Real Estate Trends

Marc Jacobs' West Village townhouse had been on the market for almost a year when he relisted the property at 68 Bethune Street with a new agency and a price chop last week. The New York Post reports the property went into contract the very next day, proving that sometimes a price cut makes all the difference. The fashion designer first listed the four-story, nearly 4,800-square-foot home last April for $15.9 million after having purchased it for $10.5 million in 2009. The new listing hit the market at $12 million but the final sale price is still unknown.
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See the Waldorf Astoria’s glamorous, residents-only pool

Image credit: Noe & Associates/The Boundary

March 2, 2020

See the Waldorf Astoria’s glamorous, residents-only pool

The Waldorf Astoria is still closed for a major renovation, but it appears on track to becoming more luxurious than ever. The latest rendering to be released (which we spotted over on The Post) shows the skylit pool that will be available to residents of the recently branded Towers of the Waldorf Astoria, where 375 condos will be sold for the first time in the history of the storied property.
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Live the Soho life in a former photographer’s live/work loft for $6.5K a month

Photo credit: Rise Media courtesy of The Corcoran Group

February 26, 2020

Live the Soho life in a former photographer’s live/work loft for $6.5K a month

This former photographer's studio and residence at 49 Howard Street is the kind of classic Soho loft that we don't see too often these days. Comprised of 1,800 square feet of open space, the loft checks all the boxes: 11-foot tin ceilings, hardwood floors, oversized windows , exposed brick and industrial pipe shelving frame the third floor walk-up condominium unit, available to rent for $6,500 a month. You don't have to be an artist to live here, but your art will look right at home if you happen to be one. And unique interior features–like a bronze soaking tub and stone infinity sink–keep things interesting.
Eyeful of industrial loft goodness, this way

Bethenny Frankel sells Hamptons home after taking a loss on her Soho condo

2623 Montauk Highway. Photo credit: Chris Foster, courtesy of Compass

February 25, 2020

Bethenny Frankel sells Hamptons home after taking a loss on her Soho condo

It's been a busy 2020 so far for Real Housewives of New York alum Bethenny Frankel, who's finally unloaded two properties: her Soho condo and one of her Hamptons retreats. The Post reported last week that Frankel sold her seven-bedroom residence in Bridgehampton for $2.28 million after listing it for $2.99 million. It's a good thing she made a slight profit there because her Soho condo ended up selling for a significant loss. After almost three years on the market, Frankel sold her two-bedroom apartment at 22 Mercer Street for $3.65 million, the Observer reported last month. That's a $550,000 loss compared to the $4.2 million she paid for the pad in 2014—and more if you factor in what she spent on an extensive renovation.
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February 25, 2020

Apple signs lease for four floors at 11 Penn Plaza

After the Post first reported speculations of the deal in January, they now report that Apple will lease four floors of space at 11 Penn Plaza. Sources told the Post that the tech giant became interested in the 1.15-million-square-foot building that stretches along Seventh Avenue between West 31st and 32nd streets across from Madison Square Garden after losing out to Facebook on a spot in the Farley Building. However, those with knowledge of the deal say that Apple has only signed a five-year deal, which may suggest that they are still keen on finding a larger, more permanent home in NYC.
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Real Estate Trends

Image by Scott Frances for Related-Oxford

February 19, 2020

See the views from NYC’s highest outdoor residential space at 15 Hudson Yards

Adding to Hudson Yards' height superlatives, the city's highest outdoor residential amenity space has opened at 15 Hudson Yards. Rising 900 feet in the air, "Skytop" features 6,000 square feet of curvy indoor-outdoor space, which follows the shape of the building's crown. Designed by Diller Scofidio + Renfro with interiors by Rockwell Group, the amenity space offers unobstructed views of the Hudson River and beyond.
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Leasing launches for Greenpoint Landing’s 40-story second tower

Image by QuallsBenson

February 18, 2020

Leasing launches for Greenpoint Landing’s 40-story second tower

The second tower at Greenpoint Landing, the master plan transforming 22 acres of the north Brooklyn neighborhood, has officially opened. Designed by Handel Architects, Two Blue Slip rises 40 stories and contains 421 rental units, with 30 percent of them income-restricted. While pricing has not been released yet, the neighboring building One Blue Slip, which opened in August 2018, most recently listed a three-bedroom unit for $7,892/month, according to CityRealty.
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See more of the historic residences inside 111 West 57th Street’s landmarked Steinway Building

Listing images courtesy of 111 West 57th Street

February 18, 2020

See more of the historic residences inside 111 West 57th Street’s landmarked Steinway Building

Two more listings inside Midtown’s historic Steinway Hall have just hit the market: a two-bedroom with a private terrace for $8,750,000 and a four-bedroom duplex seeking $17,995,000. The landmarked building at 111 West 57th Street was designed by renowned firm Warren & Wetmore and finished in 1925. The longtime home of the Steinway & Sons piano company was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. The Beaux-Arts structure serves as the project’s grand entryway and will hold the amenity spaces and a small handful of residences designed by Studio Sofield. We previously got a look inside the striking duplex penthouse that hit the market for $21 million last November—a price it still holds.
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All Barneys New York stores to close by end of the month

