Real Estate Trends

April 21, 2020

This week’s NYC sing along goes national with ‘Lean on Me’

Photo by Norbert Kundrak on Unsplash On April 3, three-time Grammy Award winner Bill Withers passed away at the age of 81. Among his top hits were "Ain't No Sunshine," "Lovely Day," and "Lean on Me," which will be the song New Yorkers will sing to out their windows this Thursday evening. Volunteer community choir Peace of Heart Choir kicked off the city-wide sing along last week with Frank Sinatra’s “New York, New York.” This week, the event is planned to reach the entire nation.
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New York tenant groups call for mass rent strike

Photo by Emiliano Bar on Unsplash

April 17, 2020

New York tenant groups call for mass rent strike

By Devin Gannon

A coalition of housing and tenant advocacy groups is calling for a statewide rent strike on May 1 with the goal of pressuring Gov. Andrew Cuomo to cancel rent for the duration of the coronavirus pandemic. Led by the Upstate Downstate Housing Alliance, the coordinated protest is seeking cancellation of rents for at least four months, a freeze on rent for every tenant, and a plan to house homeless New Yorkers.
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Jeff Bezos now owns $96M worth of apartments in Flatiron condo

Rendering of 212 Fifth Avenue by Visualhouse; Photo of Jeff Bezos via Wiki Commons

April 17, 2020

Jeff Bezos now owns $96M worth of apartments in Flatiron condo

By Dana Schulz

Amazon behemoth and richest person in the world Jeff Bezos has been making headlines in recent weeks for his $100 million donation to U.S. food banks. He's also become $24 billion richer since the coronavirus crisis sent Amazon's stocks surging. And it looks like he's taking a very small percentage of that fortune and expanding his real estate investment in NYC. The Post reports that Bezos just dropped $16 million on an apartment in the Flatiron condo 212 Fifth Avenue. Last June, he bought three units in the building totaling $80 million, making it the largest deal to ever close in New York south of 42nd Street. Now he can create a mega-mansion in the sky.
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Family drops $27M on eight Waterline Square apartments as ‘safe’ investment during coronavirus

Rendering courtesy of Noe & Associates with The Boundary. L to R: Two Waterline Square by KPF, Three Waterline Square by Rafael Vinoly, One Waterline Square by Richard Meier

April 15, 2020

Family drops $27M on eight Waterline Square apartments as ‘safe’ investment during coronavirus

By Devin Gannon

A family from Peru has paid nearly $27 million for eight units at the new three-tower luxury complex Waterline Square on the Upper West Side, the Wall Street Journal reported on Wednesday. The buyers went into contract and closed on the all-cash deal on the same day, Douglas Elliman agent Maria Velazquez told the newspaper. Velazquez said the family who bought the condo units see it as an investment, opting to put their money into real estate instead of a bank during the coronavirus pandemic. "They felt their money was safer in an apartment in New York than in a bank," she said.
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Real Estate Trends

$20.3M penthouse on the Brooklyn Heights waterfront is borough’s most expensive sale ever

Image courtesy of MOSO Studio

April 15, 2020

$20.3M penthouse on the Brooklyn Heights waterfront is borough’s most expensive sale ever

By Dana Schulz

Back in October of 2018, a $20 million penthouse in Brooklyn Heights' Quay Tower went into contract. It's now closed (virtually!) for $20,301,000, making it the borough's most expensive residential sale ever. It takes the crown from the $16.7 million penthouse Matt Damon bought in late 2018 at The Standish, also in Brooklyn Heights. Andrew Anderson of Douglas Elliman, who facilitated the sale, said: "Closing on the most expensive residential sale in Brooklyn history at this period in time is a testament to the beautiful, serene homes created at Quay Tower and the desirability of waterfront living in Brooklyn Heights."
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Real Estate Trends

April 14, 2020

$45M oceanfront estate is the priciest sale in the Hamptons since 2016

By Dana Schulz

Mansion Global reports that the sprawling oceanfront estate at 26 and 32 Windmill Lane in East Hampton has closed for $45 million, as per sources close to the deal. Though they can't confirm the final sale price, Douglas Elliman does tell us that it's the most expensive sale in the Hamptons since 2016. The 6.7-acre property, which was listed for $60 million in July and most recently for $55 million, was built in 1989 for former Union Pacific president and chairman James Evans. There's a massive main house with beautiful beachy interiors and tons of outdoor space including a 50-foot pool, as well as a separate guest house.
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Real Estate Trends

