Real Estate Trends

September 25, 2014

Timeless Trophy: 740 Park Avenue

New York City may have an ever-revolving cast of hottest restaurants, hippest clubs, and even most desirable neighborhoods, but some real estate titans never go out of style in this metropolis. Known as the "Tower of Power," 740 Park Avenue is one such mainstay. The Upper East Side 19-story, Art Deco building was completed in 1930 to the designs of Rosario Candela, often considered the finest architect of luxury apartment interiors, as the last of the grand dames erected along Manhattan's Gold Coast. It didn't reach its peak until the real estate boom of the 1980s, but is today one of the most sought-after addresses with 31 apartments, mostly all duplexes, triplexes, and penthouses. The massively scaled residences feature grand living rooms, formal dining rooms, spiral staircases, high ceilings, expansive foyers, and an abundance of windows.
Plenty more on this timeless trophy residence and its long list of well known inhabitants

September 25, 2014

Real Estate Wire: Ridgewood Sees a Rise in Property Sales; 57th Street Supertalls

By Diane Pham

The rise of Ridgewood continues. The neighborhood has seen a surge in the sales of commercial properties. [NYO] Meryl Streep’s model daughter has bought a South Williamsburg pad. [NYDN] Mario Testino just purchased a pricey apartment at the Herzog & de Meuron-designed 215 Chrystie Street. [TRD] Penthouses with decks are coming to a former hospital. [DNA […]

Real Estate Trends

September 24, 2014

Real Estate Wire: A $400 Million Offer for One Vanderbilt; Three New Towers Coming to the High Line

By Diane Pham

Three new residential towers are coming to the High Line. [TRD] In what some are calling a PR stunt, the owner of Grand Central has offered SL Green $400 million for One Vanderbilt. [NYT] Manhattan commercial real estate is the top ranked in the country. [AMNY] Ridgewood, Queens, the hot new neighborhood dubbed “Quooklyn,” had […]

Real Estate Trends

September 24, 2014

REVEALED: Beekman Hotel and Condo Interiors

By Dana Schulz

Last month, pricing and exterior renderings were released for the much-anticipated Beekman Hotel and Condo conversion project. The long-shuttered historic structure (originally known as the Temple Court Building) will be topped off with a 51-story condominium tower adjacent to the 1883-built landmark and its famous atrium. It will contain 68 residential units designed by Thomas Juul-Hansen. The building's lower levels will house 287 hotel rooms. Now, Curbed has received the first reveal of the interior renderings, and they do not disappoint. From the modern apartments with Woolworth Building views to the luxe amenity areas, the rooms at 5 Beekman Street exude luxury and prestige. One of the most impressive interior shots is of the atrium, which extends through all nine stories of the original Terra Cotta structure and is topped off by a large, pyramidal skylight. It will be a lounge by Tom Colicchio known as the Living Room, the centerpiece of the hotel and a fine dining spot for residents and guests alike.
Tour the rest of the conversion, from the atrium to the roof terrace

September 24, 2014

$130 Million Penthouse at 520 Park Avenue Will Be the City’s Most Expensive

By Diane Pham

The Ritz Carlton penthouse combo has just been shoved from its top spot as the city's priciest listing and replaced by the triplex penthouse at Zeckendorf Development Co.’s 520 Park Avenue. At $130 million, it will become the most expensive to ever hit the market, beating out the Ritz pad by about $11 million. According to Bloomberg, the building's sales plan was approved by the New York State attorney general's office last week, and Zeckendorf is already calling the penthouse "the greatest apartment on the Upper East Side.”
More here

September 23, 2014

Real Estate Wire: Atlantic Yards Modular Tower Contract Terminated; New Colors for HAP 5?

