Real Estate Trends

Beloved Upper West Side shop Book Culture closes for good

Book Culture on Columbus on Thursday 1/9/20, taken by 6sqft

January 21, 2020

Beloved Upper West Side shop Book Culture closes for good

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Drawing comparisons to "The Shop Around the Corner" in the movie "You've Got Mail" (which is also set on the Upper West Side), Book Culture became a beloved neighborhood shop for its whimsical atmosphere, great selection of books, and cozy children's reading room. But this past year, the store's owner penned a letter to city officials asking for a $500,000 loan to stay afloat amid unpaid vendor debts and loans. Earlier this month, a city marshal seized the store for "eviction action" due to unpaid rent, West Side Rag reported. Though the store was hopeful it could find a solution to remain open (even starting a Post-it Note campaign where customers left their support on the storefront), they announced today in an email that their doors are shut forever.
What happened?
New looks revealed for 3 Hudson Boulevard, the next office tower to rise at Hudson Yards

Image courtesy of Gammahaus

January 17, 2020

New looks revealed for 3 Hudson Boulevard, the next office tower to rise at Hudson Yards

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A new design–the third so far–has been revealed for 3 Hudson Boulevard, the next office tower to rise at Hudson Yards. Located at the northwest corner of West 34th Street and Hudson Boulevard, the tower, which has long been in planning stages, will have 1.85 million square feet of office space. The latest designs reveal a height of just under 1,000 feet with 56 stories, the New York Post reports. Some floors will have ceilings of almost 30 feet with terraces at the end.
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Developer scraps Bjarke Ingels-designed 2 WTC for revamped Norman Foster tower

Previous rendering of 2 World Center via DBOX, courtesy of Bjarke Ingels Group

January 16, 2020

Developer scraps Bjarke Ingels-designed 2 WTC for revamped Norman Foster tower

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It looks like Norman Foster's design for 2 World Trade Center might rise after all. First unveiled in 2006, the original Foster + Partners proposal was scrapped in 2015 for Bjarke Ingels' stacked tower, which was deemed more suitable to prospective media tenants. After leases with Fox and News Corp. fell through in 2016, the future of the tenant-less tower has remained uncertain. Absent any takers, developer Larry Silverstein is now pivoting back to the Foster vision, the New York Post reports. The old design is being "significantly modified to be more reflective of contemporary needs and taste," Silverstein said.
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Group of Coney Island boardwalk businesses could see up to 400 percent increase in rent

Photo by Shinya Suzuki on Flickr

January 15, 2020

Group of Coney Island boardwalk businesses could see up to 400 percent increase in rent

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Owners of six small businesses in Coney Island, Lola Star Boutique, Nathan's Famous, Ruby's Bar & Grill, Paul's Daughter, Tom's Restaurant, and the Coney Island Beach Shop, are currently negotiating new 10-year lease agreements with amusement park operator Zamperla. The New York Times reported on Wednesday that the boardwalk businesses are facing rent increases of between 50 and 400 percent each. "We care about Coney Island and its future, and we are dedicated to making it as strong a community as possible," Alessandro Zamperla, the president of the company, told the Times. "This is why we've been working with our tenants to ensure their success and preserve the character of Coney Island." Mayor Bill de Blasio's administration has not come forward with a plan to mediate; according to the newspaper, the rent increases do not violate the agreement between Zamperla and the city.
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Lantern House, Thomas Heatherwick’s quirky High Line condo, rises and reveals residences

Photo of Lantern House on 1/3/20 by CityRealty

January 10, 2020

Lantern House, Thomas Heatherwick’s quirky High Line condo, rises and reveals residences

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Related Companies has released new renderings of the residential interiors in Thomas Heatherwick’s Lantern House condo development on the High Line. The quirky towers—one is ten stories tall and the other rises to 22 stories—flank the High Line at 18th Street and stand out with their billowing glass walls that reinterpret “the modern bay window.”
Check out the renderings
‘Grey’s Anatomy’ star Ellen Pompeo sells Sag Harbor farmhouse for $3M

Listing photos by Chris Foster, courtesy Douglas Elliman

January 3, 2020

‘Grey’s Anatomy’ star Ellen Pompeo sells Sag Harbor farmhouse for $3M

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Two years after putting her Hamptons home on the market for $3.8 million, actress Ellen Pompeo has sold the property for $2,995,000. The "Grey's Anatomy" star bought the eight-acre site for $950,000 in 2011, and in 2013, had the current modern-farmhouse constructed, which she then designed herself. In addition to its gorgeous decor, the residence boasts beautifully manicured lawns and a heated, Gunite pool.
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Sales at Trump-branded condos continue to fall behind the rest of Manhattan

