Real Estate Trends

In a ground-breaking ceremony that included the New York Islanders, National Hockey League Commissioner Gary Bettman, local leaders and hockey fans, Governor Andrew M. Cuomo this week heralded construction of the New York Islanders' new arena at Belmont Park. The arena will anchor the $1.3 billion Belmont Park redevelopment project that promises to create 10,000 jobs and generate $2.7 billion in economic activity for the region. The new 19,000-seat arena, which will host the hockey team and other events, is part of the governor's effort to transform 43 acres of parking lots into a top destination for sports, hospitality and retail, with a 250-key hotel, a retail village and office and community space to come.
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September 19, 2019

Nate Berkus and Jeremiah Brent buy swimsuit photographer’s $1.6M modern Montauk home

They just listed a fully decorated Village pad they'd bought in 2013 along with their former penthouse at 2 East 12th Street earlier this month, and the famed interior designer duo have made another real estate move, purchasing an appropriately stylish house at 53 Kettle Hole Road in Montauk that was most recently listed at $1.599 million. The seller is renowned contemporary artist and photographer Raphael Mazzucco, who has eight Vogue covers and three Sports Illustrated Swimsuit Issues under his belt in addition to numerous campaigns for brands like Victoria's Secret and Ralph Lauren.
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Review of mechanical space use continues at Extell’s Upper West Side tower

Rendering of 50 West 66th Street courtesy of Binyan Studios/Snøhetta

September 18, 2019

Review of mechanical space use continues at Extell’s Upper West Side tower

Extell's Snøhetta-designed Upper West Side tower at 50 West 66th Street has cleared one set of legal challenges but the building's contested use of mechanical spaces remains an issue. As Crain’s reported on Tuesday, the city’s Board of Standards and Appeals voted down challenges to the building’s split zoning lots—upholding the Department of Buildings permits for the project—but voted to further scrutinize the tower’s use of mechanical floor spaces by initiating a review of whether Extell is “appropriately occupying” those spaces.
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Robert A. M. Stern’s 220 Central Park South passes $1B in sales

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

September 18, 2019

Robert A. M. Stern’s 220 Central Park South passes $1B in sales

Since its first closing nearly a year ago, Robert A.M. Stern's 220 Central Park South has now surpassed the $1 billion mark in sales according to data compiled by CityRealty. The milestone is definitely not surprising considering this is the same building where Billionaire Ken Griffin bought the country's most expensive home ever sold for $239,958,219. And with an average sales price of $6,934 per square foot for its 39 total closings, 220 is also the city's most expensive condo building.
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Real Estate Trends

The world’s tallest residential building, Central Park Tower, tops out at 1,550 feet

Central Park Tower in early Sept., Photo © 6sqft

September 17, 2019

The world’s tallest residential building, Central Park Tower, tops out at 1,550 feet

By Devin Gannon

Central Park Tower officially topped out on Tuesday, breaking the record set by nearby 432 Park Avenue for the tallest residential building in the world. Reaching 1,550 feet high, the skyscraper at 217 West 57th Street would be the tallest building in New York City if not for the 400-foot spire of One World Trade, as New York Magazine reported. Developed by supertall-specialists Extell, Central Park Tower includes a seven-story Nordstrom flagship store and 179 luxury condos.
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Image courtesy of Two Trees Management.

September 13, 2019

Williamsburg’s tallest building opens in Domino complex with an outdoor pool and rooftop cabanas

Two Trees Management announced yesterday the opening of the second building to rise at Williamsburg's Domino Sugar Factory site at the corner of Grand Street and Kent Avenue. Designed by COOKFOX Architects, One South First is a mixed-use 45-story building within the newly-created six-acre Domino Park that includes 330 rental apartments, office space, and retail. Unique features include a distinct facade inspired by the structure of sugar crystals in honor of the site's history as a sugar manufacturing plant. The building is now the neighborhood's tallest tower at 435 feet, and it makes use of every inch of that height with dazzling amenities that include an outdoor granite pool overlooking the East River and City skyline.
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Long Island City’s Skyline Tower is now the tallest outer-borough building

Rendering by Binyan Studios

September 13, 2019

Long Island City’s Skyline Tower is now the tallest outer-borough building

By Devin Gannon

A tower on the rise in Queens just became the tallest building in New York City outside of Manhattan. Hitting the 63rd floor, Skyline Tower has officially surpassed in height its neighbor and previous record-holder, the 673-foot-tall Citigroup Building. Located at 23-15 44th Drive, the new Long Island City tower offers studio to four-bedroom homes, priced between $500,000 and $4 million. Upon its completion, Skyline Tower will reach 762 feet and contain roughly 800 condos.
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VIDEO: See two years of work on Brooklyn Point’s recently completed facade

Rendering courtesy of Extell

September 12, 2019

VIDEO: See two years of work on Brooklyn Point’s recently completed facade

Earlier this Spring construction of Brooklyn’s tallest residential tower, Brooklyn Point, topped out at 720 feet. Now, the 68-story skyscraper has reached another construction milestone and is fully enclosed. A new video released by Extell compresses two years of work on the facade into mere seconds, as the Kohn Pedersen Fox-designed building nears completion.
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Sales launch at disputed 200 Amsterdam Avenue, with one-bedrooms starting at $2.625M

