Real Estate Trends

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

45 East 66th Street. Photo by Epicgenius via Wikimedia Commons

October 23, 2024

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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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

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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Photo via WikiCommons

May 28, 2024

NYC’s Fotografiska museum to close and relocate, historic Park Ave South building to hit market

By Aaron Ginsburg

Swedish photography museum Fotografiska New York will close its New York City location with plans to relocate to a larger spot, the museum announced last week. Fotografiska opened at the historic Gramercy building at 281 Park Avenue South in 2019 and later was joined by the restaurant Verōnika and the Chapel Bar. The museum's last day in the current building will be September 29 and the restaurant and bar will close in June. As Crain's reported, 281 Park Avenue South owner, Aby Rosen's RFR Holding, will put the architecturally stunning building on the market this week for an undisclosed amount.
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400-unit rental at 250 Water Street in South Street Seaport can move forward

Images courtesy of The Howard Hughes Corporation/SOM

May 22, 2024

400-unit rental at 250 Water Street in South Street Seaport can move forward

By Devin Gannon

A 400-unit rental planned for a parking lot in the South Street Seaport historic district can officially move forward, ending a multi-year legal saga over the site. The New York Court of Appeals on Tuesday rejected a challenge from preservationists who opposed the Howard Hughes Corporation's $850 million project at 250 Water Street. With the ruling, and the extension of the 421-a tax break, the developer can proceed with constructing the 27-story mixed-use development.
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The historic Bronx Post Office is for sale again

All photos courtesy of Avison Young

May 7, 2024

The historic Bronx Post Office is for sale again

By Devin Gannon

One of the most iconic buildings in the Bronx is for sale again. The Bronx General Post Office at 558 Grand Concourse is looking for a buyer five years after a deal to buy the landmark fell through. Developer Young Woo & Associates purchased the property from the United States Postal Service in 2014 with plans to revitalize the 90-year-old building and transform it into a mixed-use development with a food market. After a sale failed in 2019, the property has returned to the market, advertised as having the potential to become residential or a hotel with retail space.
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Stephen Sondheim’s Connecticut country home sells for $3.25M

Photos courtesy of Klemm Real Estate & Michael Bowman Photography

April 18, 2024

Stephen Sondheim’s Connecticut country home sells for $3.25M

By Devin Gannon

The longtime Connecticut home of late Broadway legend Stephen Sondheim sold for the full asking price of $3,250,000. After hitting the market last November, the Roxbury property, which includes a main house, one-bedroom pool house, and a detached garage, found a buyer in just 12 days, according to Klemm Real Estate, the firm with the listing.
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Photo courtesy of Evan Joseph

April 1, 2024

Brooklyn Tower faces foreclosure

By Aaron Ginsburg

Despite setting a record for Brooklyn's most expensive studio last week, the Brooklyn Tower is facing foreclosure. JDS Development has defaulted on a $240 million mezzanine loan issued by Silverstein Capital Partners in 2019 for the 93-story development, as reported by The Real Deal. Silverstein has scheduled a foreclosure auction for June 10.
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Real Estate Trends

$905K Brooklyn Tower studio sets new sales record for the borough

Photo by Max Touhey

March 27, 2024

$905K Brooklyn Tower studio sets new sales record for the borough

By Devin Gannon

The tallest tower in Brooklyn just broke another record. A studio apartment in the Brooklyn Tower has sold for $905,000, marking the most expensive studio sale on a price-per-square-foot basis in the borough. Situated over 720 feet above ground, the 440-square-foot apartment boasts soaring, unobstructed views of the city and way beyond. According to city records, the property fetched a little over $2,000 per square foot.
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Real Estate Trends

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

Photo by Martti Salmi on Unsplash

March 13, 2024

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

By Michelle Cohen

New York City’s most successful real estate agents make it their business to know the city’s highlights, hot spots, secrets, and specialties; many are NYC natives or longtime residents whose love for the city’s streets and avenues adds indisputable value to their career of choice. We’ve asked a few top agents to tell us about their favorite neighborhoods and share their views on what the city's future may hold. Read on for insights from Leslie Hirsch, an insider with an enviable view from Billionaires' Row.
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