Real Estate Trends

Thomas Heatherwick’s 150-foot, climbable Vessel tops out in Hudson Yards

The Vessel, topped out; image courtesy of Related-Oxford

December 6, 2017

Thomas Heatherwick’s 150-foot, climbable Vessel tops out in Hudson Yards

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The Vessel, a 150-foot-tall climbable sculpture made of bronzed steel and concrete, topped out Wednesday, serving as the public centerpiece of Hudson Yards' Public Square and Gardens. Designed by Heatherwick Studio, the $150 million interactive landmark includes 154 interconnecting flights of stairs, nearly 2,500 individual steps and 80 landings. The idea for the project stems from Related Companies' chairman, Stephen Ross, who called it "New York's Eiffel Tower." The final piece of the 600-ton structure will be installed today, nearly eight months after construction began.
See it here
Now Leasing: Newly Opened Long Island City Rentals

Images (L to R): Jackson Park, ARC and Hayden

December 2, 2017

Now Leasing: Newly Opened Long Island City Rentals

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Images (L to R): Jackson Park, ARC and Hayden The Queens neighborhood of Long Island City has had an incredible construction boom. Thousands of modern rental units in luxury sky-scraping buildings have nearly taken over the once primarily industrial district. To keep things competitive, developers are building to ever-increasing heights and equipping buildings with amenities worthy of an all-inclusive Caribbean resort.
Check out some of the latest to launch
$11K/month Ellipse tower penthouse is now Jersey City’s most expensive rental

An earlier rendering of the Ellipse tower, via LeFrak Organization

December 1, 2017

$11K/month Ellipse tower penthouse is now Jersey City’s most expensive rental

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An apartment in LeFrak Organization’s 41-story luxury tower, the Ellipse, just became the most expensive rental listing in Jersey City. According to The Real Deal, the unit is the biggest of the building’s five penthouses and features four bedrooms, four bathrooms and a terrace with city views. When LeFrak first launched leasing for the building at 25 Park Lane, the 2,300-square-foot pad was originally listed as $8,211 per month.
More this way
New renderings and more funding for South Williamsburg’s Dime Savings Bank site

The Dime, rendering courtesy Fogarty Finger Architecture and Interiors.

December 1, 2017

New renderings and more funding for South Williamsburg’s Dime Savings Bank site

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6sqft reported in May that a 23-story mixed-use tower was headed for one of Williamsburg‘s most closely-watched developments, the site anchored by the Neoclassical-style Dime Savings Bank of Williamsburgh building at 209 Havemeyer Street at the foot of the Williamsburg Bridge. Now, New York Yimby reveals new renderings courtesy of the project's architects, Fogarty Finger Architecture and Interiors. In addition, the site's developers, Charney Construction & Development and Tavros Capital Partners, have received a $150 million loan to restore the historic bank and build the new tower. According to The Real Deal, the loan coincides with the closing of the purchase of the bank building itself–the site's final parcel–for $12 million.
More renderings this way
See inside the American Copper Buildings’ amenity-filled sky bridge
November 29, 2017

See inside the American Copper Buildings’ amenity-filled sky bridge

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The highly anticipated three-story sky bridge that links the two American Copper Buildings officially opened on Wednesday, making it the first of its kind in New York City in more than 80 years. In a collaboration between SHoP Architects and JDS Development Group, the pair of copper-clad luxury rental buildings at 626 First Avenue, known for their slanted silhouettes, began leasing earlier this year. And now, the buildings' swath of amenities have been unveiled, including the 100-foot-long sky bridge that is suspended 300 feet in the air and boasts a 75-foot indoor lap pool, hot tub and a bar and lounge for residents.
Find out more
New details revealed about Hudson Yards observation deck and public spaces

