Real Estate Trends

Plans filed to transform Times Square office building into 942 apartments

Exterior of 5 Times Square. Image via WikiCommons

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!

By 6sqft

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

$7.2M penthouse is most expensive sponsor sale in Williamsburg

Renderings courtesy of Naftali Group

December 19, 2024

$7.2M penthouse is most expensive sponsor sale in Williamsburg

By Aaron Ginsburg

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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NYC’s largest chain stores continue to struggle

Photo by Peter Burka on Flickr

December 19, 2024

NYC’s largest chain stores continue to struggle

By Aaron Ginsburg

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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Real Estate Trends

Mets shortstop Francisco Lindor to buy $20M UES penthouse

Renderings courtesy of DBOX

December 11, 2024

Mets shortstop Francisco Lindor to buy $20M UES penthouse

By Aaron Ginsburg

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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Photo by Nicole Franzen

December 4, 2024

One High Line penthouse sells for $47M

By Devin Gannon

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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Real Estate Trends

December 2, 2024

Apple leases additional 61K square feet at 11 Penn Plaza

By Aaron Ginsburg

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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NYC Council votes to end forced broker fees

Council Member Chi Ossé held a press conference before the City Council voted on the FARE Act. Photo credit: Gerardo Romo / NYC Council Media Unit on Flickr

November 13, 2024

NYC Council votes to end forced broker fees

By Aaron Ginsburg

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

All renderings courtesy of Noë & Associates with V1

November 7, 2024

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

By Aaron Ginsburg

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

Credit: Mean Genius

November 5, 2024

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

By Aaron Ginsburg

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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Judge orders Rudy Giuliani to give up Upper East Side penthouse

By Devin Gannon

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

Photo by Eden, Janine and Jim on Flickr

October 15, 2024

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

By Aaron Ginsburg

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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Real Estate Trends

Credit: JJBers on Flickr

October 11, 2024

Chrysler Building ownership is in limbo

By Aaron Ginsburg

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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Real Estate Trends

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

Photos by Evan Joseph unless otherwise noted

September 20, 2024

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

By Aaron Ginsburg

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

Renderings courtesy of Hayes Davidson

September 18, 2024

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

By Aaron Ginsburg

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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60 luxury condos planned for the Flatiron Building

Photo by David Becker on Unsplash

August 27, 2024

60 luxury condos planned for the Flatiron Building

By Devin Gannon

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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Barbara Walters’ Upper East Side apartment sells for $15M

All photos courtesy of Donna Dotan unless noted otherwise

July 18, 2024

Barbara Walters’ Upper East Side apartment sells for $15M

By Aaron Ginsburg

Barbara Walters' longtime Upper East Side apartment has sold for $14,999,900, public records show. The home at 944 Fifth Avenue hit the market last April for $19.75 million. The beloved journalist lived in the five-bedroom, five-bath pre-war apartment for 30 years until her death in 2022.
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Brooklyn Heights townhouse closes for $22.1M, second priciest single-family home sale in the borough

Photo credit: Matthew Williams

July 17, 2024

Brooklyn Heights townhouse closes for $22.1M, second priciest single-family home sale in the borough

By Devin Gannon

The second priciest single-family home ever sold in Brooklyn has officially closed. The Anglo-Italianate five-bedroom townhouse at 1 Sidney Place in Brooklyn Heights sold for $22.1 million in April; Glossier founder Emily Weiss was identified as the buyer. About a half mile away, the borough's most expensive single-family sale remains 8 Montague Terrace, which sold for $25.5 million in 2020.
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Real Estate Trends

Photos courtesy of Aman New York

July 10, 2024

Aman New York penthouse sells for $135M

By Devin Gannon

A five-story penthouse at the Aman New York at 730 Fifth Avenue has sold for $135 million, marking New York City's most expensive sale of the year. As first reported by Bloomberg, the deal surpasses a $115 million penthouse at Central Park Tower that closed in June. The 12,500-square-foot sky mansion aptly sits in the actual crown of the 100-year-old Midtown Manhattan tower, known as the Crown Building for its gilded exterior. Opened in 2022, the Aman New York is an ultra-luxury hotel-condo with 83 hotel rooms and 22 residences. The Wall Street Journal on Thursday identified Vladislav Doronin, the billionaire and founder of OKO Group, the developer of the Aman, as the buyer of the record-breaking penthouse.
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IKEA is coming to Fifth Avenue in Midtown

IKEA’s Red Hook location. Photo courtesy of Eden, Janine, and Jim on Flickr.

