Real Estate Trends

Morris Adjmi’s mixed-use towers top out in Dumbo

Rendering by Williams New York

September 16, 2020

Morris Adjmi’s mixed-use towers top out in Dumbo

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Architect Morris Adjmi's latest residential project officially topped out in Dumbo last month. A former parking lot, 85 Jay Street is now home to two sleek 21-story towers comprised of residential units and space for retail. Dubbed Front & York, the complex will bring a mix of 728 condo and rental units to a full block in the neighborhood when it opens next year, making it one of the largest developments in Dumbo. Current availability for the condos ranges from a one-bedroom for $965,000 to a four-bedroom penthouse for $7.85 million.
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Inside the amenity spaces at Long Island City’s supertall Skyline Tower

Image credit: Binyan Studios, courtesy of Modern Spaces

September 15, 2020

Inside the amenity spaces at Long Island City’s supertall Skyline Tower

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New York City's tallest building outside Manhattan topped out a year ago and is set to commence closings and move-ins this December. Located in Long Island City's Court Square section, Skyline Tower is a 778-foot luxury condo tower with 800 units, with current availabilities ranging from a $739,000 studio to a $2.5 million three-bedroom. And when the new tenants move in this winter, they'll be able to enjoy amazing amenities, including a 75-foot indoor pool, a pet spa, and a fully equipped gym.
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$66M triplex penthouse at 111 West 57th Street sits 900 feet above Central Park

Penthouse 72 Loggia, courtesy of 111 West 57th Street

September 11, 2020

$66M triplex penthouse at 111 West 57th Street sits 900 feet above Central Park

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Two new impressive units just hit the market at New York City's most slender supertall. At 111 West 57th Street, a three-level, four-bedroom penthouse with over 7,000 square feet of interior space and an additional 1,367 square feet in private outdoor space with picture-perfect views over Central Park has hit the market for $66 million. And a duplex with three bedrooms and unobstructed park views is now asking $39.5 million. The latest multi-million dollar listings at the Billionaires' Row tower come after two $30 million units sold earlier this summer during the coronavirus shut down, giving a boost to the city's nearly stagnant luxury market.
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Over the last four years, sale prices at Trump-branded condos dropped by 25 percent

Photo by Loozrboy on Flickr

September 10, 2020

Over the last four years, sale prices at Trump-branded condos dropped by 25 percent

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While some of Donald Trump's family businesses have managed to profit from his presidency, his condo buildings in New York City continue to see significant price drops. According to a new report from CityRealty, owners of apartments at Trump-branded buildings in the city are "eager to get out," even willing to take a significant loss on their properties. From 2016 to 2020, overall closing sales prices at nine Trump-branded condos dropped by 25 percent, according to CityRealty's index tracking prices at Manhattan buildings owned by the Trump Organization.
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NJ’s American Dream mall will reopen October 1

Rendering courtesy of Triple Five Group

September 4, 2020

NJ’s American Dream mall will reopen October 1

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New Jersey's American Dream megamall will reopen its doors next month after shuttering for six months because of the coronavirus pandemic. Earlier this summer, the mall's future looked bleak, with developer Triple Five Group missing mortgage payments and multiple tenants leaving the site. But with American Dream's indoor ski park officially running again and retail stores and attractions set to reopen on October 1, the mall's luck may be turning around.
Details this way
Inside a new luxury Upper West Side condo located on a hidden cul-de-sac

Model residence at 350 West 71st Street; photos courtesy of MW Studio/ Nina Poon

August 24, 2020

Inside a new luxury Upper West Side condo located on a hidden cul-de-sac

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The condo building at 350 West 71st Street manages to maintain its historic allure while providing residents all of the perks of modern living. Designed by DXA Studio, the seven-story development on the Upper West Side measures just 75,000 square feet, but still packs in an impressive amenity package, including a library, fitness center, playroom, and large landscaped rooftop with grill and lounge areas. The boutique building sits within the West 71st Historic District, designated 30 years ago for its uniqueness as a tree-lined cul-de-sac and the distinct Beaux-Arts architecture found across the properties.
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New condo at East Village gas explosion site launches sales from $1.35M

