Real Estate Trends

Today’s the Day: Condé Nast Moves into One World Trade Center
November 3, 2014

Today’s the Day: Condé Nast Moves into One World Trade Center

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More than nine years after ground broke at One World Trade Center, the tower's first and largest tenant, Condé Nast, is moving in. Though the media company will not complete its move until January, the relocation actually began last weekend when 2,800 orange crates full of files, photos, and books were carted downtown from the media company's Times Square office. Today, 175 employees will start their days at One WTC, the first wave of the 3,400 employees at 18 magazines. And as the New York Times notes, the scene they're encountering is much different than when construction began nearly a decade ago. As the number of financial institutions has declined, tech firms, advertising agencies, and media companies have made the Financial District their new home, along with a residential population of 61,000.
More on the big move here
Grave Concerns: Do Cemeteries Affect Real Estate Prices in New York?

Photo via Plowboylifestyle/CC

October 31, 2014

Grave Concerns: Do Cemeteries Affect Real Estate Prices in New York?

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Not so surprisingly, Manhattan has a slew of cemeteries, graveyards and built-over potter’s fields (for unclaimed bodies). Madison Square Park was originally used as a potter’s field, as was Bryant Park. And though these swaths of land served many purposes over the years, it took an eternity before they were lovely public parks. From the late 1600s, burial grounds were generally confined to what would now be just south of City Hall, but more began popping up further uptown during the 1800s as the city’s population grew in leaps and bounds. With Halloween upon us, tis’ the season for checking out if living near one might give a buyer a bit of a ghostly scare or whether it takes an eternity to sell when the living room window overlooks tombstones marking coffins buried six feet under. Hear what experts say, and then learn about the city's most notable graveyards.
Do homes near cemeteries sell at a discount in NYC?
Real Estate Wire: Bjarke Ingels’ 57th Street Apartment Tops Out; Landmarked Dudley Townhouse for Sale
October 31, 2014

Real Estate Wire: Bjarke Ingels’ 57th Street Apartment Tops Out; Landmarked Dudley Townhouse for Sale

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David Wolkoff, the developer of the residential building replacing 5Pointz, has sold his 791 Park Avenue home for $10M. [NYO] BIG’s 57th Street pyramid gets its topper. [Curbed] A Bowery development site sold for $45M. [TRD] The Port Authority has lost the $175M Hudson Yards tower deal. [Crain’s] Landmarked Dudley Memorial townhouse at 118 Amity Street in Cobble […]

October 30, 2014

POLL: Would You Live Next to a Cemetery?

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In the spirit of Halloween, yesterday we took a look at whether or not living near a cemetery affects real estate prices in New York. Apparently, on average, homes close to cemeteries were slightly smaller, but sold for more due to a higher cost per square foot. And though this is what the research suggests, […]

Bruce Willis Buys $12 Million, 22-Acre Site in Bedford, NY
October 30, 2014

Bruce Willis Buys $12 Million, 22-Acre Site in Bedford, NY

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Lots of Hollywood celebrities are making waves in Bedford, New York this week. Just after it was reported that Michael Douglas and Catherine Zeta-Jones sold their home in the woodsy Westchester town for $7.5 million, in turn closing on a nearby property for $11 million, it's now making headlines that Bruce Willis has dropped $12 million on two Bedford parcels totaling 22.32 acres. The actor has been very busy with real estate lately. He recently listed his Sun Valley ski house and Beverly Hills estate and bought a Central Park West apartment. Willis and his wife Emma Heming will now get to enjoy the 8,000-square-foot, shingle-style home, as well as the adjoining property's antique house and two renovated guest cottages.
Take a look at Bruce's Bedford digs here
Forget Showrooms, Developers Turn to Oculus Rift to Virtually Immerse Buyers in Pricey Properties
October 29, 2014

Forget Showrooms, Developers Turn to Oculus Rift to Virtually Immerse Buyers in Pricey Properties

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Though more and more house hunters are back to buying off of blueprint in this hot real estate market, that hasn't stopped developers from tricking out their sales offices with hopes of trumping the competition. Ultra-detailed scaled models line spaces, and the priciest of couches and countertops fill life-sized mockups blocks away from the actual address. More recently, buildings like 50 West have built out entire theaters wrapped with screens intent on showing buyers the panoramic city views their shelling out millions for. Clearly, cost is not a concern. But watch out, there's a new group on the scene ready to really shake things up. Architecture visualization firm ArX Solutions has turned to a piece of virtual reality tech that everyone seems to be talking about: Oculus Rift. With their specially designed virtual reality tours, clients can see exactly what its like to walk through a home with all their sensations engaged. Cool? Absolutely. But this tour doesn't come cheap. Like the lofty homes it features, a trip with Oculus Rift rings in at a jaw-dropping $95,000.
Find out more about taking an Oculus Rift real estate tour
It Will Cost $32 to Visit One World Trade Center’s Observatory
October 29, 2014

It Will Cost $32 to Visit One World Trade Center’s Observatory

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On Monday we learned that tourism is predicted to bring in one quarter, roughly $53 million, of the One World Trade Center's annual revenue by 2019. And now the much-talked-about ticket price to visit the three-floor observation deck of the tower, known as One World Observatory, has been revealed. It will cost $32 for an adult to visit the observatory when it opens in the spring of 2015.
More details and renderings of the observatory ahead
Will Bill Ackman Be Able to Pull off a $90M Condo Flip at One57?