NYC will move more homeless New Yorkers to empty hotel rooms to curb COVID-19 spread

Photo by Filip Mishevski on Flickr

April 13, 2020

NYC will move more homeless New Yorkers to empty hotel rooms to curb COVID-19 spread

By Devin Gannon

Starting this week, about 2,500 individuals experiencing homelessness in New York City will be transferred from shelters to hotels, Mayor Bill de Blasio announced on Saturday. The single adults who will be prioritized for the hotel rooms will include seniors and those who tested positive for the coronavirus or have symptoms of the disease. The move comes as 340 homeless New Yorkers have tested positive for COVID-19 and 20 have died, according to the city's Department of Social Services.
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A third of U.S. renters didn’t pay rent on time, report says

Photo by Anthony Formin on Unsplash

April 9, 2020

A third of U.S. renters didn’t pay rent on time, report says

By Devin Gannon

Just 69 percent of apartment renters in the United States paid rent during the first week of April, according to a new report released this week by the National Multifamily Housing Council (NMHC). This a decrease of 12 percentage points compared to the percentage of households that paid rent last month. The data is one of the first looks at the impact of the coronavirus pandemic--which has put millions of Americans out of work-- on the housing market.
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Some NYC landlords are waiving rent payments amid the coronavirus pandemic

Photo by Josh Wilburne on Unsplash

April 6, 2020

Some NYC landlords are waiving rent payments amid the coronavirus pandemic

By Devin Gannon

Some New York City landlords are providing their tenants financial respite during the coronavirus pandemic by waiving or discounting rent. The sudden closure of much of the economy has resulted in the loss of income for millions of New Yorkers, a burden felt especially by the city's five million renters. One landlord who owns 18 buildings in Brooklyn suspended rent for the month of April for all of his tenants. Another is giving a Manhattan pizzeria owner three months of free rent as he continues to feed hospital workers at no charge.
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Real estate work is essential, but showings must be virtual

Photo by Jonathan Riley on Unsplash

April 3, 2020

Real estate work is essential, but showings must be virtual

By Devin Gannon

Certain real estate work is still considered essential by New York, but showings cannot take place in-person, the state clarified on Thursday. In a notice to the New York State Association of Realtors, the Empire State Development earlier this week said home inspections, residential appraisals, back-office real estate work, and residential and commercial showings can continue during the coronavirus outbreak. But despite being newly categorized as essential, agents still cannot host traditional showings, as was previously reported.
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State says real estate industry is an essential business during shutdown

By Devin Gannon

Some real estate industry work is considered essential and can continue during the coronavirus outbreak, New York State announced on Wednesday. The reversal in policy, first spotted by the Real Deal, means real estate agents can now host in-person residential and commercial showings, as long as social distancing measures are taken (open houses are still prohibited). However, the Real Estate Board of New York quickly reached out to brokers and advised them against in-person showings.
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Photo by Aleksandr Rogozin on Unsplash

April 1, 2020

Health and high-rise living: Is higher healthier?

By Cait Etherington

In 2019, NYC saw the completion of more than 15 new buildings over 500 feet, and in the coming couple of years, even more tall buildings are slated for completion, including Central Park Tower, the world's tallest residential building at 1,500 feet. None of this is a surprise. By building up, New York is able to maximize available space and even diversify certain neighborhoods by creating mixed-income housing communities. At their best, high-rise developments can drive economic and social change, but are these buildings also good for our health? Ahead, we look at the risks and benefits of high-rise living, many of which have taken on a new meaning during a time when New Yorkers are mainly confined to their homes.
more on high-rise living and health this way

Real Estate Trends

April 1, 2020

John Legend and Chrissy Teigen drop $7.7M on another penthouse in their Nolita building

By Devin Gannon

John Legend and Chrissy Teigen have picked up a second penthouse apartment at their Nolita building. As the Real Deal first reported, the power couple paid $7.7 million for a three-bedroom at the landmarked Brewster Carriage House at 374 Broome Street, joining the $9 million pad bought by the duo in 2018. They seem to really like the building; Legend and Teigen also lived in a one-bedroom unit at the building until they sold it in 2016 for $4 million.
Details here