All renderings by VUW

August 24, 2020

New condo at East Village gas explosion site launches sales from $1.35M

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It's been five-and-a-half years since the buildings at 119, 121, and 123 Second Avenue were destroyed in a deadly gas explosion caused by an illegal tap into the gas main. The corner site at 45 East 7th Street now has a new life as a boutique condo by architect Morris Adjmi who, in his firm's trademark, designed a building sympathetic to its surroundings. Dubbed No45e7, the 21-unit East Village building just launched sales, which range from $1.35 million one-bedrooms to $4 million two- and three-bedrooms, along with an $8.3 million penthouse. A major perk of the project is that each apartment has its own private terrace.
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This Hudson Valley town has the fastest-rising real estate prices in the country

Photo by Paul VanDerWerf via Flickr cc

August 13, 2020

This Hudson Valley town has the fastest-rising real estate prices in the country

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Kingston, New York has been called the Hudson Valley's "creative capital." As Brooklyn Based explained, from the 1950s to the '90s, it was home to a massive IBM campus, but the Catskills town grew increasingly vacant afterward. In recent years, however, it's seen a resurgence of newcomers thanks to its historic housing stock, relatively low prices, foodie scene, proximity to outdoor activities, and zoning deliberately meant to attract artists. And in the face of the pandemic, these factors have made Kingston a go-to spot for those fleeing New York City. A report by the National Association of Realtors cited in Bloomberg found that Kingston has the fastest rising home prices in the U.S.
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Opulent Beekman Place mansion closes for $38M less than original listing price

Photo credit: Rise Media, Courtesy of Compass

August 12, 2020

Opulent Beekman Place mansion closes for $38M less than original listing price

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More than six years ago, this opulent, eight-story mansion at 29 Beekman Place listed for $49.9 million. Just one year later, it dropped to $37.5 million, with another major price chop this April to $11.45 million. First spotted by Crain's, city property records show that the controversial home near the UN has finally closed for $11.5 million. Crain's explains that it was owned by the former princess of Iran, and was the center of a legal battle involving her sister since 2016. It also went into contract three times and fell through.
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Target to open at major mixed-use development in Harlem

BRP Companies

August 12, 2020

Target to open at major mixed-use development in Harlem

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A deal to bring the National Urban League back to Harlem was reached last month as part of a mixed-use development project planned for 125th Street. In addition to affordable housing, office space for nonprofits, and the city's first museum dedicated to civil rights, the $242 million project, known as the Urban League Empowerment Center, includes a new 44,000-square-foot Target, as the New York Post first reported.
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Sales launch at new Prospect Park-facing condo tower, from $2.4M

Renderings courtesy of Binyan Studios

August 7, 2020

Sales launch at new Prospect Park-facing condo tower, from $2.4M

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A condo building across from Prospect Park in Brooklyn launched sales this week, with two-bedrooms starting at $2.395 million. Located next to landmarked Grand Army Plaza, One Prospect Park West in Park Slope was built in 1925 and once served as a hotel for the Knights of Columbus and later as a senior home. Developer Sugar Hill Capital Partners is converting the historic 10-story building into a luxury condominium with 64 residences with 40 unique floor plans.
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New downtown Jersey City rental will have a ‘Miami-inspired resort’ on its rooftop

Rendering by Pax Brooklyn

August 6, 2020

New downtown Jersey City rental will have a ‘Miami-inspired resort’ on its rooftop

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DVORA 175 is a new 148-unit rental building coming to Jersey City, and just like a lot of the luxury rentals springing up in the area, it has a rooftop pool, this one with a "Miami-inspired resort" vibe, according to a press lease. The 14-story building at 175 Second Street is located in what's known as the Powerhouse Arts District, a section of downtown full of old warehouse buildings. Though pricing has not yet been released, leasing will kick off next month with initial occupancy slated for October.
More on the development here
$5.9M penthouse is Asbury Park’s most expensive home ever sold

