Why Brooklyn’s Real Estate Bubble Will Never Pop; The Departure of Streit’s Matzo Factory Begins

By Diane Pham

June 12, 2015

Why Brooklyn’s Real Estate Bubble Will Never Pop; The Departure of Streit’s Matzo Factory Begins

“Brooklyn is not going through a boom as much as it’s swinging back to what it always should have been worth.” I.e. expect rents in the borough to remain obscene. [Gothamist]
Hedge funder Steven A. Cohen has de-listed his $82M apartment, claiming his brokers failed to do their job. [NYDN]
More renderings inside Jean Nouvel’s MoMA residential tower. [Curbed]
Mayor De Blasio says we should expect a “real nightmare” if the law governing rent-regulated apartments is allowed to expire. [NYDN]
Drilling has begun outside the beloved Streit’s Matzo Factory. [BB]

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$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.
tour the penthouse