Photo by Jim.henderson on Wikimedia

February 14, 2020

All Barneys New York stores to close by end of the month

It's the end of an era. Once an icon in the luxury fashion world, Barneys New York is officially closing its doors this month. All stores will shutter on Feb. 23, the New York Post reported on Thursday, with 719 employees losing their jobs at the retailer's flagship location at 660 Madison Avenue, its store in Chelsea at 101 Seventh Avenue, an outlet in Central Valley, and its corporate offices at 575 Fifth Avenue. Barneys California stores in Beverly Hills and San Francisco will also close Feb. 23.
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Real Estate Trends

CNN anchor Don Lemon is selling his stylish Harlem condo for $1.75M

CNN journalist Don Lemon has listed his condo in a luxury Harlem apartment building for $1.75 million, according to the New York Post. Located at 2280 Frederick Douglass Boulevard, the tower, known as 2280 FDB, is a few short blocks from Morningside Park and all that Central Harlem has to offer. The TV news anchor first bought the three-bedroom home for $1.48 million in 2013, followed by a neighboring one-bedroom unit for roughly $867,780 the next year. He sold the smaller unit in 2017 for $969,000.
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Image courtesy of Douglas Elliman.

February 12, 2020

$839K South Bronx condo offers loft living in Mott Haven

In the bustling and buzzy South Bronx community of Mott Haven, this bonafide loft at 305 East 140th Street is also a 2008 condominium conversion known as Bronx Bricks. Constructed in 1904, the classic loft building features a ground-floor art gallery and adjacent theater performance space, both of which highlight the neighborhood's vibrant arts community. The 1,290-square-foot unit is asking $839,000.
Just don't call it SoBro

Temporary restraining order rolls back broker fee ban

Photo by Rachel Martin on Unsplash

February 11, 2020

Temporary restraining order rolls back broker fee ban

In an update made last week to the state's recent rent reform laws, the Department of State said real estate brokers hired by landlords could no longer charge tenants a fee. The ruling sparked a widespread backlash from the real estate industry, particularly rental brokers. In response, a group of industry representatives filed an Article 78 petition in Albany, which resulted in a temporary restraining order on Monday, The Real Deal reported. The Real Estate Board of New York (REBNY) and a number of high-profile brokerages have filed a lawsuit claiming the new guidance was an “unlawful, erroneous, and arbitrary” interpretation of the rent reform law passed in June and wreaked “havoc and confusion” on the industry. The restraining order means agents acting on behalf of landlords can collect a commission from tenants until further notice without fear of discipline by the DOS.
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February 10, 2020

Renters insurance in NYC: Why you should get it right now

Renters insurance is one of those things that you know is a good idea–and like so many New York City renters, you’ve been meaning to do it, but you may not have gotten around to it–until you wish you had. And though we hope we’ll never need it, it's one of the few things in city life that's simple, inexpensive, and worth every penny. Below, we explain why it's an important investment to make, how to navigate the process of getting a quote and getting covered, and which provider might be best for you.
All about renters insurance, this way

Stylish $2.25M West Village loft comes with a fresh renovation and celebrity neighbors

Listing images by Matt Vacca for Doug Kampsen; courtesy of Compass

February 10, 2020

Stylish $2.25M West Village loft comes with a fresh renovation and celebrity neighbors

Fresh off a stylish renovation, this move-in ready loft is a prime example of downtown living on the border of the West Village and Meatpacking District. Now listed for $2.25 million, the 1,200 square foot unit is located in The Gansevoort at 321 West 13th Street, a boutique condominium known for its Neo-Classical facade, unique layouts, and intimate scale. You’ll be able to count at least one celebrity as a neighbor—Ralph Fiennes has lived in the building since 2008.
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Photo credit: Allyson Lubow courtesy of The Corcoran Group.

February 7, 2020

Loft living comes to Bay Ridge in this $939K two-bedroom

The facade of the new-construction condo building at 9907 Third Avenue in Bay Ridge, Brooklyn, with its red brick and arched factory windows, could just as easily be in Dumbo. The loft aesthetic (minus the double-height ceilings and actual factory pedigree) carries through to the interior of this $939,000 third-floor home just a block from Shore Road and Parkway and New York Harbor. The 12-unit building was designed by Elizabeth McDonald, who, according to the listing, is known for her modern aesthetic and high-end interiors in Tribeca. The two-bedroom unit has an elevator landing that opens right into the open-plan living space, a designer kitchen, Siberian oak floors, and nine-foot ceilings.
Bay Ridge condo/loft tour, this way

New York renters no longer have to pay broker fees

Photo by Rachel Martin on Unsplash

February 6, 2020

New York renters no longer have to pay broker fees

Renters in New York will no longer have to pay a broker fee when they lease an apartment, the state ordered Tuesday. In an updated set of guidelines for last year's rent reform laws, the state department said real estate brokers hired by landlords "cannot be compensated by the prospective tenant." While brokers can still charge a fee, landlords are now responsible for paying it, according to the revised rules. However, if a renter hires a broker to find apartments on their behalf, a fee can be collected.
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A closer look inside Waterline Square’s starchitect-designed rentals, from $3,938/month

