Real Estate Trends

Investor group may create its own cryptocurrency to fund purchase of the Plaza

Photo via Wally Gobetz/Flickr

March 28, 2018

Investor group may create its own cryptocurrency to fund purchase of the Plaza

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Photo via Wally Gobetz/Flickr Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.
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Mike Myers finally unloads $14M Soho penthouse

Photo of Mike Myers via Wikimedia

March 27, 2018

Mike Myers finally unloads $14M Soho penthouse

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After three years on the market, Mike Myers' Soho penthouse has gone into contract. The actor bought the duplex at 72 Mercer Street back in 2007 for just under $8 million and renovated to its current contemporary state. He first listed in 2015 for $17 million, shortly after adding another unit in the building to the sale, upping the combo price to $21.5 million. This past November, Myers tried yet again, relisting the original penthouse unit for the reduced price of $14 million, and it looks like that did the trick as it's now in contract.
Get a look inside
First rendering unveiled for Durst’s Long Island City tower, projected to be the tallest in Queens

Rendering courtesy of Durst Organization via SkyscraperPage

March 27, 2018

First rendering unveiled for Durst’s Long Island City tower, projected to be the tallest in Queens

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After picking up the Long Island City property for $173.5 million in 2016, the Durst Organization released this week the first rendering of its massive mixed-use building planned for 29-37 41st Avenue. Dubbed Queens Plaza Park, the 978,000-square-foot tower will hold 958 rental residences, as well as retail and office space. The rendering reveals a concave-shaped building which will wrap around the 90-year old landmarked Clock Tower, which is being saved and restored, as CityRealty reported.
Find out more
JetBlue taps RXR Realty and Vantage Airport Group for JFK expansion

Rendering of JFK Airport via Gov. Andrew Cuomo’s office

March 27, 2018

JetBlue taps RXR Realty and Vantage Airport Group for JFK expansion

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JetBlue Airways this week selected RXR Realty and Vantage Airport Group to lead its planned terminal expansion at John F. Kennedy International Airport. The project, estimated to cost between $2 billion and $3 billion, will add larger gates in order to fit wider planes. JetBlue, which currently operates out of JFK's Terminal 5, will expand across to Terminal 6 and possibly Terminal 7, according to the Wall Street Journal. The proposed expansion comes over a year after Gov. Andrew Cuomo announced a $10 billion overhaul of JFK, aimed at expanding and redeveloping terminals, redesigning on-airport roadways for easier access and adding more dining and retail options. The Port Authority of New York and New Jersey, the agency which oversees the airport's operations, will work with JetBlue about if and when the project can proceed.
More details here
Ahead of next year’s opening, TWA Hotel’s second tower tops out

Photo by Max Touhey

March 26, 2018

Ahead of next year’s opening, TWA Hotel’s second tower tops out

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MCR and Morse Development's repurposing of Eero Saarinen's historic TWA Flight Center at JFK Airport into a hotel, event space and dining destination continues to move full speed ahead. The second crescent-shaped tower of the TWA Hotel officially topped out this week, nearly a year ahead of its spring 2019 opening. The hotel will contain 505 rooms, a rooftop pool, an observation deck, eight bars and restaurants and 50,000 square feet of event space. Saarinen's landmarked TWA Flight Center terminal building will serve as the hotel lobby, a 200,000-square-foot space with retail, restaurants and bars.
Find out more
New looks at Manhattan West and Empire Station developments show the future Midtown West

Via Visualhouse

March 26, 2018

New looks at Manhattan West and Empire Station developments show the future Midtown West

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Imagine a future Midtown West with state-of-the-art retail and office towers, an abundance of open green space and an attractive, efficient transit station. While plans to bring all of that is in the works, it could be years away from becoming reality. As CityRealty learned, one of the neighborhood's busiest developers, Brookfield Properties, is giving us a preview of what the area will eventually look like, with new renderings for its expansive, six-building Manhattan West project. Plus, the developer also created a CGI video that provides a virtual tour of the Empire Station, the hall currently undergoing renovations at Penn Station.
Take a peek
Nearly 250,000 NYC rental apartments sit vacant
March 26, 2018

Nearly 250,000 NYC rental apartments sit vacant

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Early numbers from the Census Bureau’s Housing and Vacancy Survey show that the number of unoccupied apartments throughout New York City has grown significantly over the past three years--a whopping 35 percent to 65,406 apartments since 2014, when the last survey was taken. As the Daily News puts it, "Today, 247,977 units — more than 11% of all rental apartments in New York City — sit either empty or scarcely occupied, even as many New Yorkers struggle to find an apartment they can afford." One reason for the growing vacancy rates, as the article states, is the city's high rent, which has risen twice as fast as inflation.
Here's a breakdown of vacancy rates
NYC RENTALS: This week’s roundup of rental news & offers

