Real Estate Trends

The proposed East Midtown Rezoning has been a hotly debated issue over the past few years. First introduced by Mayor Bloomberg, and backed by Mayor de Blasio, the rezoning would allow developers to build larger and taller than the current Grand Central Terminal district zoning allows in exchange for financial contributions to the area's infrastructure needs. The Department of City Planning feels the rezoning would ensure that the area maintains its spot as a global business center, but others think it would forever ruin the historic nature of the neighborhood. One of the most major components of the project is One Vanderbilt, a 68-story, 1,514-foot zigzag tower that will stand adjacent to Grand Central. Along with the building comes a reconfiguration of the Vanderbilt Corridor, the streetscape around the Terminal. A panel discussion at the Museum of the City of New York on January 20th will examine both the tower and the corridor and what they mean for Midtown East.
More about the event here

January 12, 2015

Checking In on 56 Leonard: The Rising Star in the Downtown Skyline

Esteemed architect and historian Robert A.M. Stern once said that "New York is a constellation of magic moments. No city as complex as New York rebuilds itself so often, and often so well." Two stars are being born in that nebula of irregular streets we call Downtown. The taller of the two, 30 Park Place, is designed by the famed starchitect himself, and has recently surpassed its neighbor, the Woolworth Building, to soon take its place as the tallest residential perch in the district. The other star, 56 Leonard, may still shine brighter, however. While absent any height superlatives, 56 Leonard may very well end up being the most interesting skyscraper Downtown has produced in decades. Nicknamed the "Jenga-building" and the "tower of penthouses," 56 Leonard's design comes from the Swiss architectural firm of Herzog & de Meuron while working with the residential know-it-alls at Goldstein Hill & West. Currently, the concrete frame is approximately 700 feet tall with little more than 100 feet to rise before topping off. The floors progressively stagger at varying configurations creating cantilevered interior spaces as well as outdoor balconies for each of the residences.
More details ahead

January 9, 2015

Once Vibrant Graffitied Boyce Thompson Institute in Yonkers Will Get a New Lease on Life

By Stephanie Hoina

While not officially landmarked, the Federal-style masonry building that formerly housed the Boyce Thompson Plant Institute has been part of the Yonkers landscape for nearly a century. After the institute relocated to the Cornell University campus in the late '70s, the original location fell into disrepair, becoming an eyesore the city was anxious to remedy. Enter Simone Development, who welcomed the opportunity to purchase the property and conclude the city's decades-long quest to find the right owner.
Find out about the Institute's new life and the architects behind it

January 9, 2015

Real Estate Wire: Nearly a Quarter of NYC Apartments Aren’t Primary Residences; How Expensive Is Your Neighborhood?

Nearly one quarter of the apartments in New York City are not used as primary residences. Instead they serve as either as pieds-à-terre or investment properties that are rented out to tenants. [NYT] How pricey is your neighborhood? This map will give you an idea of how things stack up. [TRD] Jared Kushner’s Kushner Companies […]

Real Estate Trends

January 9, 2015

Muddy Construction Commences on Jardim, Isay Weinfeld’s Condominium on the High Line

The construction boom in Chelsea along the High Line continues unabated with the start of another condo development penned by a highly acclaimed foreign architect. This latest condominium, dubbed “Jardim” (Portuguese for garden), comes from the office of visionary Brazilian architect Isay Weinfeld. Developed by Harlan Berger's Centaur Properties, Jardim's site is situated at 525 West 25th Street between 10th and 11th Avenues–just a single starchitect's lot away from the High Line. Construction at the currently muddy site has commenced, and we got a first-hand look at the progress.
More on the project here

January 8, 2015

Rents in Brooklyn Still Up Even with a Boom in New Listings

MNS has just released the December rental reports covering Manhattan and Brooklyn. Far from surprisingly, rents were up in both boroughs, each seeing a solid increase year over year. But one finding that definitely stood out was Brooklyn's 9 percent uptick in new listings between November and December 2014. Whether rents will reflect the new inventory the coming months has yet to be seen; November on December figures slow only the slightest decrease with average rents falling from $2,677 to $2,666 (a 0.39 percent drop). Bigger picture figures show that since December 2013, rent prices have increased 3.08 percent rising from $2,587 to $2,667 in December 2014. Brooklyn neighborhoods that did especially well last year included Boerum Hill, which saw an average rent increase of 15.7 percent from $2,668 in December 2013 to $3,088 in December 2014; and Prospect-Lefferts Gardens, which saw a 9.5 percent increase since December 2013—a continuing trend for the nabe. So, is Brooklyn still having its moment?
More details on Brooklyn and the Manhattan dispatch this way

Real Estate Trends

January 8, 2015

Real Estate Wire: Olivia Wilde and Jason Sudeikis List Home for $4M; Jared Kushner Wants $66M for Top Puck Penthouse

With a new baby in tow, Olivia Wilde and Jason Sudeikis are looking for a new home and putting their Meatpacking District home on the market for just under $4M. [NYP] Jared Kushner is looking to set a downtown record with his $66M listing for the uppermost penthouse at the Puck Penthouses. [WSJ] The upcoming World Trade Center […]