Living area inside an apartment at One Waterline Square; photo by Evan Joseph

February 4, 2020

A closer look inside Waterline Square’s starchitect-designed rentals, from $3,938/month

When rental units at the Waterline Square development on the Upper West Side hit the market last fall it was clear that the price tags reflected the starchitect lineup involved with its design: The trio of glassy towers was designed by Richard Meier & Partners (One Waterline Square), Kohn Pedersen Fox (Two Waterline Square), and Rafael Viñoly (Three Waterline Square), with Hill West Architects serving as executive architect for the master plan. Located on Riverside Boulevard between 59th and 61st Streets, the complex holds 868 rental units (in addition to 263 condos), which start at $3,938/month for a studio and go up to $15,000/month for a four-bedroom. If you’re curious about what those pricey rentals look like inside, here’s a look at three model homes in each of the towers.
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Proposed property tax overhaul could lessen burden for low-income homeowners in NYC

Photo of Park Slope brownstones by Josh Wilburne on Unsplash

January 31, 2020

Proposed property tax overhaul could lessen burden for low-income homeowners in NYC

Owners of multi-million dollar co-ops and condos in New York City would have to pay property tax at full market value under a recently released proposal to overhaul the current system. The city's Advisory Commission on Property Tax Reform on Thursday unveiled its long-awaited report detailing reforms of the complex system that would tax properties of similar values at equitable rates. Currently, homebuyers pay property tax based on assessed value, rather than the market rate, which puts a bigger tax burden on low- and middle-income homeowners.
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For $6.5K/month, this Chelsea brownstone apartment offers charm and flexibility

Listing images by RISE Media; courtesy of The Corcoran Group

January 29, 2020

For $6.5K/month, this Chelsea brownstone apartment offers charm and flexibility

Perfect for remote workers, this Chelsea rental at 331 West 19th Street comes with a flexible floor plan that can be adapted to suit your working needs. In addition to a sunny master bedroom, the 1,400-square-foot unit has a dedicated (windowless) home office and two smaller rooms that could be used as an additional office, den, guest room, or even for extra storage (as you'll see below). The practical pad is a floor-through unit on the first floor of a charming brownstone. It's now available to rent for $6,500 a month.
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Sales launch from $1.4M at Thomas Heatherwick’s Lantern House, amenity spaces revealed

Courtesy of Related Companies

January 28, 2020

Sales launch from $1.4M at Thomas Heatherwick’s Lantern House, amenity spaces revealed

Sales have officially launched at Thomas Heatherwick's condo project on the High Line, developer Related Companies announced Tuesday. Located at 515 West 18th Street, Lantern House consists of two bubbled towers that straddle the elevated park, one at 10 stories and 22 stories. Pricing for the residences, which include one- to four-bedroom units, start at roughly $1.395 million and go up to about $17 million. And more details on the building's amenity spaces were released, with renderings now available of the Equinox-curated health club with a swimming pool, outdoor terrace, roof deck, and private dining space.
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January 28, 2020

Michelle Williams and Tommy Kail just bought a Brooklyn Heights townhouse for $10.8M

Actress Michelle Williams and her fiancé, theater and film director Tommy Kail (he directed the Broadway hit "Hamilton"), have just purchased a townhouse in historic Brooklyn Heights, the Wall Street Journal reports. The $10.8 million the pair reportedly paid for the 3,000-square-foot house, built in the 1820s, makes it one of the neighborhood's most expensive sales.
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January 27, 2020

The Chelsea Flea will return to its longtime lot under new lease with Brooklyn Flea founders

A beloved flea market and antique fair in Chelsea that closed last month will reopen this spring. The Chelsea Flea Market, which first opened in 1976 and attracted antique-lovers and artists like Andy Warhol, is set to return to its original location on West 25th Street in April, but under new management, as Gothamist first reported. Co-founders of Brooklyn Flea, which also runs the market Smorgasburg, Eric Demby and Jonathan Butler, have reached a lease agreement for the parking lot at 29 West 25th Street.
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Real Estate Trends

New details and looks for Essex Crossing’s second condo building

Credit: VMI Studio

January 24, 2020

New details and looks for Essex Crossing’s second condo building

Sales will launch at Essex Crossing's second condo building this spring, developers announced. Dubbed One Essex Crossing, 202 Broome Street is the seventh of nine buildings currently under construction or completed at the Lower East Side site. A teaser website and new rendering were released this week for the 83-unit tower, as first reported by Curbed NY, as well as additional details about the impending sales launch.
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Meryl Streep’s waterfront Tribeca penthouse finds a buyer for $15.8M

Listing images by Travis Mark; courtesy of Sotheby’s International Realty

January 22, 2020

Meryl Streep’s waterfront Tribeca penthouse finds a buyer for $15.8M