Rendering of the observation deck at 30 Hudson Yards, via Related Companies

November 28, 2017

New details revealed about Hudson Yards observation deck and public spaces

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Another deal has been inked for the massive Hudson Yards project, a 26-acre complex developed by Related Companies and Oxford Properties Group, and it will definitely reach new heights. On Tuesday, Related announced that London restaurant and catering company Rhubarb will run a 10,000-square-foot public space in the nearly 1,300-foot supertall 30 Hudson Yards. Rhubarb will operate a bar, restaurant, and event space on the 92nd floor, one floor above the tower's observation deck, which at 1,100 feet will be the highest outdoor deck in the city. According to Eater and the Post, the company will also open a 5,800-square-foot restaurant on the fifth floor and an indoor-outdoor bar at the observatory.
Find out more
INTERVIEW: Why SpareRoom and Breaking Ground partnered to combat NYC’s homelessness crisis
November 28, 2017

INTERVIEW: Why SpareRoom and Breaking Ground partnered to combat NYC’s homelessness crisis

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Over the past few years, New York City's homeless crisis has gotten worse. A recent study reported a 39 percent increase in homelessness over 2016, making last year the highest homeless population since the survey began in 2005. While the city scrambles to address the rising population, a roommate company and nonprofit housing organization recently teamed up to help lessen the burden of New Yorkers who find themselves unable to afford housing. Despite operating on opposite ends of the housing market, roommate matching site SpareRoom partnered with Breaking Ground, the largest provider of supportive housing in NYC, this November. The partnership was suggested by the public after SpareRoom launched Live Rent Free, a contest where the company pays one roommate’s monthly rent and one person’s entire rent for a whole year. (It was inspired by founder Rupert Hunt's New York roommate search, in which he found two roomies to share his West Village loft for $1 a month.) The resulting partnership--which is running in tandem with the Live Rent Free contest--matches the monthly prize amount dollar-for-dollar with an in-kind donation to Breaking Ground to fund their Transitional Housing program. So far, SpareRoom has donated $3,314. With 6sqft, Matt Hutchinson, Director at SpareRoom, explained why the company felt motivated to address homelessness and its future plans to engage with Breaking Ground. Brenda Rosen, President and CEO of Breaking Ground, also explains how the organization's Transition Housing program works, and why the homelessness crisis is something all New Yorkers--regardless of what they pay in rent--should be aware of.
Continue reading for the Q&A
Snøhetta reveals ‘excavated’ bronze tower that will be the Upper West Side’s tallest

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

November 27, 2017

Snøhetta reveals ‘excavated’ bronze tower that will be the Upper West Side’s tallest

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Of-the-moment firm Snøhetta has revealed their design for a 775-foot condominium tower at 50 West 66th Street, set to be the tallest on the Upper West Side (h/t Wallpaper) The Extell-developed building will feature 127 units and a series of "sculptural excavations" that the architects say are "evocative of the chiseled stone of Manhattan’s geologic legacy." On the lower levels, the tower will be clad in textured limestone with bronze window frames; its narrower upper portion will have a glassy facade and chamfered corners that create a series of open-air loggias.
More renderings and details
Long Island City’s Jackson Park will feature two pools, full-size basketball court, and a 1.6-acre park

Rendering of Jackson Park courtesy of Tishman Speyer

November 20, 2017

Long Island City’s Jackson Park will feature two pools, full-size basketball court, and a 1.6-acre park

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As the Long Island City skyline continues to grow, so does the list of amenities developments are offering residents in the booming Queens neighborhood. New renderings of the massive, three-tower, 1,871-unit rental complex, Jackson Park, reveal extravagant luxuries like two swimming pools, a gaming area, a full-size basketball/volleyball and squash court, and much more, as the New York Post reported. With move-ins expected in January, leasing has officially begun at the Tishman Speyer-complex, with net rents starting at $1,915 per month studios, $2,335 per month one-bedrooms, $3,555 per month for two-bedrooms, $4,745 per month for three-bedrooms and $7,310 per month for four-bedrooms.
Take a peek
Second phase of Hunters Point South development moves forward with 960 affordable unit proposal

Rendering of Hunters Point South courtesy of Handel Architects

November 17, 2017

Second phase of Hunters Point South development moves forward with 960 affordable unit proposal