Rendering courtesy of Binyan Studios

August 6, 2020

$5.9M penthouse is Asbury Park’s most expensive home ever sold

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A penthouse in Asbury Park that was listed for $5.9 million just closed, becoming the most expensive home ever sold in the Jersey Shore town. Located at the 17-story Asbury Ocean Club, the duplex penthouse contains four bedrooms, four bathrooms, and boasts roughly 2,300 square feet of outdoor space, which comes in the form of a wrap-around terrace, sunroom, and outdoor kitchen.
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Here’s what Facebook’s huge new office will look like at Midtown’s former Farley Post Office

Rendering courtesy of Vornado Realty Trust

August 4, 2020

Here’s what Facebook’s huge new office will look like at Midtown’s former Farley Post Office

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Facebook has signed a lease for 730,000 square feet at the former James A. Farley Post Office, a Midtown landmark currently being converted into a mixed-use building, Vornado Realty Trust announced Monday. Reports of the deal first surfaced last December, but the coronavirus pandemic put into question the need for massive office space with thousands of workers. But Gov. Andrew Cuomo said the deal shows New York's resilience as the city recovers from the crisis. "Vornado's and Facebook's investment in New York and commitment to further putting down roots here - even in the midst of a global pandemic - is a signal to the world that our brightest days are still ahead and we are open for business," Cuomo said in a statement. "This public-private partnership fortifies New York as an international center of innovation."
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Jennifer Lawrence sells Upper East Side penthouse at a $6M loss

All photos courtesy of Compass

August 4, 2020

Jennifer Lawrence sells Upper East Side penthouse at a $6M loss

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In 2016, Jennifer Lawrence picked up a $15.6 million penthouse on the Upper East Side. She must have really wanted to offload it, because last summer, she listed it for $15,450,000 and dropped it to $12 million earlier this month. According to city property records, the Oscar-winning actress ultimately sold the home at 400 East 67th Street for $9,900,000, taking a nearly $6 million loss. Listing agent Pamela D'Arc of Compass declined to comment on the sale.
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Long Island mansion with an indoor pool and movie theater sells for record-setting $9.2M

Listing photos courtesy of Compass

July 29, 2020

Long Island mansion with an indoor pool and movie theater sells for record-setting $9.2M

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This over-the-top Mediterranean-style mansion on Long Island just sold for $9,225,000, making it the most expensive home sold this year in Nassau County, as well as the most expensive home sold in Sands Points since 2016 and the fourth-highest sale in the North Shore over the last five years. Sales records aside, the home's opulence speaks for itself. At a whopping 20,000 square feet, the waterfront estate has an indoor pool, movie theater (complete with a ticket booth and stage curtains!), a personal arcade (with skee ball and pinball machines), and tons of marble.
Take the full tour
Upper West Side and Murray Hill saw the biggest price drops during the COVID crisis

Photo by ajay_suresh via Flickr cc

July 29, 2020

Upper West Side and Murray Hill saw the biggest price drops during the COVID crisis

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Anyone who follows the NYC real estate market knows that there are deals to be had right now. But WHERE exactly can you get the most bang for your buck? CityRealty compared sale listings in January to those last week and found that the overall listing price among Manhattan condo, co-op, condop, and townhouse listings has fallen an average of 11 percent to $2,175,000 in the past seven months. And when it comes to specific neighborhoods, Lincoln Center, the Upper West Side neighborhood mainly centered around the 60s, saw prices fall the most at 32 percent. Murray Hill was next at 26 percent, followed by Beekman/Sutton Place at 22 percent.
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Karlie Kloss sells her West Village home for $2.4M

Staged interiors by Christopher Henry Designs. Photo credit: Donna Dotan courtesy of Compass.