Images (L to R): Trump Bay Street, Heritage Dean Street, OSKAR and THE DELMAR

March 25, 2018

NYC RENTALS: This week’s roundup of rental news & offers

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Images (L to R): Trump Bay Street, Heritage Dean Street, OSKAR and THE DELMAR Top 10 Rental Buildings in the East Village Live in Greenpoint at The Astral: Landmarked Building Lists 1-Beds from $1,785/Month New Rentals Bring Life to Dilapidated Harlem Brownstone; Listings from $1,850/Month 250N10’s Backyard is Perfect for Summer: See Listings from $2,662/Month […]

21 chances to buy an affordable condo at Extell’s chic Upper East Side tower, from $357K
March 23, 2018

21 chances to buy an affordable condo at Extell’s chic Upper East Side tower, from $357K

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Rendering of The Kent via Beyer Blinder Belle; Photo via CityRealty Applications are now being accepted for 21 brand new, affordable condominiums at Extell Development's Upper East Side tower, The Kent. Designed by Beyer Blinder Belle, the 30-story building, located at 200 East 95th Street, has a facade covered in red brick with accents of dark metal. Qualifying New Yorkers earning between $79,333 and $119,250 annually can apply for the studio, one- and two-bedroom condo units, which range in price from $356,700 to $427,000.
Find out if you qualify
Extell launches sales at Brooklyn’s current tallest tower, starting at $837K

Rendering courtesy of Williams New York

March 22, 2018

Extell launches sales at Brooklyn’s current tallest tower, starting at $837K

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Extell on Thursday officially launched sales at Brooklyn Point, the developer's first skyscraper in the borough. According to the building's site, units available include studios, one-, two- and three-bedroom condos, ranging from $837,000 to $3,413,000 in price. Residents at the 720-foot tower, located at 138 Willoughby Street in Downtown Brooklyn, will enjoy a plethora of amenities including a wine room, a stroller valet, well-equipped fitness center and, of course, the highest rooftop pool in the Western Hemisphere.
Find out more
INTERVIEW: Developer Edward Baquero explains how he brought old-New York luxury to 20 East End
March 20, 2018

INTERVIEW: Developer Edward Baquero explains how he brought old-New York luxury to 20 East End

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When I first interviewed Edward Baquero, President of Corigin Real Estate Group, his art curator, Elizabeth Fiore, was furiously texting him images from the Armory Show with potential art for two remaining walls in the stately 20 East End’s octagonal lobby. Baquero is a perfectionist to the nth degree with an obsessive eye for detail, highly skilled research capabilities, a luxurious aesthetic sensibility and a ridiculously funny sense of humor. These two alcove walls were just as important to Baquero as every other detail in his building, no matter how big or small. Nothing in 20 East End was chosen without thorough research and reason followed by multiple iterations of tests and retests. What Baquero created in 20 East End evokes a time when the Astors, Vanderbilts, and Rockefellers dominated Manhattan and defined luxury. Baquero is bringing back the best of the past and melding it with the present to create a model many will replicate in the future. Ahead, 6sqft talks with him about how he achieved this, his inspirations, and what it was like working with Robert A.M. Stern.
Hear what Edward has to say
Zayn Malik drops $10M on Soho penthouse after Gigi Hadid breakup
March 19, 2018

Zayn Malik drops $10M on Soho penthouse after Gigi Hadid breakup

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After supermodel Gigi Hadid bought a condo at Noho's trendy new building 10 Bond Street in July 2016, she was often seen leaving the building with then-new flame Zayn Malik. But the couple, dubbed ZiGi. Malik by their swarms of fans, announced their breakup last week, and it looks like the pop star was well prepared to begin his bachelor lifestyle, as the Post reports that just days after the news went public, Malik closed on a $10.69 million Soho penthouse at 63 Greene Street.
Check it out
Wunderbroker Ryan Serhant bought Jonathan Safran Foer’s perfect Brooklyn brownstone–at a discount
March 19, 2018

Wunderbroker Ryan Serhant bought Jonathan Safran Foer’s perfect Brooklyn brownstone–at a discount

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“Million Dollar Listing New York" star Ryan Serhant had recently taken over the listing for novelist Jonathan Safran Foer's gorgeous five-story Boerum Hill home, asking $8.995 million; the award-winning scribe first listed the home with Compass for $10.5 million last May. Now, according to The Real Deal, Serhant is the new owner of the 8,000-square-foot townhouse. Safran Foer bought the 1899 Greek Revival home at 374 Pacific Street for $5.4 million in 2014, so while the sale price represents a price chop, he didn't do too badly on the deal.
Take one last look
Restaurateur Keith McNally gets $10M for his French-country Greenwich Village townhouse
March 16, 2018