Real Estate Trends

January 8, 2015

Fox News Host Kimberly Guilfoyle Buys $3.4M Central Park West Apartment Full of Taxidermied Animals

Generally speaking, the ultra-conservative crowd isn't spending their free time volunteering with PETA. So it's quite fitting that Fox News host Kimberly Guilfoyle just picked up the infamous taxidermy-filled apartment in the Beresford. Fortunately or unfortunately, depending on your thoughts on decorative dead animals, the long-time owner, journalist Gregory Speck, is sending his massive collection of stuffed friends to the Virginia Museum of Natural History, according to the Post. And Guilfoyle has already hired architect Campion Platt to renovate the two-bedroom, "classic six" home. Lucky for us, though, it's not too late to see the bizarre (or some may say terrifying) Central Park West home.
Take a look inside

January 8, 2015

Construction Update: High Line-Embracing Condo 505 West 19th Street Gets Its Skin

The area surrounding the High Line continues to serve as the city's hotbed of avant-garde architecture, and Thomas Juul-Hansen's 505w19 is the latest jewel to stud West Chelsea's verdant necklace. The two-building project, whose 10-story volumes straddle either side of the High Line, will join the ranks of Foster's 551W21, Selldorf's 520 West Chelsea, and Shigeru Ban's Metal Shutter House as a timeless, modern addition that contextually blends into the west side's no-nonsense streetscape. We recently got a peek at the construction of this 35-unit condo development, which is currently getting its skin--a dark-grey saw toothed façade with exposed concrete columns and slab edges.
Take a look at the progress here

158-Year-Old Legally-Embattled Building on Leonard Street Finally Sells for $11.2 Million

It's been a rough year for an even rougher 158-year-old structure located at 17 Leonard Street. Since 2013, there's been an ongoing dispute over damage in the building that caused an evacuation ordered by the Department of Buildings. Owner Christopher Rolf has been feuding with his next-door neighbor, Steven Schnall, who is constructing a seven-story condo building with a two-story penthouse next door at 15 Leonard. The dispute concerns the cause of several giant cracks that Rolf alleged appeared once Schnall started construction. Rolf claimed Schnall's project was the reason for the damage, while Schnall insisted that the old structure was already in shambles long before he even broke ground. The drama has dragged on for over a year, but a recent sale points to the end of the saga at 17 Leonard—at least for Rolf. According to public records, Rolf has finally parted ways with the property, striking a deal with an undisclosed buyer (listed simply as "17 Leonard Properties, LLC") for $11.165 million.
More details here

January 7, 2015

Real Estate Wire: Curious Wedge-Shaped Building Sprouts in South Williamsburg; The Upper East Side Redrawn

A funny wedge-shaped two-family building has popped up on a tiny triangle in South Williamsburg on Heyward Street. [Brownstoner] The borders of the Upper East Side redrawn so no block is excluded. [Curbed] The Bnai Zion Foundation is looking to sell its long-time U.S. headquarters in Murray Hill for $21M. [TRD] The buyer of Kiefer Sutherland’s […]

Real Estate Trends

January 7, 2015

Tyra Banks Lists Nolita Condo for $3.8M

By Annie Doge

Fashion-forward supermodel Tyra Banks has listed her surprisingly unfashionable Nolita condo for $3.8 million, according to the Daily News. She bought the two-bedroom pad back in 2005 for $2.1 million. The historic Cass Gilbert-designed Beaux Arts building known as the Spring is located at 225 Lafayette Street and has quite the celebrity following. Actress Dakota Fanning currently resides there, and John Mayer sold his unit there for close to $4 million in 2013. We're guessing it wasn't the limelight that persuaded Banks to list, though.
Take a look around the rather un-fierce apartment here

January 7, 2015

POLL: Will 2015 Manhattan Sale Prices Surpass Record-Breaking Average of 2014?

Yesterday we learned that the average Manhattan sale price reached an all-time high in 2014, climbing to $1,718,531 and surpassing the pre-recession record of 2008. We weren’t totally surprised, considering the past year’s slew of new, high-end developments. We predict that this trend will continue into 2015, with even more luxury listings hitting the market. But what […]

Real Estate Trends

January 7, 2015

Palatial Tribeca Triplex with Coveted Keith Haring Mural Finds a New Owner

An 8,000-square-foot Tribeca triplex with a 45-square-foot entertaining space, an original Keith Haring mural, cast iron columns, soaring arched windows and 26+ foot coffered ceilings is not such a hard sell. So we were not surprised to see that this palatial pad sold for the asking price of $10 million according to city records. Located in the historic American Thread Building at 260 West Broadway, this regal home combines the privacy of townhouse living with the security and services of a fully staffed building. When it hit the market back in May we were seriously swooning over its museum-like feel and impressive art collection. But that's not all...
Take a look around the rest of the home here

January 6, 2015

Real Estate Wire: 90-Year-Old LES Matzo Maker to Shutter; 45 Park Place Gets Its Demo Permits

