Real Estate Trends

Outdoor dining in NYC will be extended through October

Open streets dining outside the Beatrice Inn; Photo (cropped) by Eden, Janine and Jim on Flickr

July 17, 2020

Outdoor dining in NYC will be extended through October

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Since NYC entered phase 2 of reopening on June 22, more than 8,600 restaurants have begun participating in the Open Restaurants program, which allows restaurants to set up seating on sidewalks, curb cuts, in adjacent parking spots, and on certain designated open streets. Indoor dining in the city, however, has been postponed indefinitely. So to keep outdoor dining expanding and thriving, Mayor de Blasio announced today that he's extending the program through October 31.
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Crown Heights residents rally against proposed 182-unit complex at site of 19th-century senior home

Southern facade; Photo credit: Simia Rassouli

July 15, 2020

Crown Heights residents rally against proposed 182-unit complex at site of 19th-century senior home

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The fight continues over a proposed new development on a large stretch of land in the Crown Heights North Historic District II with an online petition opposing the project collecting over 4,000 signatures. A neighborhood group, Friends of 920 Park, hopes to stop the construction of a seven-story, 182-unit apartment building on land at 959 Sterling Place (920 Park Place), originally the site of the Methodist Home for the Aged and currently the home of the Hebron French Speaking Seventh Day Adventist School. The renewed fight against the project comes ahead of a Brooklyn Community Board 8 and Landmarks Preservation Commission public hearing on the plan later this summer.
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How to apply for New York’s new COVID-19 rent relief program

Via CityRealty

July 14, 2020

How to apply for New York’s new COVID-19 rent relief program

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Update 7/31/20: The deadline to apply for the rent relief program has been extended by one week to Thursday, August 6.  A new rent relief program launched Tuesday that provides subsidies to eligible low-income New Yorkers financially affected by the coronavirus pandemic. First signed into law by Gov. Andrew Cuomo last month, the assistance program helps low-income households experiencing increased rent burden due to a loss of income because of COVID-19 by sending a one-time subsidy directly to landlords. The payment covers the difference between a household's rent burden on March 1 and the increase in rent burden for up to four months. Applicants must meet several eligibility requirements to qualify for the program.
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INTERVIEW: Architect John Cetra on the Upper West Side’s Dahlia and the changing concept of home

Images courtesy of CetraRuddy

July 13, 2020

INTERVIEW: Architect John Cetra on the Upper West Side’s Dahlia and the changing concept of home

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Designed by CetraRuddy and RKTB Architects, Dahlia at 212 West 95th Street celebrates the Upper West Side's classic residential blocks of pre-war architecture while adding innovative design elements. The condo’s 38 homes and common areas are designed to be more spacious than the average Manhattan apartment, and perks unheard of in New York City include a huge 5,100-square-foot private elevated park, a fitness center with a yoga room, and a private parking garage. Plus, each apartment is situated on a corner of the building, so there’s no shortage of views and natural light. 6sqft recently offered a peek at the 20-story building's interiors, and we've now chatted with architect John Cetra about this new addition to the Upper West Side, the neighborhood, and how apartment building design must be sensitive to changing times and the idea of home in the city.
An interview with John Cetra of CetraRuddy, this way
The 14 best apartments near the High Line
July 9, 2020

The 14 best apartments near the High Line

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In the decade since the High Line opening, the surrounding area of West Chelsea has exploded into one of Manhattan’s most desirable areas for developers building luxury real estate. (It didn't hurt that the opening of the now-famous elevated park coincided with a neighborhood rezoning.) These days, any walk along the park reveals a variety of development in different stages of construction right alongside buildings that have welcomed new, typically wealthy residents over the past several years. 6sqft has rounded up the 14 defining buildings now open around the High Line. There are the early trailblazers, like the energy-efficient condo HL23, as well as the starchitect standouts, like Zaha Hadid's 520 West 28th, and of course, the new kids on the block, including Bjarke Ingels' twisting towers The XI and Thomas Heatherwick's bubbled Lantern House condo.
See the full list here
At a former school on the Upper West Side, this $22.5M penthouse has a two-level terrace

Image by Hayes Davidson

July 8, 2020

At a former school on the Upper West Side, this $22.5M penthouse has a two-level terrace