Restaurateur Keith McNally gets $10M for his French-country Greenwich Village townhouse

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After a long run on the market--renting at $25,000/month, $19,000/month, then listed for $13.95 million--restaurateur Keith McNally‘s 4,600 square-foot Greek Revival townhouse has sold. According to The Real Deal, an unknown buyer paid $10.3 million. McNally, behind buzzy establishments like Balthazar, Cherche Midi, Odeon, Café Luxembourg, Schiller’s and Minetta Tavern, bought the 1842 townhouse at 105 West 11th Street in 2000. The design is fit for a restaurateur, with a stunning kitchen, walk-in wine cellar and rustic French-country interiors.
Take one last look inside
New photos show Zaha Hadid’s stunning 520 West 28th Street in all its completed glory

Photo: © Hufton+Crow

March 16, 2018

New photos show Zaha Hadid’s stunning 520 West 28th Street in all its completed glory

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6sqft last brought you photos of the amazing amenity spaces at Zaha Hadid's first New York City project, 520 West 28th Street. Now, Archinect reports that Zaha Hadid Architects have released new Hufton + Crow exterior facade images of the late starchitect's recently-completed High Line-adjacent condominium development.
More photos, this way
Crown Building penthouse may be in contract for $180M, beating NYC record by $80M

Penthouse rendering courtesy of Aman Resorts

March 16, 2018

Crown Building penthouse may be in contract for $180M, beating NYC record by $80M

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Another Billionaire's Row sky mansion–this one with a piano lounge, two kitchens, a wraparound terrace, and two swimming pools spread out over five stories at 730 Fifth Avenue–is on its way to record-smashing glory, according to The Real Deal. Sources say an unknown buyer has spoken for the 12,536-square-foot residence in the actual crown of the Crown Building, to the tune of $180 million. If the sale closes, it will be the New York City's most expensive sale ever at $14,358 per foot (also a record), surpassing Michael Dell's $100.5 million penthouse atop Extell Development’s One57.
Check this place out
Trump’s NYC properties no longer considered ‘luxury’

Trump International via Wiki Commons; Donald Trump via Gage Skidmore/Flickr

March 13, 2018

Trump’s NYC properties no longer considered ‘luxury’

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According to a new CityRealty report, President Trump is spreading fake news. Trump claims his branded luxury residential condominium and towers are more valuable than his competitors. In fact, the numbers tell a different story. In the past 10 years (2007-2017), Trumps’ properties’ average price per square foot has only risen 15% (from $1,529 to $1,741) compared to Manhattan luxury condominiums which have risen 56% (from $1,994 to $3,105) and all Manhattan properties which have risen 51% (from $1,237 to $1,864). What might be even more upsetting to the Trump Organization is that based on the prices condos in his buildings sell for, they are no longer categorized as luxury properties but as “middle-of-the-road investments in the wider world of the Manhattan condo market.”
Find out more
Townhouse 2.0: NYC developers reinterpret the single-family home for condo living

27 East 79th Street townhouse, courtesy of Adellco

March 12, 2018

Townhouse 2.0: NYC developers reinterpret the single-family home for condo living

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Space in New York City always comes at a premium--even Manhattan air rights cost more per square foot than the nation’s average home prices. Townhomes have long been seen as status symbols in NYC real estate. But despite being coveted properties, traditional townhomes require upkeep and maintenance that condominium owners do not have to deal with. In an effort to attract buyers and eliminate the hassles associated with traditional townhouse living, many NYC developers are building the “townhouse 2.0,” fully modernized new construction townhomes with access to all the services and amenities of a condominium building--the best of both worlds. Ahead, 6sqft has rounded up some of the best examples of townhomes 2.0 in New York City.
See them all here
Hudson Yards’ latest amenity will be old-fashioned doctor house calls

55 Hudson Yards

March 12, 2018

Hudson Yards’ latest amenity will be old-fashioned doctor house calls

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Developers have long tried to lure buyers and renters with lists of spectacular amenities and high-end art collections, but Hudson Yards developers’ Related Companies and Oxford Properties Group have something no other New York City developer is offering-- a medical clinic for people who live and work in their buildings. According to the New York Times, Related asked buyers what they considered an “ideal” place to live. Jeff T. Blau, Related’s chief executive and a board member at Mount Sinai, said, “They were saying they like having their doctors around the corner, and when we thought about it we realized there were no doctors around the corner because this neighborhood didn’t exist before.”
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NYC RENTALS: New Listings at American Copper Buildings, VIA 57 WEST + More

