Real Estate Trends

The success of the High Line Park continues to inspire all corners of the world—including Queens—and now the latest neighborhood to jump on the elevated park bandwagon is Harlem. DNA Info reports a nonprofit called the Housing Partnership has proposed a plan to bring 2,000 affordable housing units and $170 million dedicated to public projects in Hamilton Heights. The new park encompassed within the nonprofit's 'Harlem Promenade' plan would run alongside the West Side Highway atop a portion of Amtrak rail lines.
More on the proposed harlem high line project here

October 16, 2014

Real Estate Wire: 99-Year Lease Inked for Ice-Rink in the Bronx Armory; Campbell’s Soup Heiress Buys a New Pad

80-year-old Campbell’s soup heiress Hope van Beuren bought a $5M home at 1 East 66th Street. [NYDN] The city has signed a 99-year lease for the Bronx’ Kingsbridge National Ice Center, the highly anticipated ice-rink planned for the Bronx Armory. [CO] American Idol creator Rich Fuller sells two of his Plaza apartments for $38M. [NYP] Neiman Marcus CEO Karen […]

Real Estate Trends

October 16, 2014

REVEALED: Renderings for Santiago Calatrava’s Ground Zero Church

Ahead of the groundbreaking this weekend, a new video and renderings have been revealed for Santiago Calatrava's church near Ground Zero, which will overlook the 9/11 Memorial. The new St. Nicholas Greek Orthodox Church will be constructed of white Vermont marble, inspired by a mosaic of the Madonna and Child Enthroned at the Hagia Sophia in Istanbul.
More on the design here

Photo by brandon king cc

October 15, 2014

Bed-Stuy: From Harlem and Hip-Hop to Hipsters, Hassids and High Rents

Brooklyn is changing fast and at the forefront of this is Bedford-Stuyvesant—or as it's more commonly known, Bed-Stuy. Like most New York neighborhoods, Bed-Stuy has had its ups and downs, its most notable down being the 80s and 90s when crime and drugs were at a record high. But as hard as the times may have gotten, the neighborhood has maintained itself as one of the city's most culturally significant. Bed-Stuy has long been home to one of the largest concentrations of African-Americans in New York, it boasts beautiful well-preserved architecture spanning countless styles and centuries, and of course, there is the neighborhood's central role in the hip-hop movement.
More on the history and future of Bed-Stuy

October 15, 2014

75% of Grand Central’s $210M Renovation Money Will Go to the 4, 5, 6 Trains

New York City's most taxed line is about to get a sizable cash infusion. Of the $210 million that developer SL Green Realty has budgeted for improving Grand Central's subway station for the green light to construct a 65-story office tower next door, more than 75% will go toward the Lexington Avenue line, Crain's reports. Yesterday, a 63-page study was delivered to Manhattan's Community Board 5 and to transportation advocates who have called for Midtown East's rezoning to include improvements to transportation infrastructure to meet current demand as well as the influx of nearly 16,000 workers as new lines are drawn. So where exactly will the money go?
Where will the money will go?

October 15, 2014

CNN’s Don Lemon Buys Harlem Condo in 2280FDB

According to city records released today, Emmy Award-winning CNN news anchor Don Lemon has purchased a condo in Harlem's 2280FDB (2280 Frederick Douglas Blvd.) for $867,780. He already owns the neighboring unit, so this may be an expansion opportunity for the journalist. The newly acquired 859-square-foot, one-bedroom, contemporary unit comes complete with a spacious terrace, boasting impressive city views.
Take a look inside

NYU Gets Green Light for Village Expansion; Locals Vow to Appeal the Decision

A rendering of the NYU expansion plan

October 15, 2014

NYU Gets Green Light for Village Expansion; Locals Vow to Appeal the Decision

The battle between New York University and local residents and community preservation groups just got a little fiercer, as just yesterday the appellate court overturned a previous decision by the New York Supreme Court that prohibited the university's $6 billion, 1.9 million-square-foot expansion plan. NYU now has the green light to move forward with their colossal project, which includes taking over "implied park land" that has been used by the public for years. Local community groups vow to appeal the decision. The Greenwich Village Society for Historic Preservation, Assemblywoman Deborah Glick, NYU Faculty Against the Sexton Plan, Community Board 2, and local residents, filed the lawsuit against the school in 2012.
More on the latest ruling and what it means for NYU and the Village

October 14, 2014

It’s Official: 432 Park Avenue is NYC’s Tallest Residential Building

NYC supertalls all over town are weeping: 432 Park Avenue is officially the tallest residential building in the city as of today, topping out at 1,396 feet, and the second-tallest tower after One World Trade Center. Concrete on the highest floor of the Rafael Viñoly-designed building is being poured, probably as we speak, cementing (no pun […]