Renderings courtesy of Binyan Studios

September 11, 2019

Sales launch at disputed 200 Amsterdam Avenue, with one-bedrooms starting at $2.625M

Less than a month after construction at 200 Amsterdam Avenue topped out—and despite a pending Article 78 challenge filed by opponents of the contested Upper West Side tower in July—sales have officially launched and the developers debuted a new website with all the listings and a new batch of renderings. Designed by Elkus Manfredi Architects with interiors by CetraRuddy, the tower will rise 668 feet and consist of 112 condos over its 52 stories. Current pricing starts at 2.625 million for a one-bedroom and goes up to $7.975 for a five-bedroom. As 6sqft previously reported, there will be two duplex penthouses available for about $40 million each.
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Brooklyn’s highest penthouse sells to Nets point guard Spencer Dinwiddie

Not only will Brooklyn Nets point guard Spencer Dinwiddie have some of the most insane views in New York City, but he'll be just a 15-minute walk from the team's court at the Barclay's Center. The New York Post reports that Dinwiddie is in contract to buy the penthouse unit at Brooklyn Point, the 720-foot-tall tower that is the borough's current tallest residential building and boasts the highest rooftop infinity pool in the western hemisphere. The 68th-floor apartment was last asking $3.9 million.
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A first look inside Álvaro Siza’s restrained yet powerful Hell’s Kitchen tower, his first U.S. building

Renderings courtesy of The Boundary

September 3, 2019

A first look inside Álvaro Siza’s restrained yet powerful Hell’s Kitchen tower, his first U.S. building

With the construction of Álvaro Siza’s Hell’s Kitchen tower well underway and sales expected to launch later this month, the project website and a new batch of renderings have been released, revealing new project details and a first peek at the interiors designed by Gabellini Sheppard Associates. The rising 37-story tower at 611 West 56th Street will be the Pritzker Prize-winning architect’s first high-rise in the United States and largest project to date. Unlike most other starchitect projects in NYC, it stands out for its restraint and simplicity, hallmarks of Siza’s approach to design.
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This perfectly petite Chelsea one-bedroom has a huge backyard for $3.8K/month

Listing images by Rise Media; courtesy of Compass

August 27, 2019

This perfectly petite Chelsea one-bedroom has a huge backyard for $3.8K/month

This one-bedroom Chelsea rental at 229 West 16th Street—currently available for a 12-month lease at $3,795 a month—comes with a large private backyard that has almost as much square footage as the apartment itself. Inside, the newly renovated pad is petite but has a few clever space-saving ideas. Outside, you can really spread out and enjoy more than 360 square feet of furnished, landscaped outdoor space.
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Sales at contested 200 Amsterdam Avenue will launch soon, including two $40M penthouses

Renderings courtesy of Binyan Studios

August 23, 2019

Sales at contested 200 Amsterdam Avenue will launch soon, including two $40M penthouses

Last week, construction of the residential floors at 200 Amsterdam Avenue topped out and now we’re getting a little peek at what the luxury, CetraRuddy-designed interiors will look like. There will be a total of 112 apartments in the controversial Upper West Side tower, including eight full-floor residences and two duplex penthouses. Sales are set to launch in September, with prices starting at $2.625 million for a one-bedroom and exceeding $40 million for the penthouses.
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New 2.5-acre complex will bring 500+ rentals to the Astoria waterfront

30-77 Vernon Boulevard. Renderings by Pax Brooklyn, courtesy of Fogarty Finger

August 22, 2019

New 2.5-acre complex will bring 500+ rentals to the Astoria waterfront

A sprawling new residential development at 30-77 Vernon Boulevard from Cape Advisors and Wainbridge Capital will bring over 500 rental apartments to the Astoria waterfront area (h/t Yimby). The 522,000-square-foot construction site on two-and-a-half acres of land will be comprised of three adjacent buildings designed by Fogarty Finger. New renderings show a white and gray façade with rooftop recreation areas; amenity spaces will include a private courtyard, indoor and outdoor lounges, a fitness center and a rooftop pool East River and Manhattan skyline views.
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New renderings reveal Prospect-Lefferts tower with luxury amenities and Verrazano Bridge views

Renderings courtesy of the Moinian Group

August 21, 2019

New renderings reveal Prospect-Lefferts tower with luxury amenities and Verrazano Bridge views

The Moinian Group and Bushburg Properties have released interior renderings of the new 26-story tower with 467 rental residences at 123 Linden Boulevard in Brooklyn's Prospect Lefferts Gardens. The new rental tower, known as PLG, was designed by Hill West Architects and Whitehall Interiors and will offer more than 50,000 square feet of indoor and outdoor amenity space including indoor and rooftop pools, a lounge, a fitness center with a sauna and steam room, a dog run, a game room, a co-working lounge and a golf simulator. The new building also boasts Downtown Brooklyn, Manhattan and Verrazano Bridge views. Studios start at $2,300/month; one-bedrooms at $2,475/month; two-bedrooms at $3,600/month; and three-bedrooms from $4,500/month; 30 percent of the building's units will be below-market-rate housing.
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August 16, 2019