Images (L to R): VIA 57 WEST, 33 BOND STREET, THE VOGUE and GRAFFITI HOUSE

March 10, 2018

NYC RENTALS: New Listings at American Copper Buildings, VIA 57 WEST + More

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Images (L to R): VIA 57 WEST, 33 BOND STREET, THE VOGUE and GRAFFITI HOUSE See New Listings at VIA 57 West – Breakthrough Rental by Bjarke Ingles American Copper Buildings Now Leasing with 2 Months Free Jersey City’s Newly Opened 3 Journal Square Leasing from $1,770/Month The Silver Star: Long Island City Rentals Launch […]

East Village’s landmarked Bathhouse Studios building is up for sale for $20M

Photo via Cushman & Wakefield

March 9, 2018

East Village’s landmarked Bathhouse Studios building is up for sale for $20M

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Once a free public bathhouse, now transformed into studio space, the Bathhouse Studios in the East Village has been listed for sale. The landmarked Neo-Italian Renaissance style building opened in 1905, offering public baths to the nearby crowded tenements. (Back then, bathing facilities were non-existent in apartments.) People used the seven bathtubs and 94 showers up until 1958, when the building shuttered and fell into disrepair. In 1995, Pulitzer Prize-winning photographer Eddie Adams and his wife Alyssa Adams bought and converted it into a high-end studio and work space. And now, it's a professional studio space you're able to rent out, or outright buy for a hefty $19.95 million (h/t EV Grieve).
It comes with air rights
Is New York City housing getting more affordable?

Image: Wikipedia

March 8, 2018

Is New York City housing getting more affordable?

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According to a recent article by the Wall Street Journal, New York City housing may, in fact, be consuming less of our hard-earned dollars. Housing costs are responsible for an increasingly smaller chunk of New Yorkers' monthly budget, a new U.S. Census Bureau survey shows. The survey, conducted every three years, points to a record amount of new housing and a rental vacancy rate that's the third-highest since the survey first began in 1965. The Census Bureau survey found that the number of housing units had increased by 117,000 since 2011, a number that includes over 35,000 more rental apartments and 15,000 condos due to arrive in 2018 and 2019.
Really?
Art and real estate: The new relationship that’s selling big

180 East 88th Street living room, via March Made for DDG

March 7, 2018

Art and real estate: The new relationship that’s selling big

By
The architect Morris Adjmi looks to trends in art, more than in architecture, to inspire his work. “Art is more stimulating to me than the latest trends in architecture. Art is visceral and topical, it is much more immediate and it allows you to get into the zeitgeist of the time. In art, we see what is happening now, in architecture it takes a few years to show up.” More and more architects, developers, designers, and brokers believe in the powerful relationship between art and real estate. So much so, it is now understood that art sells real estate and real estate sells art. James Cavello, owner of Westwood Gallery, curated an art exhibit at 212 Fifth Avenue’s $73.8 million “Crown” penthouse with a multimillion-dollar collection of art, with works by Warhol, Rauschenberg, Cy Twombly, Robert Indiana, Charles Hinman, and Douglas Kirkland. On the relationship between art and real estate, Cavello says, “We share the same similar high net worth clients so developers and brokers look to individuals like me and my company to propose alternatives to staging the areas with furniture and drapes and, instead, work with the light and space and utilize the art as staging.” The Sotheby’s team behind 212 Fifth added that having Westwood Gallery stage art in the three-story, 10,000-square-foot unit, “Helped generate powerful awareness for Westwood Gallery with a level of visibility that is often unattainable for a stand-alone gallery.” Clearly, art and real estate have a very symbiotic relationship.
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Halletts Point’s first rental tower gets new renderings, launches affordable housing lottery
March 7, 2018

Halletts Point’s first rental tower gets new renderings, launches affordable housing lottery

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Less than a month after we got a first look at 10 Halletts Point, the first of seven buildings that will open at the Durst Organization's $1.5 billion Astoria mega-development, the Dattner Architects-designed tower is making headlines on multiple fronts today. Not only did a teaser site go live for the 405-unit rental tower, with even more new renderings, but the affordable housing lottery launched for the project's 81 below-market-rate apartments. These range from $947/month studios to $1,414/month three-bedrooms, all of which are reserved for households earning 60 percent of the area median income.
See the renderings and find out if you qualify for the affordable units
‘This American Life’ host Ira Glass gets $1.65M for chic Chelsea condo
March 6, 2018

‘This American Life’ host Ira Glass gets $1.65M for chic Chelsea condo

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Rodents be damned--despite being sued by their condo board for an alleged bedbug and rat infestation last year, “This American Life” host Ira Glass and his wife Anaheed Alani have sold their renovated Chelsea apartment at 159 West 24th Street for $1.65 million. They bought the apartment in 2012 for $1,265,000 and put it on the market this past November for $1.75 million, with the listing stating that the home was "unoccupied."
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