By Diane Pham

Skanska has terminated its contract with Forest City Ratner to construct a prefab modular tower at the Atlantic Yards. The news brings a close to the seemingly never-ending dispute between builder and the developer. [NYDN] Red Apple Group is building a 32-story residential tower on Myrtle Avenue at Fleet Place. [MyrtleAvenue.Org] A new Pierhouse addition has preservationists up in […]

Real Estate Trends

September 23, 2014

Prominent Architecture Couple Buys Pretty-in-Pink Victorian in Ditmas Park

By Dana Schulz

We have a feeling well-known architects David H. Sherman, of Abelow Sherman Architects, and his wife Benita Welch, a Principal at Gerner Kronick + Valcarcel Architects, will give the interior of their new home a fresh coat of paint before settling in...that is, unless they like the current bubble-gum-pink color scheme. It makes perfect sense that the couple picked up this Victorian house in Ditmas Park for themselves and their two children, as Benita specializes in restoring historic homes, and David is known for his expertise working with NYC townhouses. According to city records filed today, they purchased 28 Waldorf Court for $1.41 million. Located just off Rugby Road (often considered the heart of Victorian Flatbush) on a highly desirable cul-de-sac, the five-bedroom home has been in the same family for 30 years.
Tour the home before it gets what's sure to be a beautiful makeover

September 22, 2014

Goldilocks Blocks: (Far) East 7th Street in Alphabet City

By Michelle Cohen

Between hyper-developed hotspots, main drags in up-and-comers, big-ticket townhouse enclaves, and those genuinely avoidable areas, there can often be found a city's "just-right" zones. Free from corner menace, sticker shock and boom-time developer schlock, these special spots often span only a few blocks in each direction and are close enough to the center of their 'cool destination' nabes to legitimately bear their names. They aren't commonly known, and are best found by pounding the pavement, but these micro-neighborhoods often hide within them real estate gems coupled with perfectly offbeat vibes—you just have to be willing to do a little legwork. But when you do find them, don’t sleep on them... Winners like the Columbia Street Waterfront District were once Goldilocks blocks. Today we'll look at a unique 7th Street stretch hidden in Alphabet City.
Find out what makes this Alphabet City block so special.

September 22, 2014

Oscar-Winning Director Errol Morris Buys a Poetic Brooklyn Heights Home for $1.9M

By Diane Pham

Academy Award-winning documentary filmmaker Errol Morris, and his poet wife Julia Sheehan have just closed on a charming three-bedroom at 22 Pierrepont Street in Brooklyn Heights for $1.9 million. According to city records, the couple will be following in the footsteps of another celebrated creative, having purchased the home from the estate of late Russian poet, 1987 Nobel Prize in Literature laureate Joseph Brodsky.
Inside the book-filled home here

September 22, 2014

Real Estate Wire: 15 CPW Pad Sells for 3x’s Its Purchase Price; Atlantic Yards Modular Tower Could Leak

By Diane Pham

A tower unit at 15 Central Park West has sold for nearly $10M, about three times what the owner paid for it. [NYO] The Astoria Cove housing development is required to set aside 20% of its 1,700 units for lower-income residents, but the city may push for as many as 30%. [Crain’s] The Fiscal Policy Institute […]

Real Estate Trends

Bright and Sunny Carroll Gardens Townhouse Sells for $2M

By Annie Doge

Bright, beautiful, and boasting plenty of space, one lucky buyer just scooped up this stunning townhouse at 297 Hoyt Street in Carroll Gardens for $2,175,500, according to city records released today. The brownstone home is currently configured in a two-family setup, but can easily be converted to one, adding an additional 1,300 square feet to the already spacious footprint. And with a private garden, full basement, and lots of original details, it will likely be hard for this home's new owner not to keep the entire townhouse to themselves.
Take a look inside

September 21, 2014

Bernie Madoff’s Infamous Upper East Side Penthouse Sells for $14.5M

By Dana Schulz

The duplex penthouse at 133 East 64th Street on the Upper East Side, where Bernie Madoff notoriously was arrested by the feds and lived under house arrest, has just sold to Lawrence Benenson of Benenson Capital Partners for $14.5 million. Madoff had lived in the home since 1984, but after the government seized it in 2008, it was picked up by toy mogul Alfred Kahn and his wife Patsy in 2010 for $8 million. Apparently, Mr. Kahn was superstitious of the "Madoff curse," but Patsy fell in love with the unit's terrace. They reportedly put the penthouse back on the market in August 2013 for $17.25 million, but reduced the price several times as well as filed for divorce.
Tour the infamous pad here