Photo by Krystal T via Flickr cc

January 2, 2020

Sales at Trump-branded condos continue to fall behind the rest of Manhattan

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In November, 6sqft shared data that showed sales at Trump Tower were still in a post-2016 slump, but year-end figures show that the decline is a larger trend across Trump-branded buildings in NYC. According to CityRealty's annual Manhattan Year-End Report, "In the third full year of Donald Trump’s presidency, the average sales price for the 11 Trump-branded condos in Manhattan once again fell below the Manhattan condo average."
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Famed flea market in Chelsea has closed

The Hell’s Kitchen Antiques Fair & Flea Market closed in 2018; Photo by S.J.I on Flickr

December 30, 2019

Famed flea market in Chelsea has closed

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After nearly five decades in operation, a famed flea market in Chelsea officially closed on Sunday, the New York Times reported. Alan Boss, the owner of the Annex Antiques Fair and Flea Market, which first opened in 1976 on a corner lot on West 25th Street, said the landlords did not renew the market's lease. While Boss said he hoped to find a new location, there isn't much remaining in the expanding neighborhood. "The current location was the last available lot of any size," Boss told the Times.
More here
Bruce Willis sells 22-acre Westchester estate at a $5M discount

Photo credit: Robert Lowell courtesy of Douglas Elliman

December 27, 2019

Bruce Willis sells 22-acre Westchester estate at a $5M discount

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After nearly a year on the market, Bruce Willis has finally unloaded his 22-acre Westchester estate, reports the Wall Street Journal. The actor and his wife, Emma Heming Willis, first listed the property in January for $12.95 million but dropped the price to $9.4 million in August. The couple said they were selling since they planned to move back to the west coast, and they must have been quite eager, as they ultimately let it go for $7.66 million, a 41 percent discount and a big loss from the $12 million they bought it for in 2014.
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Ultra-high-end sales defined the 2019 real estate market

Looking north towards Billionaires’ Row in early October © 6sqft

December 27, 2019

Ultra-high-end sales defined the 2019 real estate market

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Throughout the year, there was much speculation that the real estate market was on a decline, but according to CityRealty's annual Manhattan Year-End Report, ultra-high-end sales continue to keep the market strong. On par with 2018's 228 sales, this year saw 221 sales at $10 million or more, totaling $4.6 billion, up from last year's $4.2 billion. As CityRealty tells us, this is "largely due to big-ticket purchases near the southern end of Central Park, most notably at 220 Central Park South," which accounts for one-third of that total, as well as a glut of new development condos coming online.
More details ahead
NYC Council members propose ‘gentrification tax’ for new homebuyers

Photo via Creative Commons

December 26, 2019

NYC Council members propose ‘gentrification tax’ for new homebuyers

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New homebuyers in New York City could be charged property tax based on actual market prices, the New York Post reported on Wednesday. A group of city lawmakers is pressing Albany to change state laws to close a loophole that offers tax breaks to homebuyers in gentrifying neighborhoods. The "gentrification tax," as the Post called it, would have homebuyers pay market rate taxes, rather than the assessed value, as a way to make the system fairer.
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Dunkin’ and MetroPCS thrive in NYC despite overall drop in number of chain stores

Photo by Photo by Susan Sermoneta on Flickr

December 20, 2019

Dunkin’ and MetroPCS thrive in NYC despite overall drop in number of chain stores

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The number of chain stores in New York City dropped for the second consecutive year, down 3.7 percent in 2019, according to a new report. Despite this decline in retailers, two stores continue to grow across the five boroughs: Dunkin' and Metro by T-Mobile. The Center for an Urban Future's annual "State of the Chains" report found that the coffee chain is the city's largest national retailer with 636 total stores, adding 12 locations since 2018, followed by the cell phone store, formerly called MetroPCS, which operates 468 stores citywide.
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For $24 million, a penthouse in Rafael Viñoly’s latest Nomad tower features an impressive loggia

Images by Colin Miller

December 19, 2019

For $24 million, a penthouse in Rafael Viñoly’s latest Nomad tower features an impressive loggia

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As we’ve watched Rafael Viñoly’s Nomad tower at 277 Fifth Avenue rise, its pared-down yet distinctive facade has drawn our attention to the building’s double-height, open-air loggias that appear to be carved out of the building’s uppermost corners. Now that the building is complete, new images of a recently listed penthouse offer a glimpse of what those spaces are like from the other side. Seeking $24 million, the residence is one of four penthouses atop the 720-foot tower, spanning roughly 4,520 square feet.
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NYC’s third-priciest apartment ever just sold at 220 Central Park South for $92.7M