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Not only is this apartment three floors, but it has a two-floor terrace, too. It's the Terrace Penthouse at 555 West End Avenue, a former Beaux-Arts school building transformed into a 13-unit boutique condo. The Upper West Side home is currently listed for $22.5 million and has four bedrooms, a two-story living area connected by a floating staircase, and a full-floor roof terrace that's accessed via an outdoor staircase leading from the wraparound terrace.
See inside the place
$2B project in Astoria calls for massive mixed-use district with 2,700 housing units

Rendering the civic park at Innovation QNS courtesy of ODA

July 2, 2020

$2B project in Astoria calls for massive mixed-use district with 2,700 housing units

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A proposal to build a mixed-use district in Queens that would encompass five blocks and create thousands of new housing units was unveiled this week. Dubbed "Innovation QNS," the $2 billion project would bring 2,700 units of mixed-income housing, 250,000 square feet of creative office space, 200,000 square feet of retail, a new school, two acres of public open space, and new neighborhood amenities to Astoria. With ODA Architecture as the architect of the master plan, the mixed-use district is a joint private venture led by Silverstein Properties, Kaufman Astoria Studios, BedRock Real Estate Partners.
See the plan
See inside the enviable amenity spaces of Dahlia, a new condo on the Upper West Side
June 23, 2020

See inside the enviable amenity spaces of Dahlia, a new condo on the Upper West Side

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As the construction of new condo tower Dahlia wraps up on the Upper West Side, we're taking a look at the 20-story building's impressive amenity package. Designed by CetraRuddy and RKTB Architects, the building at 212 West 95th Street manages to mix the pre-war aesthetic of its neighbors with modern design elements. In addition to its sleek look, Dahlia also offers perks unheard of in New York City, including a huge 5,100-square-foot private elevated park with recreation space for both adults and kids and private parking garage.
See inside
Target to open new stores on the Upper East Side, Upper West Side

Rendering of the Columbus Circle store planned courtesy of Target

June 22, 2020

Target to open new stores on the Upper East Side, Upper West Side

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Manhattan will get two new Target stores, adding to the retail giant's growing New York City footprint. As first reported by PincusCo, the company has signed a 20-year lease for a store at Vornado Realty Trust's 150 East 86th Street on the Upper East Side and a 15-year lease for space at 795 Columbus Avenue on the Upper West Side, overseen by the Chetrit Group. The two new locations, totaling nearly 80,000 square feet, will be small-format stores, which offer easy pick-up service and grab-and-go products.
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INTERVIEW: Architect Morris Adjmi on how Nomad’s 30 East 31st Street helps define a changing city

Renderings by The Neighbourhood, courtesy of Morris Adjmi Architects

June 16, 2020

INTERVIEW: Architect Morris Adjmi on how Nomad’s 30 East 31st Street helps define a changing city

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Among the recent architectural contributions to New York City designed by Morris Adjmi Architects, a tall, slender tower at 30 East 31st Street from developers EDG and The Pinnacle Group is quietly turning heads in the northern part of the Manhattan neighborhood known as Nomad. The 479-foot-high, 42-unit condominium tower, officially named 30E31, is now ready for occupancy. 6sqft caught up with architect and designer Morris Adjmi to get the creator's viewpoint on the notable new Manhattan residence, from his thoughts on the relatively new neighborhood to his contextual exterior design and custom interiors.
The full interview with Morris Adjmi, this way
Tour the striking residences of Morris Adjmi’s condo tower in Nomad

Renderings by The Neighbourhood, courtesy of Morris Adjmi Architects

June 11, 2020

Tour the striking residences of Morris Adjmi’s condo tower in Nomad

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As the architecturally stunning residential tower at 30 East 31st Street nears completion, we're getting a look inside the 479-foot-tall skyscraper. Designed by Morris Adjmi Architects, the high-rise mixes Neo-Gothic and Art Deco styles present in the historic Nomad neighborhood to create one of the most distinctive new buildings in the city. The sleek design continues to the interiors of 30 E 31, where its 42 apartments boast custom woodwork and floor-to-ceiling windows.
See inside