October 14, 2014

Willem Dafoe Sells His Lovely Perry Street Pad for $2.9 Million

After making a move on up to the penthouse this past spring, actor Willem Dafoe has shed his full-through third floor pad for $2.875 million, according to city records filed today. Dafoe originally purchased the two-bedroom co-op located at 67 Perry Street for $1.6 million back in 2005—meaning the actor made a tidy $1.28 million profit with the recent sale. The cozy home comes with exposed brick walls, a wood-burning fireplace, separate study nook with built-in bookshelves, and tranquil tree-top views from oversized bay windows.
Ihside the home here

Real Estate Wire: NYU’s $6B Expansion Moves Forward; All the Places That Have Been Compared to Brooklyn

NYU just got the green light for its $6B expansion. [DNA Info] All the places the New York Times has compared Brooklyn to. [City Lab] Just six months after buying a $99 million Williamsburg retail and residential property, developer Joel Schreiber has flipped for $106 million. [TRD] The 346 Broadway conversion will include a snazzy penthouse. […]

Real Estate Trends

October 14, 2014

Billy Joel Unloads Another Apartment at 128 Central Park South

Piano man Billy Joel has just sold off his one-bedroom pad at 128 Central Park South for $775,000, according to public records. The sale is the second for Joel at the building, the first being an $11 million deal he struck last year for the two-bedroom, 10,000-square-foot penthouse he once shared with ex-wife Christie Brinkley. The one-bedroom is a comparably modest pad situated on a high floor of the building. An eat-in kitchen, abundant south light and city views are some of the perks, but the listing (now offline) noted that the home needed renovation. The apartment was previously rented out, though Joel and Brinkley did entertain it as a penthouse extension. The transaction was managed by Joel's accountants Gelfand, Rennert and Feldman. Adam Modlin of the Modlin Group brokered the deal.
See the floor plan here

October 14, 2014

Study Says QueensWay Will Cost $120 Million and Help Local Economy

A new feasibility study, which is set to be released today by the Trust for Public Land, maps out the plan for the QueensWay--the High Line-esque linear park and cultural greenway proposed for a 3.5-mile stretch of abandoned railway in central Queens. The study points to the likely $120 million price tag and the park's benefit to the local economy. Through new renderings it also shows access points, exercise stations, food concessions, outdoor nature classrooms, bike paths, and an "adventure park," among other amenities.
More on the study here

October 13, 2014

Real Estate Wire: The City’s Top Real Estate Projects; A Video from the Top of 432 Park

The 10 biggest real estate projects coming to the city. [TRD] Video views from the top of 432 Park Avenue, which tops out tomorrow. [NYT] Leasing starts at Naftali’s the Arthur, a luxurious prewar rental building located at 245 West 25th Street. [CityRealty] A 10-story parking garage will close along Fulton Street to make way […]

Real Estate Trends

October 13, 2014

Condos at Bruce Eichner’s Glassy Flatiron Tower Will Be Priced Up to $42.5 Million

It’s going to cost you at least $2.5 million to live at 45 East 22nd Street. In a recent profile on the up-and-coming building, the Times revealed pricing and some juicy details about what’s planned for glassy tower. One-bedrooms averaging 1,074 square feet will be going for 2.5 mill, while the penthouse may go for as much as […]

October 13, 2014

7,000-Square-Foot Soho Penthouse Sells for $10M

As far as Manhattan apartments go, even penthouses, 7,000 square feet is palatial. And with 16 rooms, 13-foot ceilings, and a 2,600-square-foot planted terrace with rooftop kitchen this duplex penthouse takes the cake. Located at 54 Thompson Street in Soho, the home was featured on HGTV's "Selling New York." It was designed by architects Adam Yarinsky and Stephen Cassell of ARO and published on the cover of Interior Design magazine. The mesmerizing penthouse has now sold for an impressive $10.35 million, according to recently released city records.
More on the multi-million-dollar digs

<b>Living on Hallowed Ground: NYC Religious Buildings Being Converted to Luxury Housing</b>

The Anshei Meseritz  Temple soon to be turned into condos © LuciaM via Panoramio

October 10, 2014

Living on Hallowed Ground: NYC Religious Buildings Being Converted to Luxury Housing