Via Vornado Realty Trust and Robert A.M. Stern Architects

December 17, 2019

NYC’s third-priciest apartment ever just sold at 220 Central Park South for $92.7M

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Despite some trepidation about the luxury sales market, the year is finishing strong, at least near Billionaires' Row, which was just named the most expensive street in the entire world. As the NY Post first reported, property records filed today show a $92.7 million penthouse sale at 220 Central Park South, making it the third-most-expensive NYC 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. Though it was purchased by an anonymous LLC, the Wall Street Journal uncovered that billionaire hedge-funder Daniel Och is the buyer.
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Billionaire’s Row tops list of most expensive streets in the world

Looking north towards Billionaires’ Row in early October © 6sqft 

December 17, 2019

Billionaire’s Row tops list of most expensive streets in the world

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A new study of the top "ultra-prime" locations in the world dispels any doubt that Billionaire's Row is living up to its name. London-based property consultancy Knight Frank, along with Douglas Elliman, looked at the number of homes sold for over $25 million since 2015 and found the greatest concentration along Midtown's 57th Street, where 41 transactions have been closed in the last five years at an average price of $38.5 million. Manhattan cracked the top ten three more times, with Central Park South coming in third, followed by Park Avenue and Fifth Avenue in fourth and seventh place.
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NYC real estate experts offer their 2020 predictions

Photo by Leonhard Niederwimmer via Pixabay

December 16, 2019

NYC real estate experts offer their 2020 predictions

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In some ways, 2019 was a continuation of the past few years: political and global uncertainty loomed over the New York real estate market, development continued at a steady pace, and prices were as high as ever. (Oh wait -- they were actually higher.) But the year also brought notable changes, from a total overhaul of rent and tenant protections, increased urgency in regards to climate change, an increasingly buyer's market, and dry-up of the once pervasive rental concessions. So what's in store for the year ahead? Real estate experts believe sustained political uncertainty -- particularly around an election year -- could mean buyers proceed cautiously. The new rent laws will undoubtedly shape New York, as both the rental and condo markets tighten. Pre-war design will make a comeback in defiance of glassy modern architecture, while the focus on sustainability will increase and amenities will become more flexible.
Keep reading for the 6sqft's full roundup of 2020 predictions.
NYC’s third $100M+ real estate deal closes at 220 Central Park South

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

December 13, 2019

NYC’s third $100M+ real estate deal closes at 220 Central Park South

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A penthouse at 220 Central Park South has sold for $100 million to an undisclosed buyer, the Wall Street Journal reports. The Billionaire's Row transaction is only the third nine-figure deal to close in New York City, following hedge-fund executive Ken Griffin’s whopping $240 million purchase in the same building earlier this year (the most expensive home ever sold in the U.S.) and tech mogul Michael Dell’s $100.47 million penthouse at nearby One57, which closed in 2014.
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Massive Bjarke Ingels-designed apartment towers and public beach planned for Williamsburg

All renderings © James Corner Field Operations and BIG-Bjarke Ingels Group, courtesy of Two Trees Management

December 12, 2019

Massive Bjarke Ingels-designed apartment towers and public beach planned for Williamsburg

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Two new mixed-use towers with 1,000 units of housing and six acres of public space have been proposed for the North Brooklyn waterfront. Two Trees Management on Thursday unveiled plans to bring two Bjarke Ingels Group-designed buildings, one at 650 feet and the other at 600 feet, on River Street between North 1st and North 3rd Street in Williamsburg. The buildings, with Metropolitan Avenue running between them, will serve as an entrance to the new waterfront space, part of a master plan designed in collaboration with BIG and James Corner Field Operations. The park and public beach would close the gap between Grand Ferry Park and North Fifth Park, eventually providing continuous access to the East River between South Williamsburg and Greenpoint.
Check out the whole project
Bedford Union Armory redevelopment project in Crown Heights breaks ground

Rendering courtesy of BFC Partners.