One57 and the view from the $90 million penthouse

October 28, 2014

Will Bill Ackman Be Able to Pull off a $90M Condo Flip at One57?

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It's true that One57′s first flip saw a $3.5 million profit in just five months, but that unit sold for $34 million the second time around. A selling price of more than $90 million is a different story--and that's exactly what hedge fund manager William (Bill) Ackman is hoping to achieve. In a profile in the Times on Sunday, Ackman was revealed as the buyer of the $90 million penthouse at the luxury building, which is sure to see its share of flips. But he also shared that he has no intention of ever living in the apartment. He'll stay with his wife and daughters at their current home in the Beresford and use the penthouse as a "fun" investment opportunity for himself and some good friends, perhaps hosting a few parties there in the meantime.
More on the planned flip here
Sportscaster Marv Albert Gets $15M for His Lincoln Square Apartment
October 28, 2014

Sportscaster Marv Albert Gets $15M for His Lincoln Square Apartment

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Famed sportscaster Marv Albert has found a buyer for his sprawling penthouse located at 150 Columbus Avenue. The NYDN reports the "Voice of Basketball" and his wife, former ESPN producer Heather Albert, just inked a contract that points to a $14.9 million deal. The couple originally purchased the 3,553-square-foot penthouse back in 1996 for just $2.39 million, calling it their home for years before heading down to Tribeca—and turning this pretty sweet profit. The penthouse was listed just five months ago.
Inside the home
It’s Expected That Tourism Will Bring in 25% of One World Trade Center’s Revenue
October 27, 2014

It’s Expected That Tourism Will Bring in 25% of One World Trade Center’s Revenue

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On Friday, news broke that anchor tenant Condé Nast will begin its big move in to One World Trade Center on November 3rd. And now we've learned that the Port Authority of New York and New Jersey, along with the Durst Organization, is predicting that one quarter, roughly $53 million, of the tower's annual revenue will be generated from tourism by 2019. The three-floor observation deck of the tower, known as One World Observatory, is expected to be visited by about 3.5 million people per year. Legends Hospitality LLC, the developer of the observatory, has not yet revealed what it will cost to visit the site, but it's expected to be on par with the Empire State Building, which received $101 million in 2013 from visits to its observatory (it costs $29 per person), 40% of its annual revenue.
Learn more about this prediction and the state-of-the-art observation deck here
Real Estate Wire: Brooklyn Lyceum Sells at Auction; Kiefer Sutherland’s Former Village Townhouse Lists Again for $20M
October 24, 2014

Real Estate Wire: Brooklyn Lyceum Sells at Auction; Kiefer Sutherland’s Former Village Townhouse Lists Again for $20M

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A new type of post-recession real estate fraud is wreaking havoc on Brooklyn neighborhoods like Canarsie, East New York, and Cypress Hills. [Brooklyn Brief] Landmarked Brooklyn Lyceum sells at auction for $7.6 million. [Brownstoner] Appraiser Jonathan Miller looks at what would happen if we eliminated rent regulation. [Bloomberg] Kiefer Sutherland’s former Steven Gambrel-designed Greenwich Village […]

Billionaire Real Estate Developer Leonard Stern Sells Soho Penthouse for $15M
October 24, 2014

Billionaire Real Estate Developer Leonard Stern Sells Soho Penthouse for $15M

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Leonard Stern, billionaire businessman and real estate developer and namesake of NYU's Stern School of Business, has sold his "ultimate Soho penthouse" for $14,650,000 according to city records released today. In April 2014, a year after Stern originally listed the apartment, New York Magazine released a video tour of the 4,315-square-foot, four-bedroom duplex, revealing everything from a zen solarium to a restaurant-caliber kitchen. Stern bought the penthouse of 459 West Broadway in 2010 for $14,250,000, but the small profit likely won't affect him too much since his net worth is estimated at $3.8 billion.
Check out the billionaire digs and watch the video tour
Real Estate Wire: Luxury Tower Rising Along the AirTrain; No Picket Fences for This Generation
October 23, 2014