September 19, 2014

Kelly Ripa’s Soho Penthouse Sells at a $4.5 Million Discount

By Annie Doge

Kelly Ripa has officially unloaded her Soho penthouse, according to city records filed today. The five-bedroom beauty at 76 Crosby Street sold for $20 million, $4.5 million less than what she was asking when she first listed it in January last year. Though Ripa came up a little short, it's worth noting that her and hubby Mark Consuelos paid just $9.5 million for it in 2005. Today's sale is also the 6th highest ever recorded in Soho, according to CityRealty.
Photos here

September 19, 2014

Real Estate Wire: State Seizes Seven Properties for the Atlantic Yards; BAM Cultural District Gets $131M

By Diane Pham

The state has gotten approval to seize seven sites for Forest City Ratner’s Pacific Park Brooklyn project (previously named Atlantic Yards). Tenants now have 90 days to vacate their units. [DNA Info] The $1B three-tower expansion for Silvercup West is back on track. [Curbed] Most of the world’s billionaires call NYC home. [TRD] Winston Von […]

Real Estate Trends

September 19, 2014

REVEALED: Skyline Views of KPF’s One Vanderbilt Near Grand Central

By Dana Schulz

We've been keeping a close eye on One Vanderbilt, SL Green's new 65-story office tower planned for the entire block west of Grand Central and north of East 42nd Street. Designed by Kohn Pedersen Fox, it will be the second-tallest building in the city when completed. Now, Yimby has hot-off-the-press skyline views of One Vanderbilt from KPF, and the newest NYC supertall certainly stands out amongst the nearby Empire State Building and Chrysler Building.
READ MORE

September 18, 2014

Glass vs. Stone: An Epic Architecture Battle

By Dana Schulz

Decisions, decisions...sometimes there's just far too many in New York City. Thai or Chinese takeout? Subway or bus? Central Park or the High Line? The list goes on. And one of the most grueling decisions we make as New Yorkers is where to live. From choosing a borough and neighborhood to deciding on a price point, it's quite the undertaking. But what about the most elementary component of the building in which we decide to live--it's material. To be more exact, glass or stone. Glass tower dwellers are often drawn to the floor-to-ceiling windows, panoramic views, and clean lines, whereas buyers of apartments in stone buildings prefer a more traditional feel, with pre-war-style layouts that provide great separation of spaces. And some of the city's most prominent architects have become synonymous with one style or the other. Think Richard Meier for glass and Robert A.M. Stern for stone. CityRealty decided to take a closer look at this epic battle and see how pairs of glass and stone developments fared across the city.
See how these buildings battle it out

September 18, 2014

Real Estate Wire: Sales Launch at 11 Beach; Another HAP Building On the Way

By Diane Pham

Three of the 27 apartments at 11 Beach in Tribeca have hit the market. The three-bedroom is going for $5.3M, the four-bedroom $6.65M, and the five-bedroom is priced at $7.75M. [CityRealty] Another HAP building is coming to 247 East 117th Street, but this time Karim Rashid isn’t on the docket to design. Instead, Daniel Goldner Architects will take […]

Real Estate Trends

September 18, 2014

Construction on Jean Nouvel’s MoMA Tower will Finally Move Forward!

By Diane Pham

Hot off the purchase of $85 million in air rights, and with a new construction loan of $860 million in tow, Hines is back on track to bring the Jean Nouvel-designed MoMA residential tower to fruition. According to TRD, Hines just closed on two deals to buy more than 240,000 square feet of development rights from MoMA and the St. Thomas Episcopal Church for $85.3 million.
more here

September 18, 2014

Will a New Waldorf School at Ben Shaoul’s Bloom 62 Attract Spendy Families?