‘American Gigolo’ director Paul Schrader lists West Chelsea condo for $3.25M

Oscar-nominated film director, screenwriter ("Taxi Driver," "Raging Bull," “American Gigolo” and “The Last Temptation of Christ”) and Martin Scorsese collaborator and pal Paul Schrader just put his three-bedroom Chelsea condo on the market for $3.25 million. The sleek, contemporary home in the building known as Modern 23 at 350 West 23rd Street is just a block from the High Line and near the Hudson River Park and the recently-opened Hudson Yards.
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Apple expands its search for new Manhattan office space

Photo of Hudson Yards via Flickr

August 15, 2019

Apple expands its search for new Manhattan office space

Several of the world's biggest tech companies have been ramping up their Manhattan real estate search in recent months. The latest news comes from Apple, who is reportedly seeking up to 750,000 square feet of new office space, according to The Real Deal. In February, 6sqft reported that the California-based company was close to securing space at 55 Hudson Yards, but those plans have changed. Sources told The Real Deal that Apple is now considering leases at neighboring 50 Hudson Yards, the Farley Post Office, and One Madison Avenue, with brokers Martin "Mack" Horner and Peter Riguardi of JLL leading the search.
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Real Estate Trends

New study finds reasons for storefront vacancy are as varied as NYC neighborhoods themselves

Image: Steven Pisano via Flickr.

August 9, 2019

New study finds reasons for storefront vacancy are as varied as NYC neighborhoods themselves

Amid discussions of gentrification and astronomical rents, it's impossible not to notice the alarming appearance of vacant storefronts in what seems like every neighborhood in New York City. A new report from the Department of City Planning (DCP) has attempted to get a closer look at the data behind this phenomenon to get a better understanding of how the city's retail and storefront uses may be changing. The report, titled "Assessing Storefront Vacancy in NYC," looks at 24 neighborhoods as case studies. The very detailed study found that, overall, storefront vacancy may not be a one-answer citywide problem. Vacancies were found to be concentrated in certain neighborhoods, and the reasons appear to be as many and varied as the neighborhoods themselves.
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August 8, 2019

Karlie Kloss and Josh Kushner’s Nolita pad sells for $6.6M

Supermodel Karlie Kloss and hubby Josh Kushner, investor and brother to Trump advisor/son-in-law Jared Kushner, have sold their downtown Manhattan newlywed nest at 211 Elizabeth Street for $6.6 million, the New York Post reports. The pair, who tied the knot last year, listed the 2,000-square-foot home with interiors by Roman and Williams and a 1,120-square-foot landscaped terrace, last February for $6.9 million.
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Disney files plans for a 19-story headquarters in Hudson Square

304 Hudson Street via Google Street View

August 6, 2019

Disney files plans for a 19-story headquarters in Hudson Square

By Devin Gannon

The Walt Disney Company has tapped Skidmore Owings & Merrill to design its new Hudson Square headquarters, according to a pre-filing application filed last week with the Department of Buildings. As first reported by the Real Deal, the building will rise 19 stories and include "East" and "West" towers. Last July, the media company purchased the rights to develop the property at 4 Hudson Square from Trinity Church, which owns a large percentage of buildings in the neighborhood, for $650 million under a 99-year agreement.
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Real Estate Trends

Sting drops $66M on penthouse in millionaire-magnet 220 Central Park South

Photo of 220 CPS via CityRealty; photo of Sting via Wiki Commons

August 1, 2019

Sting drops $66M on penthouse in millionaire-magnet 220 Central Park South

It's been three years since rumors surfaced that Sting and wife Trudie Styler were in negotiations to buy an apartment in ultra-exclusive 220 Central Park South. Since then, they sold their nearby 15 Central Park West penthouse for $50 million and reportedly rented a swanky pad at Zaha Hadid's High Line condo. But now The Real Deal has confirmed those early whispers and reports that the couple has purchased a $66 million penthouse at the Central Park South building, which has become a magnet for high-wealth house hunters after hedge funder Ken Griffin dropped $238 million on a residence there, becoming the most expensive home in the country.
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August 1, 2019

Spend six months perfecting your act in this $10K/month UWS rental with a rehearsal studio

This furnished six-month rental opportunity at 236 West 78th Street on the Upper West Side is not only perfectly located near Central Park and Lincoln Center, the gorgeous loft-like home features a soundproof rehearsal studio space complete with professional lighting and theater seats, two home office spaces–and a sunny landscaped private patio. Available from November 1st thru April 30th, the 2,240-square-foot one-bedroom home is asking $10,000 per month.
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Asbury Park’s second act: How developer iStar is transforming this Jersey Shore town

Photo of Asbury Park’s Convention Hall by Acroterion / Wikimedia Commons

July 26, 2019

Asbury Park’s second act: How developer iStar is transforming this Jersey Shore town