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Plans to redevelop Hunters Point South, a project first proposed by former Mayor Michael Bloomberg, is finally making some headway. The city’s Department of Housing Preservation and Development and the Housing Development Corp. on Thursday selected a proposal that will bring a 1,120-unit apartment complex, with 80 percent of them permanently affordable, to the southern tip of the Long Island City neighborhood. According to the Wall Street Journal, the $500 million, two-tower project is being developed by Gotham and RiseBoro Community Partnership Inc.
Find out more
First look at REX’s pleated-glass transformation of Brutalist 5 Manhattan West office tower

5 Manhattan West. Photo: Laurian Ghinitoiu via REX Architecture

November 17, 2017

First look at REX’s pleated-glass transformation of Brutalist 5 Manhattan West office tower

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Brookfield Office Properties offered a look at the second building in the nearly-six-million-square-foot, six-building Manhattan West project to be completed. The 16-story office building known as 5 Manhattan West, where Amazon signed a lease for a 360,000-square-foot space, is approaching completion on Tenth Avenue between West 31st and 33rd Streets across from Hudson Yards. Archpaper shares images of the building's sparkling new look and interiors, the result of some fancy architectural footwork by REX. The 1969 Brutalist office building was nearly everyone's example of ugly since a 1980s renovation left it clad in brown metal and beige paint. The rechristened building's new facade wraps it in sleek, form-fitting pleated glass that does more than just look pretty.
More images of the 21st century transformation, this way
‘The View’ co-host Joy Behar drops $2.4M on a mod Upper West Side condo
November 16, 2017

‘The View’ co-host Joy Behar drops $2.4M on a mod Upper West Side condo

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According to city property records, "The View" co-host Joy Behar just dropped $2.4 million on a contemporary apartment at the Lincoln Square condo 62 West 62nd Street. Not only is the place a block away from both Central Park and Lincoln Center, but it's just four blocks from the talk show's ABC filming location on 66th Street. Ironically, it's also just a few blocks from the Trump International; Behar has been extremely vocal on her disdain for the building's namesake, even writing an entire Trump-bashing book.
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Crown Building’s $100M penthouse will have two indoor pools and a piano lounge

Penthouse rendering courtesy of Aman Resorts

November 16, 2017

Crown Building’s $100M penthouse will have two indoor pools and a piano lounge

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Floor plans of the Crown Building's crown jewel, its five-story penthouse, have revealed what $100 million will buy you at one of the city's most desirable locations for the super-rich. As the Real Deal learned, the penthouse features two swimming pools, a piano lounge and a full-floor master suite. The 14,000-square-foot pad sits in the actual crown of the building, spanning floors 22-26. The rest of the Billionaires' Row building at 730 Fifth Avenue isn't too shabby either; the building includes an 83-key luxury Aman Resorts hotel with a three-story spa, a jazz and cigar club, a few restaurants and 20 luxury condos.
Find out more
Foreclosures and flopped flips pile up at One57, sending grim message to big ticket investors

Image © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

November 16, 2017

Foreclosures and flopped flips pile up at One57, sending grim message to big ticket investors

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A full-floor, 6,240-square-foot penthouse at Midtown billionaires' bunker One57 recently sold to an unidentified high bidder–one of five contenders–at a foreclosure auction for $36 million. That number is 29 percent lower than the original $50.9 million price shelled out by Nigerian businessman Kolawole Akanni Aluko for the newly-minted condo in 2014. The fire sale was the fourth resale in the 1,004-foot-tall Billionaire's Row flagship trophy tower to trade at a loss, according to data from appraiser Miller Samuel Inc., reports Bloomberg. The latest example is the largest discount to date on one of the pricey properties, all of which sends a message to buyers with plans to cash in on the ultra-luxury units in short order. And there are currently 16 apartments at the building listed for sale, most of them by the developer.
Read on
Luxury condos may be off the table at Crown Heights armory after City Council hearing

Rendering of the Bedford Courts development planned for the Bedford-Union Armory; image: BFC Partners/Bedford Courts

November 15, 2017

Luxury condos may be off the table at Crown Heights armory after City Council hearing