By Diane Pham

Back in 2012, when Magnum Real Estate's Ben Shaoul announced plans to turn the Cabrini nursing home in the East Village into condos, more than a handful of "Sledgehammer Shaoul" flags went up in protest. Plans moved ahead despite public outcry, and now more than two years later, the former nursing home has transformed into a luxury residential building called Bloom 62. Although not much has been done to dress up the exterior, the 26-unit condo is no slouch and boasts a number of enviable luxuries, including a landscaped roof deck and gym. But Bloom 62's most valuable amenity may be what sits on its ground floor: a school.
More on the benefits to be reaped here

September 17, 2014

Real Estate Wire: Trump Soho Off to the Auction Block; Moynihan Station Project Gets $40M in Federal Funding

By Diane Pham

Unsellable condos at the Trump Soho have sent the building into foreclosure and off to the auction block. [WSJ] The Federal Transit Administration handed out $1.9B for Sandy-related upgrades, yesterday. $40M of the available funds will go towards the Moynihan Station and about $13 million will go to the planned $700 million second phase of the project that will turn the […]

Real Estate Trends

September 17, 2014

Gamer Zach Gage Nabs Penthouse with Futuristic Rooftop Watchtower for $3.9M

By Annie Doge

Forbes' 30 under 30 in video games, Zach Gage, is cashing in on his success. The gamer and conceptual artist just picked up this sweet Chinatown penthouse at 18 Orchard Street for $3.9 million, according to city records filed today. The 28-year old, who has developed games such as SpellTower, Ridiculous Fishing, and Lose/Lose, and been exhibited at venues like the Venice Biennale, the MoMA, and in Apple stores worldwide, seems to not have strayed far from his edgy sensibilities. His new three-bedroom duplex features a rooftop catwalk, some killer lights, and a futuristic watchtower with "a transcendent view of the sunset and cityscape".
Tour the home here

September 17, 2014

POLL: Is the East River Skyway the future of NYC transportation?

By Dana Schulz

Yesterday, Dan Levy, the president and CEO of CityRealty, presented his proposal for the ‘East River Skyway,’ an aerial gondola system that would run along the Brooklyn waterfront and into Manhattan, bringing commuters over the river in just 3.5 minutes. Now, we want to know what you think about the idea. Images: East River Skyway, courtesy of CityRealty […]

September 17, 2014

ANNOUNCED: Hudson Companies Will Buy Brooklyn Heights Library for $52M, Add Luxury Rental Complex

By Dana Schulz

Just yesterday, the Brooklyn Heights branch of the Brooklyn Public Library announced that they will sell their building to the Hudson Companies for $52 million, along with the promise of 114 affordable housing units to be built at a different location in the neighborhood. The developer, who won the bid over 14 others, will convert the city-owned building at 280 Cadman Plaza West into a 20-story luxury rental complex with a new 21,000-square-foot library on the ground floor.
More details here

September 17, 2014

Highlights: What Real Estate Big Wigs Have to Say About Brooklyn and Its Future

By Carter B. Horsley

Brooklyn real estate is hot, very hot, and there’s no cooling off in sight, according to most speakers at yesterday's sold-out Brooklyn Real Estate Summit, sponsored by Massey Knakal and held at the Brooklyn Museum. From Billy Macklowe to David Shorenstein and Jonathan Rose, get the run-down of what the industry's leading pundits have to say about BK real estate.
What they're saying about Brooklyn here

September 16, 2014

Real Estate Wire: Inside 1110 Park Avenue; Oosten Condos Hit the Market

By Diane Pham

Renderings of what 1110 Park Avenue will look like inside. [Buzz Buzz Home] Condos at Ian Schrager’s upcoming Public hotel on the Lower East Side are poised to break a sales record for the neighborhood. Prices are said to start at $7M. [TRD] Condos at the Oosten have hit the market. The building offers up […]

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