Real Estate Trends

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

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

By Devin Gannon

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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Photo by Daniel Lee on Unsplash

May 4, 2020

Petition calls for NYC landlords to withhold property tax

By Devin Gannon

An online petition launched last week that calls on New York City landlords to withhold property tax payment, in response to a statewide rent strike organized this month. As the Real Deal first reported, the Change.org appeal, "Property Tax relief or Tax strike," has collected nearly 1,500 signatures as of Monday.
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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

By Devin Gannon

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

By Devin Gannon

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

Photo by Norbert Kundrak on Unsplash

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

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

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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Popular Articles

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

April 14, 2020

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

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

Photo © 6sqft

April 2, 2020

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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Health and high-rise living: Is higher healthier?

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

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

Streetview of 374 Broome Street; Map data © 2020 Google

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.
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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

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

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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