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Amid growing opposition, the proposed Crown Heights Bedford-Union Armory redevelopment project began its evaluation by the City Council at a hearing Tuesday on land use applications filed by the Economic Development Corporation (EDC), amNewYork reports. The massive armory, once housing for the National Guard, became city property in 2013. The EDC plans to sell the property to developer BFC Partners for the creation of 56 condos, of which 20 percent would be income restricted. The remaining market rate condos would help pay for the rest of the project, which would be leased by BFC Partners and would include 330 rentals (165 affordable), office space and a recreation center. Critics say the city is setting a dangerous precedent by leasing public land for private use, especially when market-rate condos are included. The de Blasio administration has championed the recreation center and housing, but the plan has has come under fire by neighborhood advocacy groups and has had an uphill battle in achieving the City Council approval it needs.
Find out more
Anable Basin proposal envisions a massive mixed-use district along the Long Island City waterfront

Rendering courtesy of WXY architecture + urban design

November 14, 2017

Anable Basin proposal envisions a massive mixed-use district along the Long Island City waterfront

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The plastics company, Plaxall, announced on Tuesday a massive rezoning proposal to allow for a mixed-use district in Anable Basin, the area surrounding a 149-year-old inlet located in Long Island City. Since founding the company more than 70 years ago, the Plaxall family has purchased and rehabilitated properties in the neighborhood and currently manages over one million square feet of space. Achieved through rezoning, the proposal calls for 335,000 square feet for industrial uses, 4,955 housing units with 25 percent of them affordable, a 700+ seat public school and a new, elevated promenade. If the rezoning is approved, construction is anticipated to begin in 2020 with a completion date in 2034, but no official timeline has been set.
Find out more
New development sales in Manhattan expected to hit $12B by 2020

New development visualized through 2020, via CityRealty

November 14, 2017

New development sales in Manhattan expected to hit $12B by 2020

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According to CityRealty's 2017 Manhattan New Development Report, things are really going to heat up over the next few years. While new development sales dropped to $8.3 billion in 2017 from $9.4 billion in 2016 (attributed to a softening in the luxury market), there are a number of new big-time buildings that will commence closings and have the potential to drive total sales up to a whopping $11.9 billion by 2020. One key player is Extell Development’s One Manhattan Square on the Lower East Side. With 815 apartments, it will be the largest condo by unit count ever constructed in the city. And up on Billionaires' Row, Extell's Central Park Tower will have the city's biggest sell-out ever at $4 billion, while Vornado's 220 Central Park South is looking to set the record for highest price per square foot ever in NYC.
READ MORE
Park Slope duplex is a perfect townhouse tryout at $4,800/month
November 14, 2017

Park Slope duplex is a perfect townhouse tryout at $4,800/month

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In the heart of lovely, leafy north Park Slope, a block from Prospect Park and surrounded by some of Brooklyn's priciest historic architecture, this 1,500-square-foot duplex condominium at 502 1st Street is available for rent, asking $4,800 a month. If you're looking for a townhouse tryout–without all the stress that comes with purchasing an actual townhouse–the two-floor, three-bedroom space is big enough for the whole family. They'll fit right in here–and two private outdoor spaces provide a closer-to-home alternative to the park.
Have a closer look
Waldorf Astoria will lose 1,000 hotel rooms in renovation

Photo via Wiki Commons

November 13, 2017

Waldorf Astoria will lose 1,000 hotel rooms in renovation

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In the coming weeks, the renovation of the Waldorf Astoria Hotel will finally begin--a three-year process to convert much of the building to luxury condos. Hilton Worldwide Holdings, who had owned the landmark since 1972, agreed in 2014 to sell the 1,413-room hotel to Beijing-based financial and insurance company Anbang Insurance Group for $1.95 billion. Since then, the interior was landmarked, Skidmore, Owings & Merrill was tapped to design the project, and the building closed to begin work. Now the New York Post reports that post reno, the Waldorf will only hold 350 hotel rooms--a number that's "at the low end of recent estimates and much smaller than the number former Waldorf owner Hilton had expected," according to the paper.
It's caused some tension
One month free at SHoP’s American Copper Buildings and more rental offers