July 28, 2020

Karlie Kloss sells her West Village home for $2.4M

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After listing her townhouse co-op in the West Village for $2.75 million last September, supermodel and philanthropist Karlie Kloss has found a buyer at the slightly reduced price of $2,382,609, reported CityRealty. The three-bedroom triplex at 151 Charles Street is chic and contemporary and has both a front garden and a second-floor terrace. Kloss bought it in 2012 for $1,975,000. She and husband Josh Kushner sold their Nolita apartment for $6.6 million last August.
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Brooklyn’s tallest tower commences closings and move-ins

All renderings by Williams New York

July 28, 2020

Brooklyn’s tallest tower commences closings and move-ins

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Not only is Brooklyn Point the tallest building in the borough, but it has the highest infinity pool in the western hemisphere. Superlatives aside, the 720-foot condo tower has also proved popular for its location across from Willoughby Square Park and its inclusion in the larger City Point development in Downtown Brooklyn. And in true Extell Development fashion, the amenity package is stacked, including a huge landscaped terrace complete with BBQs and a putting green, a triple-height lounge, and another indoor pool. Just in time for residents to enjoy all these perks, Brooklyn Point has announced that it's commenced closings and begun the first move-ins.
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$100M penthouse closes at 220 Central Park South, third-most-expensive NYC sale ever

Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons

July 28, 2020

$100M penthouse closes at 220 Central Park South, third-most-expensive NYC sale ever

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Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons As of July 1, 2020, the average price per square foot for a New York City condo came in at $1,110, according to CityRealty. But this duplex penthouse at 220 Central Park South sold for a whopping $12,164 per square foot. First spotted by The Real Deal and confirmed in city property records, PH 76 at the Billionaires' Row tower just closed for $99,903,375, making it the third-most-expensive sale ever, behind billionaire Ken Griffith’s $238 million purchase also at 220 CPS in early 2019 and Michael Dell’s $100 million buy at One57 in 2015. The sale takes the number-three spot from a $92.7 million sale at 220 CPS, which sold in late 2019 to billionaire hedge-funder Daniel Och.
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New looks and name for Islanders’ home venue, UBS Arena at Belmont Park

All renderings courtesy of UBS

July 28, 2020

New looks and name for Islanders’ home venue, UBS Arena at Belmont Park

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The future home for the New York Islanders hockey team has a name. Wealth management service UBS last week secured a 20-year naming rights agreement for the new sports and entertainment venue in Nassau County. The UBS Arena at Belmont Park is expected to open for the Islanders' 2021-2022 season, with the team returning to Long Island after playing home games at the Barclays Center in Brooklyn since 2015.
See it here
Neiman Marcus is closing its flagship at Hudson Yards

Photo courtesy of Francis Dzikowski for Related-Oxford

July 24, 2020

Neiman Marcus is closing its flagship at Hudson Yards

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Neiman Marcus is closing its massive flagship store at Hudson Yards just weeks after filing for bankruptcy in May and a little over a year after first opening at the development. The retailer will also permanently close three other locations, two stores in Florida and one in Washington, according to the Dallas Morning News. Hudson Yards developers Related Companies and Oxford Properties have already started marketing the 190,000-square-foot space as office space.
Details here
See inside an apartment at the world’s tallest residential building

Photo by Evan Joseph

July 24, 2020

See inside an apartment at the world’s tallest residential building

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It's been nearly two years since sales launched at Extell's Central Park Tower and one year since the 1,500-foot condominium topped out along Central Park South, making it the tallest residential building on the globe. And now, we've got our first look inside one of the enviable apartments at this Billionaires' Row building. The model residence is a 3,401-square-foot, three-bedroom corner unit on the 43rd floor, priced at $17,500,000. Not surprisingly, the interiors are decked out to the nines, but, of course, it's the insane views we can't stop ogling.
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CNN president Jeff Zucker finds a buyer for his glitzy $17.5M Upper East Side home

Photo Credit: MW Studios

July 23, 2020

CNN president Jeff Zucker finds a buyer for his glitzy $17.5M Upper East Side home

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After purchasing his Upper East Side co-op for $12.3 million in 2007, CNN chief executive Jeff Zucker first put the five-bedroom apartment on the market in February for $17.5 million. Now, the Wall Street Journal reports that Zucker and his wife Caryn have found a buyer for the large, glitzy pad, though the buyer's identity and final sale price have not yet been made public. Located at The Verona at 32 East 64th Street, the home is full of elegant touches like Venetian plaster walls, three working fireplaces, and a private elevator landing.
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