Real Estate Wire: Luxury Tower Rising Along the AirTrain; No Picket Fences for This Generation

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Someone is building a luxury residential building next to the AirTrain station. The Crossing, as it’s called, will host 580 units with roof terraces and a 24-hour doorman among other amenities. [DNA Info] “No Picket Fence”. New Yorkers in their 20s and 30s are increasingly looking for appealing rentals as opposed to buying, and developers are […]

<b>Goldilocks Blocks: Hope Street in Williamsburg</b>

Between hyper-developed hotspots, main drags in up-and-comers, and those genuinely avoidable areas, there can often be found a city’s “just-right” zones. They aren’t commonly known, but these micro-neighborhoods often hide within them real estate gems coupled with perfectly offbeat vibes. Continuing our Goldilocks Blocks series, this week we look at Hope Street in Williamsburg, Brooklyn.

October 22, 2014

Goldilocks Blocks: Hope Street in Williamsburg

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It’s hard to imagine any corner of Williamsburg that doesn’t embody some form of the neighborhood’s upscale hipster paradise. With the opening of The Gorbals restaurant–to excellent reviews–atop the 6th Street Urban Outfitters on the North Side and the South Side sprouting condos and charter schools, the term “prime Williamsburg” has become meaningless. But in every district there are places that retain that charming, slightly unruly je ne sais quoi. The four blocks that comprise Hope Street fit this description.
What makes Hope Street so 'just right?'
Real Estate Wire: Joan Rivers Leaves UES Penthouse to Daughter; Glasslands Out, Vice In
October 22, 2014

Real Estate Wire: Joan Rivers Leaves UES Penthouse to Daughter; Glasslands Out, Vice In

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Melissa Rivers will inherit mom Joan Rivers’ penthouse apartment at 1 East 62nd Street. [NYP] Vice’s expansion has taken another victim: Williamsburg’s beloved music venue Glasslands. [Gawker] A plan to build luxury condos on a toxin-laden Greenpoint site of a former plastics factory could kick up pollutants and poison kids attending a planned school nearby. [Brooklyn Paper] […]

J.Lo Buys $22M NoMad Penthouse with Celeb Neighbors
October 22, 2014

J.Lo Buys $22M NoMad Penthouse with Celeb Neighbors

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Though she was recently spotted eying a $14 million Tribeca loft, it's rumored that J.Lo has inked a deal on a $22 million duplex penthouse in NoMad's Whitman Building at 21 East 26th Street. She may have decided to up her budget thanks to a two-year, $26.3 million residency deal in Las Vegas. Or perhaps it was the Whitman's A-list roster of residents that swayed her; her neighbors will include Chelsea Clinton and NASCAR's Jeff Gordon. Lopez's new digs feature four bedrooms, six bathrooms, and 3,000-square-feet of outdoor space spread over four terraces with views of Madison Square Park.
Take a look inside Jenny from the Block's new home
Real Estate Wire: Real-Life Owners of Sex and the City House Are Ticked; Richard Meier Penthouse Now $40M
October 21, 2014

Real Estate Wire: Real-Life Owners of Sex and the City House Are Ticked; Richard Meier Penthouse Now $40M

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Extell’s Gary Barnet shares how he scored the F.M. Ring’s prized Midtown South portfolio. Highlights include how he outmaneuvered the hostile sellers and competing offers. [TRD] The price tag on this Richard Meier penthouse has been upped to $40M from $35M. [Curbed] Sarah Jessica Parker has riled the owners of Carrie Bradshaw’s West Village townhouse […]

Churches Across Brooklyn Are Hot to Sell Their Holy Land for Millions
October 20, 2014

Churches Across Brooklyn Are Hot to Sell Their Holy Land for Millions

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In the face of financial pressures, dozens of churches across Brooklyn are looking sell of their holy land in hopes of banking on the conversion trend that's taken the city by storm. According to DNA Info, more than 50 Brooklyn clergy members are looking to develop their land and air rights to offer more affordable housing and other community services. Hundreds of religious leaders attended a recent meeting hosted by Borough President Eric Adams detailing how they could raise money as their shrinking congregations give way to fundraising and budgetary constraints. “You are land-rich but cash-poor. The largest amount of housing potential in Brooklyn lies with you,” Reverend Gilford Monrose, director of the Borough President’s faith-based initiatives, said at the event.
Find out more
Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified
October 20, 2014

Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified

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Forest City Enterprises is putting its 55% stake in Barclays up for sale. [Brooklyn Eagle] The Department of City Planning certified a five-block rezoning application today for a stretch of Vanderbilt Avenue near Grand Central Terminal that includes SL Green’s One Vanderbilt tower. [CO] Mayor Bill de Blasio has rejected JPMorgan Chase’s request for $1B in […]

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