July 2, 2024

IKEA is coming to Fifth Avenue in Midtown

By Aaron Ginsburg

IKEA is returning to Manhattan. The home goods store will open a new store in Midtown within 570 Fifth Avenue, an office tower developed by Extell Development. Ingka Investments, the investment arm of Ingka Group which owns most IKEA stores worldwide, plans to open an 80,000-square-foot store across two cellar levels with a corner entrance on Fifth Avenue. The Swedish company opened a store on the Upper East Side in 2019 but closed about two years later.
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Real Estate Trends

Silverstein takes control over Brooklyn Tower in $672M deal

Photo by Evan Joseph

July 2, 2024

Silverstein takes control over Brooklyn Tower in $672M deal

By Aaron Ginsburg

The real estate drama surrounding the Brooklyn Tower may be over. As first reported by Pincus Co, Silverstein Properties has taken over the tower's rental, retail, and unsold condo units from JDS Development in a $672 million deal. Silverstein had provided a $240 million loan for the tower, which JDS defaulted on in 2019, leading to a foreclosure auction scheduled for June 1. The auction was delayed and eventually avoided after Michael Stern of JDS transferred a preferred equity piece in the tower to Silverstein in order to restructure his debt, according to The Real Deal.
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Real Estate Trends

Pfizer’s former Midtown HQ to become 1,500 apartments

Pfizer World Headquarters. Photo via WikiCommons

June 26, 2024

Pfizer’s former Midtown HQ to become 1,500 apartments

By Aaron Ginsburg

The former Midtown headquarters of pharmaceutical company Pfizer is poised to become New York City's largest office-to-residential conversion. As Crain's New York first reported, the vacant two-building complex at 219 and 235 East 42nd Street will become a 1,500-unit rental property. Metro Loft Developers, the team behind other large residential conversions, including 55 Broad Street in the Financial District, is leading the conversion. The project will not contain any affordable housing units, according to the developer.
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Central Park Tower penthouse closes for $115M

Image courtesy of Extell

June 17, 2024

Central Park Tower penthouse closes for $115M

By Devin Gannon

A penthouse at Central Park Tower closed for $115 million, becoming New York City's fourth priciest apartment sale on record. Taking up the 107th and 108th floors of the tallest tower in the Western Hemisphere, the duplex condo on Billionaires' Row was first listed for $175 million last March and entered contract early this year.
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Real Estate Trends

What to know about the NYC broker fee bill

James Whelan, President of REBNY, during Wednesday’s rally at City Hall. Photo courtesy of REBNY

June 12, 2024

What to know about the NYC broker fee bill

By Devin Gannon

Broker fees are once again up for debate in the New York City Council. A seven-hour public hearing on Wednesday brought hundreds of tenant advocates and real estate professionals to City Hall over Intro 360, or the Fairness in Apartment Rental Expenses (FARE) Act. The legislation, sponsored by Council Member Chi A. Ossé, calls for shifting the payment of broker fees to the party who hired the broker, often the landlord or management company. Agents argue landlords would bake the fees into the monthly rent, threatening their livelihood and increasing the financial burden for renters.
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Derek Jeter finally finds a buyer for upstate New York ‘castle’

All photos courtesy of Stephen Dolinsky

June 5, 2024

Derek Jeter finally finds a buyer for upstate New York ‘castle’

By Devin Gannon

Former New York Yankee Derek Jeter has finally found a buyer for his unique compound in upstate New York. As first reported by Mansion Global, the 50,000-square-foot waterfront estate in Greenwood Lake, known as Tiedemann Castle, sold last week after several years on and off the market. Jeter purchased the property in 2003 and spent 15 years renovating the "castle" before listing it for $14.75 million in 2018. While the final price is not known since it hasn't closed yet, the home at 14 Lake Shore Road was most recently listed for $6.3 million.
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