December 11, 2019

Bedford Union Armory redevelopment project in Crown Heights breaks ground

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The New York City Economic Development Corporation (NYCEDC) along with Council Member Laurie Cumbo, BFC Partners and community members today celebrated the groundbreaking of the redevelopment project finally underway at the historic Bedford Union Armory in Crown Heights. The new community hub will offer affordable space for local non-profits, recreational space for youth and hundreds of units of affordable housing as shown in new renderings. The road to this latest milestone has been a long and storied one since community leaders first envisioned the massive armory as a multi-use gathering space for the Crown Heights community.
New renderings of the redeveloped armory, this way
Facebook in talks for office space at former Farley Post Office in Midtown

Rendering courtesy of Skidmore, Owings & Merrill via Gov. Andrew Cuomo’s office

December 6, 2019

Facebook in talks for office space at former Farley Post Office in Midtown

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Facebook is looking to expand its New York City footprint once again. The social media company is in talks to lease about 700,000 square feet at the former James A. Farley Post Office, a city landmark in Midtown currently being converted into a mixed-use building. If the deal is inked, Facebook would become one of the largest corporate tenants in the city with 3 million square feet of office space leased, as first reported by the Wall Street Journal.
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New looks for Thomas Heatherwick’s quirky Lantern House condos on the High Line

Rendering courtesy of Related Companies

December 4, 2019

New looks for Thomas Heatherwick’s quirky Lantern House condos on the High Line

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New renderings were released this week of Thomas Heatherwick's first residential project in the United States, providing a peek inside one of New York City's most unique new buildings. Developed by Related Companies, Lantern House consists of two High Line-flanking towers, one at 10 stories and the other at 22 stories, both with glassy bubbled exteriors. Four new images reveal its freestanding glass lobby pavilion which connects the two buildings and is pierced by two beams from the elevated park above.
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Lord & Taylor is returning to NYC as a Soho pop-up

Photo courtesy of Lord & Taylor

December 3, 2019

Lord & Taylor is returning to NYC as a Soho pop-up

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After closing its iconic Fifth Avenue flagship at the start of 2019, department store Lord & Taylor will be popping up again as a Manhattan shopping address, sources told Bloomberg. The department store brand, which was sold by former owner Hudson's Bay to clothing rental company Le Tote for $100 million in cash in August, is reportedly opening a 2,400-square-foot shop for just two weeks in mid-December. The pop-up shop will be located on Wooster Street in Soho–a neighborhood whose current streetscape boasts as many empty storefronts and seasonal pop-ups as high-end designer fashion shops.
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Whimsy and luxury collide in this $19M Soho loft filled with a hand-themed art collection

Listing images courtesy of Brown Harris Stevens

December 2, 2019

Whimsy and luxury collide in this $19M Soho loft filled with a hand-themed art collection

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After nearly 30 years, Henry Buhl—a former mutual-fund manager turned photographer, philanthropist, and art collector—has listed his four-bedroom Soho loft for a cool $19 million. Buhl bought two adjacent units at 102 Prince Street and 114 Greene Street in 1990 for about $2.5 million and combined them into a sprawling, 7,000+ square-foot residence. Located in a classic Soho cast-iron building, one side of the home is luxuriously decorated in the Renaissance style while the other offers a unique “sculpture garden” filled with Buhl’s hand-themed art collection featuring works by Pablo Picasso, Auguste Rodin, and Fernando Botero. The 89-year-old is looking to downsize, according to an interview with the Wall Street Journal, and is willing to sell prospective buyers “a handful” of his art as well.
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Get a first look inside Renzo Piano’s first NYC residential tower at 565 Broome Street

Photo by Adrian Gaut/Edge Reps (L); Photo by Joshua McHugh (R)

November 25, 2019

Get a first look inside Renzo Piano’s first NYC residential tower at 565 Broome Street

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Known for his work on The New York Times Building, the Whitney Museum, and the Morgan Library expansion, Pritzker Prize-winning architect Renzo Piano has completed his first residential building in NYC at 565 Broome Street. The Soho tower has 115 residences, ranging from studios to four-bedroom condos. Uber’s Travis Kalanick and tennis star Novak Djokovic have already scooped up units in the building, where sales launched last September.
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The most expensive site in the Bronx gets a name and new renderings

Renderings courtesy of ArX Solutions

November 21, 2019

The most expensive site in the Bronx gets a name and new renderings

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Last fall, Brookfield Properties bought two sites in Mott Haven for $165 million—the most expensive transaction on record for development in the Bronx—from Somerset Partners and Chetrit Group. On Thursday, the developers revealed a $950 million plan for a 4.3-acre mixed-use development that will bring more than 1,350 apartments to the South Bronx neighborhood, of which 30 percent will be affordable. Branded as Bankside, the project will also include a public waterfront park and promenade, as well as ground-floor retail and community facility spaces.
See it here
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