Photo by Daniel Lee on Unsplash 

June 11, 2020

Ahead of city’s phase two of reopening, REBNY releases safety guidelines for real estate brokers

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As New York City looks ahead to phase two of reopening, the city's leading real estate trade group released this week safety recommendations for brokers to follow when conducting deals. Following public health protocols, the six guidelines created by the Real Estate Board of New York encourage face masks and social distancing, virtual preliminary meetings, appointment-only showings, and electronic contracts. Plus, REBNY created a COVID-19 screening questionnaire for all parties attending in-person showings to sign.
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With 8,000 units, Jersey City project will be the Tri-State’s largest mixed-income housing development

Rendering of Cove Pointe, community green. Rendering by Minno and Wasko

June 10, 2020

With 8,000 units, Jersey City project will be the Tri-State’s largest mixed-income housing development

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After receiving approval from the city, last week, developer BRP Companies revealed renderings for their Bayfront Redevelopment Project in Jersey City along the Hackensack River. Located on a former brownfield site, the 100-acre project will be built in phases, eventually resulting in 8,000 units of mixed-income housing (35 percent of which will be affordable), said to be the largest such project in the region. This fall, construction will kick off on the 16-acre first phase, known as Cove Pointe, which will bring 1,092 units of housing, with 382 set aside as affordable and workforce housing.
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One Manhattan Square offers COVID-19 discount up to 20 percent on luxury units

Courtesy of Extell Marketing Group/One Manhattan Square

June 9, 2020

One Manhattan Square offers COVID-19 discount up to 20 percent on luxury units

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Not only is One Manhattan Square one of the last residential buildings in New York City able to entice buyers with a 421-a tax abatement, but the Lower East Side high-rise is also currently offering major discounts on its luxury apartments. In response to the coronavirus pandemic, Extell Development announced last month discounts of up to 20 percent on all remaining units at the 800-foot-tall condominium.
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Navigating rental leases in NYC during COVID: Negotiating, re-signing, moving

Photo by Brandon Jacoby on Unsplash

June 3, 2020

Navigating rental leases in NYC during COVID: Negotiating, re-signing, moving

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The summer months are typically the busiest when it comes to real estate in New York City, especially the rental market. But with the city still not out of the woods of the coronavirus crisis, and with so many facing job and financial uncertainty, the idea of signing or renewing a lease becomes increasingly complicated. With this in mind, 6sqft spoke to real estate agents and building managers to get their thoughts on how to navigate this situation, from requesting your lease go month-to-month to setting up a payment plan. We also provide information on what to do if you're struggling to pay rent.
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Hilary Swank’s stunning former townhouse in the West Village sells for $9.8M
May 28, 2020

Hilary Swank’s stunning former townhouse in the West Village sells for $9.8M

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The four-story West Village townhouse once owned by actress Hilary Swank has sold for $9.794 million. The historic home at 33 Charles Street has been renovated with modern elements while original details--including restored woodwork and built-ins--still shine. The current owner, former president of Macy's Harry A. Lawton III, put the property on the market earlier this year for just under $11 million.
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What will the summer real estate market look like in NYC this year?

Photo by Hiroshige Fukuhara on Unsplash

May 21, 2020

What will the summer real estate market look like in NYC this year?

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When the coronavirus first came barreling down on New York City in March, we asked some of the city's top brokers and agents how they thought the crisis would affect the real estate market. At that time, the big factor was uncertainty, but we now know more about the virus and the trajectory that New York's reopening is on. So what will the summer, typically the height of the market, look like this year? 6sqft spoke to real estate experts across the board to get their predictions on what's ahead, from which price points will be most affected to what amenities buyers are looking for to trends in the surrounding suburbs.
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Waldorf Astoria reveals new looks and virtual tours

All renderings by Noë & Associates / The Boundary

May 19, 2020

Waldorf Astoria reveals new looks and virtual tours

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After launching condo sales in March, the Waldorf Astoria is making the most of the current times by releasing new renderings and 3-D tours that let you walk through the sales gallery and model residence virtually. In addition to getting a look inside the luxury condos, there are new views of the outdoor terrace that extend off the uber-glamorous residents-only pool.
See more here
Connecticut’s biggest sale of the year is a $17.1M waterfront estate with a golf practice green