Jersey City rental next to Liberty State Park opens, units from $1,910/month

Image of 295J courtesy of Ironstate Development Company and BKSK Architects

March 30, 2020

Jersey City rental next to Liberty State Park opens, units from $1,910/month

By Devin Gannon

A new luxury rental building has opened in the bustling Bergen-Lafayette section of Jersey City, with apartments starting at $1,910/month. Located just steps from Liberty State Park, 295 Johnston Avenue, called 295J, contains 309 units, with a mix of studios, one-, two-, and three-bedroom apartments. In addition to being next to the 1,212-acre waterfront park, the rental boasts an impressive landscaped courtyard with a pool, fire pits, barbecue grills, and ping pong tables.
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Can you move in NYC during the coronavirus outbreak?

Photo © Daxiao Productions – Fotolio

March 27, 2020

Can you move in NYC during the coronavirus outbreak?

By Devin Gannon

While most of life seems to be put on hold at the moment, there are a few tasks that can't be avoided. This includes moving apartments, typically a dreadful experience for New Yorkers with or without an ongoing pandemic. But moving companies are considered an essential service, according to New York City and State officials. Ahead, find out what you need to know about moving in NYC during the coronavirus outbreak, from the extra protocols movers are taking to your rights as a tenant.
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NYC removed 80 basketball hoops from parks

Rimless basketball hoops at Riverside Park and 74th Street on Friday, March 27. Photo © Dana Schulz for 6sqft.

March 27, 2020

NYC removed 80 basketball hoops from parks

By Dana Schulz

In the recent weeks, Mayor de Blasio and Governor Cuomo have taken different approaches when it comes to social distancing measures in public spaces, but one thing they've agreed on is that basketball games need to stop. In his press conference on Wednesday, the Mayor spoke about the specific problem related to basketball courts and announced that he'd received reports from the Parks Department and the NYPD that 80 courts around the city, out of a total of 1,700, were an ongoing issue. He went on to say that the basketball hoops at these locations would be removed, which they were yesterday.
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Amazon snags two Fairway Market stores in NJ

Photo by Dougie WII on Wikimedia

March 26, 2020

Amazon snags two Fairway Market stores in NJ

By Devin Gannon

Amazon has acquired the leases for two Fairway Market stores in New Jersey, half the number of stores the company originally hoped to buy. According to Supermarket News, the online retailer will acquire Fairway's Paramus and Woodland Park, N.J. store leases for $1.5 million. It's unclear why Amazon's offer for stores in Red Hook and Westchester fell through. The auction comes just a few months after the beloved New York City grocery store filed for bankruptcy.
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Real Estate Trends

Eataly looks to buy or lease part of shuttered Barneys flagship

Photo by Jim.henderson on Wikimedia

March 24, 2020

Eataly looks to buy or lease part of shuttered Barneys flagship

By Devin Gannon

A month after Barneys New York closed all of its stores, a food hall is reportedly in talks to occupy part of the luxury retailer's former flagship. As first reported by the New York Post, Italian market Eataly is looking at leasing or buying some space at the now-shuttered store at 660 Madison Avenue on the Upper East Side.
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Real Estate Trends

How the coronavirus is affecting New York City real estate

Image courtesy of 6sqft.

March 16, 2020

How the coronavirus is affecting New York City real estate

By Michelle Cohen

FaceTime video tours, virtual open houses, and plunging interest rates; the real estate business in New York City in the time of COVID-19 isn’t business as usual. But as impactful and uncertain as the global pandemic is, it may not be bad for business. An important and unique attribute of this particular crisis, though, is uncertainty. There are new developments each day, and new answers–for public health and welfare, of course, but also for businesses affected by the virus.
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Photo courtesy of CityRealty

March 9, 2020

With court decision delayed, broker fees live on (for now)

By Devin Gannon

Real estate agents can continue to charge New York renters broker fees until at least June, Crain's reported. Last month, the state department updated a set of guidelines for last year's rent reform laws to prevent brokers who are hired by landlords from charging tenants a fee as part of the application process. Industry groups, including the Real Estate Board of New York (REBNY) and a number of brokerages, filed a petition last month to stop the new rule, which resulted in a temporary restraining order. The office of State Attorney General Letitia James on Friday asked for a three-month extension to respond to the lawsuit, pushing the court date from this week to June 12.
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Well-known author sells Upper East Side carriage house with an artist’s studio for $11M