Photos via JDS Development/SHoP Architects

November 11, 2017

One month free at SHoP’s American Copper Buildings and more rental offers

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The American Copper Buildings, famous for their slanted silhouettes and already-iconic skybridge, commenced leasing in early 2017, but they're now offering one month free on a 13-month lease and one month broker OP, according to the building's website. Each of the two buildings has more than 300 unique layouts; current availabilities include studios from $2,975/month, one-bedrooms from $5,00/month, and two-bedrooms from $6,530/month.
More offers ahead
Trump Tower prices slide since 2015 presidential campaign

Photo of Trump Tower via Krystal T’s Flickr

November 10, 2017

Trump Tower prices slide since 2015 presidential campaign

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Sales prices at the tony Midtown condo building at 721 Fifth Avenue have dropped sharply since Donald Trump began his presidential campaign, according to the Wall Street Journal. The median sale price and average price per square foot are down since 2015 and are now reaching the lows experienced during the last financial crisis. Brokers aren't exactly sure whether the "Trump effect" has caused the slump–including issues specific to the tower such as heightened security, protests, and a general antipathy toward all things Trump–or it's part of an overall softening of the luxury condo market.
Is it the Curse of Trump?
MAP: Where to find free rent and concessions across NYC

Photo © Daxiao Productions – Fotolio

November 7, 2017

MAP: Where to find free rent and concessions across NYC

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Complimentary Netflix, reduced security deposits, amenity memberships, and best of all, free rent–there’s no shortage of concessions in the NYC rental market, but with landlords offering twice the amount of deals as last year, it’s hard to pinpoint where the best bargains are. Which is why CityRealty has put together a city-wide interactive map of leasing […]

FREE RENT: This week’s roundup of NYC rental news

Images (L to R): HOUSE39, THE CRESCENDO, THE LANE and 180 WATER STREET

November 4, 2017

FREE RENT: This week’s roundup of NYC rental news

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Images (L to R): HOUSE39, THE CRESCENDO, THE LANE and 180 WATER STREET Live & Play at THE CRESCENDO: Unprecedented Rental in South Bronx Leasing from $2,100/Month [link] One-of-a-Kind Rentals Debut on West Houston Street in Storied Greenwich Village Building [link] Live at The Monterey: Leasing Special at Upper East Side Rental with Health Club […]

Study shows huge disparity in U.S. urban land value, with NYC making up 10%

Photo via Public Domain Pictures

November 3, 2017

Study shows huge disparity in U.S. urban land value, with NYC making up 10%

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A recently-published study by economists at the University of Illinois and the University of Michigan shows that 48 percent–almost half–of the total value of America’s urban land can be found within the borders of five of what Citylab's Richard Florida calls "superstar metro areas:" New York, Los Angeles, San Francisco, Washington, D.C., and Chicago. According to the study, the value of America's urban land is a total of $25 trillion as of 2010—more than double the nation’s 2006 GDP. That's an average of $511,000 per acre or $100,000 for the typical residential lot of a fifth of an acre. But in NYC, which makes up a whopping 10 percent of this total, an acre of land is worth more than $5 million.
The gap widens
Fully skinned, TF Cornerstone’s mammoth Midtown tower on West 57th tops out

Construction progress as of mid-October, via CityRealty

November 3, 2017

Fully skinned, TF Cornerstone’s mammoth Midtown tower on West 57th tops out

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In May 2012, TF Cornerstone (TFC) entered a 99-year ground lease for the building's site that spans nearly a full city block and measures 63,000 square feet. Now topped out and fully skinned, the massive rental at 606 West 57th Street has a less flashy appearance than renderings previously hinted, but still features an impressively imposing, boxy design, as CityRealty reported. Designed by Arquitectonica, the 42-story, 1.2 million-square-foot building will contain a whopping 1,028 apartments. It joins other West Side gems like the Helena and the pyramid-shaped, Bjarke Ingels-designed Via57 West.
See it here
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