Streit’s Matzo Factory, the last family-owned matzo factory in the U.S., is in contract for purchase by an unnamed developer. The properties, located in the Lower East Side, were listed for $25M. [Bowery Boogie] Soho Properties has received demolition permits for 45 Park Place, the site where a 665-foot tower luxury tower and an Islamic museum will rise. [CO] The […]

Real Estate Trends

January 6, 2015

Average Manhattan Sale Price Reaches All-Time High in 2014

According to Douglas Elliman’s fourth-quarter sales report, 2014's average sale price climbed to a new record high of $1,718,531, surpassing the pre-recession record of 2008. Plus, the fourth quarter had the second-highest sales volume in 25 years with 2,718 closed sales (the highest was in 2013, with 3,297 closed sales). What's to thank (or blame, depending on your feelings)? Jonathan Miller, author of the report and president of real estate appraisal firm Miller Samuel, told Curbed "Prices are up for two key reasons. New development contracts from the past few years are beginning to close, and new development is skewed towards high end. Plus, inventory is up 20 percent from last year's 15-year record low but most of that increase is from new development."
More findings from the report here

Real Estate Trends

January 5, 2015

Real Estate Wire: Flip or Hold in 2015?; Patrick Stewart Loves Park Slope

Should you flip or hold in 2015? [AOL Real Estate] “Ooh, I like this place.” Patrick Stewart muses about living in Park Slope. [NYDN] Super-luxury condos are struggling to attract buyers. [Crain’s] 7 reasons a brokers won’t sell your apartment. [Brick Underground] Citizens band to ‘Save the View Now’ at Brooklyn Bridge Park. [Brooklyn Eagle] […]

Real Estate Trends

January 2, 2015

Daphne Oz, Co-Host of ‘The Chew,’ Buys $1.6M Midtown East Apartment

By Annie Doge

Daphne Oz, daughter of the well-known Dr. Oz and co-host of the talk show "The Chew," has bought a $1,625,000 Midtown East apartment along with her husband John Jovanovic, according to city records. The three-bedroom unit at 140 East 40th Street offers plenty of space for the growing family, as the couple welcomed their first child last February. It's also much closer than the couple's previous New Jersey residence to the ABC Studio in Lincoln Center where "The Chew" is filmed.
Take a look around the Oz pad here

January 2, 2015

Real Estate Wire: 6,500 New Condo Units Coming in 2015; Delving into the Boutique Housing Trend

Twice as many condo units as 2014 (6,500 to be exact) are expected to hit the market in 2015. [NYT] Two 14-story rental towers are coming very close to the Cathedral of St. John the Divine. [FC] Are boutique condos replacing major developments like One57 as the sexiest place to live in NYC? [NYP] Queens affordable […]

Real Estate Trends

January 1, 2015

Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

It's that time of year when we take a look back at the biggest stories of the year and look ahead at what's to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down. This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We'll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.
Check out the year in review and 2015 predictions here

Real Estate Trends

December 31, 2014

Real Estate Wire: Hedge Fund Manager Likely the Buyer of $53M One57 Pad; Queens Historic Sites May Become National Parks

Hedge fund manager Mark Brodsky, founder of Aurelius Capital Management, is probably the buyer of a $53 million pad at One57. [NYO] Hoboken might not be as frat-tastic as you think. [NYT] 17-property Williamsburg site will likely sell for $80 million. [TRD] Two Queens historic sites, the John Bowne House and the Old Quaker Meeting House in […]

Real Estate Trends

Vanity Addresses Like 432 Park Avenue Might Be the Reason You’re Getting Lost

Lost in NYC via Ed Yourdon via photopin cc

December 30, 2014

Vanity Addresses Like 432 Park Avenue Might Be the Reason You’re Getting Lost

When we get into heated debates about NYC being the greatest city on Earth, we like to cite the fact that our sophisticated, methodical street grid makes it impossible to get lost. But what happens when the entrance to 432 Park Avenue is not actually on Park Avenue? Our egos get a little bruised. Known as "vanity addresses," these luxury buildings choose to go by swanky street names like Park or Madison Avenues, but in reality their entrance is on a lowly side street. The front door for 432 Park, for example, will likely be on 56th Street, 150 feet from the Avenue. But how do developers skirt the traditional numbering system to create something that's more of a brand than an address?
Find out here (hint-it doesn't come cheap)

December 30, 2014

Real Estate Wire: Luxury Development Hitting the West 90s; 70,000 People Apply for 38 Affordable Apartments in Williamsburg

The West 90s, long considered the more affordable part of the Upper West Side, is seeing an influx of luxury development. [NYT] 70,000 people applied for 38 affordable apartments in Williamsburg at 59 Frost Street. [DNAinfo] Not everyone agrees with the Times endorsement of the QueensWay. [2nd Ave. Sagas] Soap opera star Noelle Beck lists […]

Real Estate Trends

December 30, 2014

REVEALED: Mixed-Use Development One Flatbush Avenue to Rise from Prominent Brooklyn Corner