Photo credit is Halstead Connecticut LLC

May 14, 2020

Connecticut’s biggest sale of the year is a $17.1M waterfront estate with a golf practice green

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Halstead Real Estate reports that their Greenwich, Connecticut-based agent Christopher Finlay just represented the state's highest-priced sale of this year. The incredible waterfront estate was originally listed for $21 million and closed this week for $17.1 million. Located within the prestigious Belle Haven neighborhood, the impeccably renovated 1915 Georgian Colonial sits on nearly four acres that come complete with rolling lawns overlooking the Long Island Sound, a large swimming pool, a gorgeous flower garden, and a contoured golf practice green with bunkers.
See it all right here
Cuomo extends New York eviction freeze through August 20, bans late fees

Photo by Anthony Fomin on Unsplash

May 7, 2020

Cuomo extends New York eviction freeze through August 20, bans late fees

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The moratorium on residential and commercial evictions will be extended statewide by 60 days until August 20, Gov. Andrew Cuomo announced on Thursday. Additional rent relief measures include a ban on fees for late-payments and allowing renters to use security deposits as payment. "I don't want to see people and their children being evicted at this time, through no fault of their own," the governor said during a press briefing.
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After three years, developer Joseph Chetrit unloads UES townhouse with an indoor pool for $25M

Listing photos courtesy of Douglas Elliman

May 7, 2020

After three years, developer Joseph Chetrit unloads UES townhouse with an indoor pool for $25M

By
The townhouse might've sold for $14 million under its asking price, but it's still one of the biggest sales to come through since the coronavirus crisis hit NYC. Owner and big-time real estate developer Joseph Chetrit first listed the double-wide home at 118 East 76th back in 2017 for $39 million. The Wall Street Journal, who learned of the sale from a source close to the deal, notes that the Upper East Side home went into contract "for a significantly larger amount" but "was renegotiated due to the market tumult caused by the pandemic." The lavish home boasts a top-floor indoor pool with a glass-enclosed gym that overlooks it, an elevator that stops at all six floors, a cigar bar, and a patio with an outdoor kitchen and living area. 
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See the immersive art museum proposed for a landmarked Lower Manhattan bank hall

Rendering of proposed exhibition space by Culturespaces/ Woods Bagot, courtesy of LPC

May 6, 2020

See the immersive art museum proposed for a landmarked Lower Manhattan bank hall

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An art center with immersive art exhibitions has been proposed for a landmarked former banking hall in Lower Manhattan. Culturespaces, a French museum operator, presented its plan to adapt the Emigrant Industrial Savings Bank into a center of digital art to the city's Landmarks Preservation Commission on Tuesday. The design proposal from Woods Bagot Architects includes alterations to the landmarked interior to accommodate a ticketing area and necessary audiovisual equipment for the art center, as well as modifications to the exterior of the building.
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What you need to know about the May 1 rent strike

Photo by Avi Werde on Unsplash

April 30, 2020

What you need to know about the May 1 rent strike

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With more than a million New Yorkers out of work as a result of the coronavirus pandemic, many tenants will struggle to pay rent on Friday. Hoping to pressure Gov. Andrew Cuomo to cancel rent for the duration of the health crisis, a coalition of housing advocates is leading a statewide rent strike on May 1, with thousands of renters already pledging to skip payments. But landlords, who argue rental income pays for the growing costs of building maintenance, are fighting for relief themselves.
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LPC approves design for condo conversion at 120-year-old Hotel Wales

Rendering of the proposed cornice at Hotel Wales by Form4Design Studio and Higgins Quasebarth & Partners, LLC; via LPC

April 22, 2020

LPC approves design for condo conversion at 120-year-old Hotel Wales

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The Landmarks Preservation Commission on Tuesday approved plans to retrofit Carnegie Hill's historic Hotel Wales, which is set to be converted into luxury condominiums. The proposal from Form4 Design Studio and Higgins Quasebarth & Partners retains the hotel's Beaux-Arts facade, terra cotta elements, and scroll-bracketed balconies, as CityRealty reported. But the biggest alteration planned for the Carnegie Hill Historic District building is the new cornice and rooftop addition, the design of which the LPC on Tuesday said needs to be modified.
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