extends its occupancy through the expiration of Macy's lease in 2035. The company now spans the fourth through 14th floors of the 26-story tower, located at 11 Penn Plaza between West 31st and 32nd Streets on Seventh Avenue.
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November 13, 2024

NYC Council votes to end forced broker fees

New York City renters may soon no longer have to pay a broker fee when leasing an apartment. The Council on Wednesday voted to approve the Fairness in Apartment Rental Expenses (FARE) Act, which shifts the payment of broker fees to the party who hired the broker, typically landlords or the management company. The bill was passed with a veto-proof majority of 42-8.
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November 7, 2024

$50M penthouse is the last residence available at the Upper East Side’s famed Surrey Hotel

Manhattan's famed Surrey Hotel is making a comeback. Following bankruptcy proceedings, new owners, and a renovation, the 100-year-old Art Deco landmark at 20 East 76th Street on the Upper East Side reopened last month as a condo hotel, with 100 hotel rooms and 14 condos, part of the Surrey Residences. Now, after a whisper sales campaign, just one remaining apartment is about to hit the market: a three-bedroom duplex penthouse asking $50,000,000. The sprawling residence, the building's most expensive, offers 5,195 square feet plus 2,346 square feet across three terraces and a private rooftop.
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November 5, 2024

With opening of final tower, Jersey City’s Journal Squared development is complete

The final tower of Jersey City's massive three-building complex Journal Squared opened last week, marking the completion of the transformative development. City officials joined Kushner Real Estate (KRE) Group and National Real Estate Advisors to celebrate the opening of the 60-story tower at 615 Pavonia Avenue; the two other high-rise rentals have already opened. The $900 million, 2.3 million-square-foot Journal Squared development first broke ground in 2014 and includes more than 1,800 luxury apartments.
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October 23, 2024

Judge orders Rudy Giuliani to give up Upper East Side penthouse

Rudy Giuliani must turn over his valuable possessions, including his Upper East Side penthouse, as part of a $148 million defamation lawsuit the former mayor lost in 2023, a judge ruled this week. In Manhattan federal court on Tuesday, Judge Lewis Liman said the former New York City mayor and lawyer for Donald Trump has seven days to transfer the possessions, which include, in addition to the apartment at 45 East 66th Street, a Mercedes-Benz, several watches, a signed Joe DiMaggio jersey, and more, to the two Georgia election officials he defamed, CNN reported.
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October 15, 2024

Rupert Murdoch finally finds buyer for Flatiron penthouse, takes $15M loss

News Corp founder Rupert Murdoch finally found a buyer for his New York City penthouse. Most recently listed for $28.5 million, the triplex top unit at One Madison in the Flatiron District entered contract last week after first listing for $62 million in 2022. The 93-year-old media titan paid $43 million for the apartment in 2014.
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October 11, 2024

Chrysler Building ownership is in limbo

The owners of the Chrysler Building are fighting to hold onto the iconic Art-Deco skyscraper after falling behind on more than $21 million in rent. RFR, led by Aby Rosen, on Monday, made a legal filing accusing landlord Cooper Union, which owns the land under the Chrysler, of driving away tenants with its response to a campus protest last October, which influenced several tenants to cancel or terminate their leases, as reported by Crain's New York. But data from CoStar shows that the tower's occupancy rose to 85.7 percent as of September 30, up from 82.8 percent in 2023.
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September 20, 2024

New York Knicks’ Miles McBride renting One High Line apartment for $15.5K/month

New York Knicks point guard Miles McBride is renting a luxury Chelsea apartment for $15,500/month. The two-bedroom, two-and-a-half-bath apartment is at One High Line, the pair of twisting condo towers at 500 West 18th Street designed by Bjarke Ingels. As first reported by the New York Post, the unit spans 1,600 square feet and comes fully furnished with high-end pieces. One High Line offers expansive skyline views from its perch above the elevated park.
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September 18, 2024

One Williamsburg Wharf launches sales, offering resort-style living from $710K

Sales officially launched this week at One Williamsburg Wharf, the first of five towers in an "urban resort-style" development taking shape along the Williamsburg waterfront. Developed by Naftali Group and designed by Brandon Haw Architecture, the 22-story luxury condo tower features 89 "design-forward" residences and world-class indoor and outdoor amenities, including a rooftop pool deck that transforms into an ice-skating rink in the winter. Pricing begins at $710,000 for studio apartments.
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August 27, 2024

60 luxury condos planned for the Flatiron Building

More details on transforming one of New York City's most iconic buildings into apartments were revealed this week. Developers GFP Real Estate, the Brodsky Organization, and the Sorgente Group filed plans with the city to convert the Flatiron Building into 60 residential units, as first reported by Commerical Observer. The homes could be complete by 2026, according to the Environmental Assessment Statement (EAS) filed with the Department of City Planning.
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