Photos by Devin Groody/Rise Media courtesy of Compass

March 6, 2020

Well-known author sells Upper East Side carriage house with an artist’s studio for $11M

By Dana Schulz

Fans of "The Sisterhood of the Traveling Pants" series will love getting a look inside author Ann Brashares's gorgeous Upper East Side carriage house, which she just sold for $11 million, reports the Post. Brashare and her husband, painter Jacob Collins, bought the 7,200-square-foot home at 167 East 69th Street in 2001 for $3.65 million from the Sculpture Center. They first listed it in 2018 for $18.95 million, with a price chop to $15 million this past July. Not only does the home have beautiful interior architecture, but it boasts a huge artist's studio and a garage with a curb cut.
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Real Estate Trends

Four permanent artworks will transform LaGuardia Airport

Rendering of Terminal B courtesy of the Governor’s Office

March 6, 2020

Four permanent artworks will transform LaGuardia Airport

By Alexandra Alexa

The ongoing $8 billion transformation of LaGuardia Airport has focused on bringing the airport's functionality into the 21st century, but a series of major art commissions will also enhance how travelers experience the overhauled spaces. On Thursday Governor Cuomo announced a partnership with the nonprofit Public Art Fund that will bring site-specific works by four renowned artists —Jeppe Hein, Sabine Hornig, Laura Owens, and Sarah Sze—to the new Arrivals and Departures Hall opening later this year at Terminal B.
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The Lower East Side’s ‘vertical village’ at One Manhattan Square unveils interior amenities

Image courtesy of Extell/One Manhattan Square

March 6, 2020

The Lower East Side’s ‘vertical village’ at One Manhattan Square unveils interior amenities

By Michelle Cohen

Extell Development Company's largest-ever luxury residential property, One Manhattan Square, has introduced a standout collection of indoor amenities twice the size of the White House, including four pools, a full-sized basketball court, a bowling alley and a cinema, Located on Manhattan's Lower East Side on the East River waterfront, the 847-foot-tall, 815-unit condominium tower–it was 6sqft's 2017 Building of the Year–boasts unobstructed panoramic water and skyline views, but its amenities package is the real standout. Extell has called the residence "a true vertical village," with 100,000 square feet of indoor and outdoor amenities–more than anywhere else, the company claims, in New York City.
Have a look at some of those fab amenities

After four months, Norah Jones sells historic Cobble Hill townhouse

Photo by Christian Harder for Nest Seekers International

March 5, 2020

After four months, Norah Jones sells historic Cobble Hill townhouse

By Dana Schulz

In early November, Grammy Award-winner Norah Jones listed her Greek Revival Cobble Hill townhouse for $8 million. She had purchased it for $4.9 million in 2009. Located at 166 Amity Street, the four-story, five-bedroom brick home boasts beautiful interiors with preserved 1800s details like wooden ceiling beams, marble mantles, and classical moldings, as well as a disappearing heated pool and hot tub in the lovely backyard. The sale, which was first reported by the Post, has not hit public records yet, so the exact sales price is unknown.
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All renderings by the Practice for Architecture and Urbanism (PAU)

March 5, 2020

Renderings released for massive Sunnyside Yard project that will bring 12,000 affordable apartments

By Michelle Cohen

According to the master plan for the 180-acre Sunnyside Yard development in Queens, the former storage and maintenance hub for Amtrak’s Northeast Corridor, New Jersey Transit, and Long Island Rail Road will include 12,000 affordable apartments, making it the largest affordable housing development to be built in NYC since the middle-income Co-op City in the Bronx was completed in 1973 (h/t Wall Street Journal). The plan by the New York City Economic Development Corp. (EDC) outlines a $14.4 billion deck over the train yard on which the complex would be built. Half the housing in the development would be rental apartments for low-income families earning less than 50 percent of the area median income, with the other half set aside for affordable homeownership programs through Mitchell-Lama. The Practice for Architecture and Urbanism (PAU) was identified to lead the planning process, and they have just released renderings and maps of the massive development.
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