By Bonnie Clark

New Yorkers know it often takes some divine intervention to land a great apartment. Luckily, with dozens of churches and synagogues now being partially or totally converted into luxury residential buildings, high-end apartment hunters can go straight to the source. As congregations grapple with changing demographics, shrinking memberships, and costly upkeep of historic buildings, many religious institutions are concluding that it makes better financial sense to sell off a portion of their development rights, relocate to a more affordable site, or even close their doors for good.
Here's a look at New York’s hottest and holiest developments

October 10, 2014

Real Estate Wire: 432 Park Officially Tops Out Next Week; Don’t Blame Foreigners for Rising Prices

The Vinloly-designed tower at 432 Park Avenue will officially top out next week. The buidling is the tallest residential tower in the Western Hemisphere, and the second tallest tower in NYC. [Crain’s] BIG’s pyramid at 625 West 57th Street will also top out in the coming weeks. [NYDN] Foreign investors aren’t driving real estate prices up, […]

Real Estate Trends

October 10, 2014

NY Jets Owner’s Fifth Avenue Co-op Could Sell for a Record-Breaking $80M

Billionaire NY Jets owner, Woody Johnson is looking to break a record with the sale of his duplex at 834 Fifth Avenue. The unit, which was quietly being shopped around for $75 million, has gone into contract for $80 million. When closed, it will be the city’s most expensive co-op sale ever. This is clearly a billionaire’s game as […]

New 35-Story DoubleTree Hotel by Gene Kaufman Coming to Midtown West

Rendering of DoubleTree Hotel via Gene Kaufman (L); The project site at 350 West 40th Street (R)

October 10, 2014

New 35-Story DoubleTree Hotel by Gene Kaufman Coming to Midtown West

By Ondel Hylton

Fresh renderings have been posted for a new 35-story hotel currently undergoing excavation at 350 West 40th Street. Located just southwest of Times Square and directly across from the Port Authority Bus Terminal, the block-front between Eighth and Ninth Avenues has been the victim of a half-dozen mid-range hotels. With the large blank wall of the bus terminal on one side and an ungainly assortment of budget hotels, walk-ups, and parking lots on the other, the street may be a worthy contender for the "Ugliest Street in Midtown." The project was first revealed by YIMBY last spring. Permits call for a 315-foot, 594-room DoubleTree Hotel designed by Gene Kaufman and developed by Sam Chang of McSam Hotels. McSam--which already has several hotels up and running on the block including a Holiday Inn, Candlewood Suites, and Hampton Inn--has been one of the city's most active and notorious developers in the last decade.
More on the project here

October 9, 2014

Former R.E.M Frontman Michael Stipe Unloads Soho Penthouse for $9.6M

Michael Stipe, former lead singer for the 80's rock band R.E.M., has sold his duplex penthouse at 533 Canal Street in Soho for $9.6 million, according to city records released today. Stipe listed the co-op in June 2012 for $10.95 million, after purchasing it in 2007 for $5.75 million while it was being renovating. The unit has an impressive celebrity past; Stipe bought it from Ben Affleck's younger brother Casey, who bought it from “Good Will Hunting” director Gus Van Sant. And recently actress Kirsten Dunst put her penthouse in the building on the rental market for $12,500 a month. The three-bedroom penthouse has a light-filled central atrium, 2,500-square-foot terrace with Hudson River views, and an industrial-style kitchen designed by Mario Batali. Stipe had said that he was looking to move further downtown to a loft/work space for himself and his partner.
Take a look at the rockin' digs

October 9, 2014

Real Estate Wire: New Tower Near BAM Won’t Be Condos; 60 Water Street Launches Sales

60 Water Street launches its first listings for studios and one- and two-bedrooms. Prices start at $2,964 for a 452-square-foot studio, and run up to $6,678 for a 965-square-foot two-bedroom. Move-ins are expected for December 1. [6sqft inbox] The luxury apartments at 432 West 52nd Street in Hell’s Kitchen have also hit the market. [6sqft inbox] A […]

Real Estate Trends

October 8, 2014

Real Estate Wire: ‘Wolf of Wall Street’ Selling His Tribeca Home; $533 Domino Factory Rentals

The real-life “Wolf of Wall Street”, Alan Wilzig, is trying to sell his $4.5M Tribeca home on his own. [TRD] Domino’s first affordable rentals will be priced at $533 a month. [Brownstoner] Brandeis University is selling its Vanderbilt mansion for $33M. [WSJ] The landmark Lucerne Hotel will be getting a 13-story brick/limestone/terracotta-clad condo neighbor. [Curbed] Alan Wilzig […]

Real Estate Trends

October 8, 2014

Bunny Mellon’s Incredible Upper East Side Mansion Finds a Buyer for $41M