Real Estate Trends

Images (L to R): 461 Dean Street, AIRE, 26 West Street and Henry Hall 30-Story Hudson Yards Rental Opens with Unobstructed Views, Apartments from $3,200/Month + 1 Month Free [link] Views Galore at Top-Notch Tribeca Rental, Now Leasing with 1 Month Free [link] World’s Tallest Modular Building Now Leasing with 2 Months Free [link] Leasing […]

Real Estate Trends

Second building in Domino Sugar megaproject to break ground next month; new renderings

260 Kent; rendering courtesy of COOKFOX

April 27, 2017

Second building in Domino Sugar megaproject to break ground next month; new renderings

Two Trees Management will break ground next month on 260 Kent Avenue at the corner of Grand Street and Kent Avenue, the second building to rise at the Domino Sugar Williamsburg megaproject site. Designed by COOKFOX Architects, the 462,000 square-foot, 42-story mixed-use tower on the site of the former sugar manufacturing facility will create "a prominent visual corridor that leads to the East River waterfront," according to a press release.
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Images (L to R): 153 Remsen Street, Hubb, Trump Bay Street and Orient Park

April 21, 2017

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

The Lincoln Apartments at Prospect Park Debut with 2 Months Free; Units Start from $2,186/Month [link] Trump Bay Street, Luxury Rentals in Jersey City, Now Leasing with 2 Months Free [link] Lower East Side Rental ‘Rivington House’ Offering 1 Month Free on Renovated Apartments [link] $500 Security Deposits at 180 Montague Street in Brooklyn Heights […]

Real Estate Trends

April 21, 2017

Work to begin this spring on Penn Station-Moynihan Train Hall complex

This spring, the 650,000 commuters who travel through Penn Station daily may finally start to witness Governor Cuomo’s $1.6 billion plan to revamp what he called the “overcrowded, decrepit and claustrophobic” station into a more spacious and high-tech transit hub. As the Daily News reports, the first phase of the overall Moynihan Station Development Project will begin soon, extending Penn Station’s West End Concourse to reduce congestion. The second phase will transform the James A. Farley Post Office into the new Moynihan Train Hall, which will hold more than 112,000 square feet of retail and 588,000 square feet of office space, in addition to new ticketing and waiting areas for Amtrak and Long Island Railroad passengers.
More details right this way

April 20, 2017

Demi Moore finally sells San Remo penthouse for a much-reduced $45M

It's been exactly two years since Demi Moore first listed her incredible San Remo penthouse for $75 million. But after sitting idly on the market for 14 months, she reduced the price way down to $59 million, and The Real Deal now got wind that she's finally sold the 17-room triplex for an even more reduced $45 million. Despite the major price chop, this is still the biggest sale ever at the iconic Central Park West co-op.
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April 20, 2017

Midtown’s 1,401-foot One Vanderbilt to begin vertical construction next month

By Diane Pham

One of the city's most pivotal new office towers is approaching its latest milestone. This afternoon, developer SL Green announced that One Vanderbilt, the supertall currently under construction directly adjacent to Grand Central Terminal, will begin its vertical ascent in early May. According to a press release, the 1,401-foot skyscraper's construction manager, AECOM Tishman, has secured the procurement of more than 25,000 tons of domestically-fabricated structural steel, in addition to a New Building Permit from the New York City Department of Buildings.
more details here

April 20, 2017

Cheery Prospect Park condo is house-sized with a smart layout and sophisticated details

You don't hear much about the "townhouse alternative," as homeowners are more focused on the space and freedom of having a house, even if it's a small "condo alternative." But this high-floor, graciously arranged and elegantly detailed pre-war condominium at the park's edge in prime Park Slope asking $1.895 million has as much living space as a small house, without the stairs and expensive repairs. The three-bedroom home at 163 Prospect Park West also boasts a collection of subtle, sophisticated renovations–like concrete sinks in the master bath and dark, elegant walls in the den.
Tour this most satisfying apartment

April 14, 2017

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

Images (L to R): 3 Journal Square, Stuyvesant Town, 253 West 72nd Street, Myrtle & Steuben 2 Months Free at New Hell’s Kitchen Rental [link] 1 Month Free at West 72nd Street Prewar [link] StuyTown Offering $3,600 Move-In Bonus Until April 16th [link] 1 Month Free at Newly Launched Clinton Hill Rental [link] Renovated Rentals […]

Real Estate Trends

April 14, 2017

731-foot Long Island City skyscraper may briefly be Queens’ tallest building

With another skyscraper proposal approved, Long Island City moves one step closer to looking like a Manhattan copycat. The latest sky-high tower to get its site cleared and zoning approved sits in Court Square at 43-30 24th Street. As covered by CityRealty, the permits show this building, developed by commercial real estate firm Stawski Partners, will hold 921 condos and rise 731 feet, almost 75 feet higher than the borough’s current tallest building at One Court Square. And if it finishes before the Court Square City View Tower next door, set to rise 66 stories and become Queen's tallest, it will briefly hold that title.
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Robert A.M. Stern’s 520 Park Avenue, Upper East Side’s tallest building, hits pinnacle height

520 Park Avenue, well on its way to being the tallest skyscraper on the Upper East Side, is putting its final crowning members in place, CityRealty reports. The developer of the 54-story tower just off Park Avenue at East 60th Street is the multi-generational Zeckendorf real estate dynasty who brought us 50 U.N. Plaza, 15 Central Park West and the neighborhood-transforming Worldwide Plaza and Union Square's Zeckendorf Towers.
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April 13, 2017

‘How I Met Your Mother’ actress Cobie Smulders lists Battery Park City condo for $4M

The star actress of the long-running TV show, "How I Met Your Mother," Cobie Smulders, and husband Taran Killam, Hamilton actor and SNL veteran, have listed their apartment at 2 River Terrace in Battery Park City for $3.995 million. As first reported by Luxury Listings NYC, the 1,580-square-foot-condo has three bedrooms, three bathrooms and boasts a private landscaped terrace. Other celebrities like Leonardo DiCaprio and Tyra Banks have also lived in the building, and filmmaker Oliver Stone just bought an apartment there.
Check out the Battery Park City pad here

April 13, 2017

Oscar-winning filmmaker Oliver Stone pays $4M for Battery Park City condo with views for days

Award-winning screenwriter, film director, producer, and New York native Oliver Stone is moving to Battery Park City. As the New York Post learned, Stone is buying a 24th-floor condo at Riverhouse at 2 River Terrace, a building home to Leonardo DiCaprio and formerly, Tyra Banks (whose duplex hit the market last month for $17.5 million). The $4.35 million apartment boasts 1,982 square feet and floor-to-ceiling windows.
See inside the high-rise

April 13, 2017

Increased demand and new condos leads to record home sale prices in Brooklyn and Queens

Once enticing New Yorkers with their cheaper rents and mortgages, the outer boroughs of Brooklyn and Queens have set record sales prices during the first quarter of the year. As reported by Crain’s, Brooklyn had a record-setting median sale price of $770,000, more than 16 percent higher than last year. This was driven by an increase in sales activity, with nearly 50 percent more transactions taking place this quarter compared with the beginning of 2016. In Queens, the median sale price was $485,000, but one- to three-family homes set a new record with both average ($697,946) and median ($650,000) sales.
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Real Estate Trends

April 12, 2017

Astoria, Morningside Heights and Bay Ridge have highest turnover of rent-stabilized apartments

Scoring a rent-stabilized apartment is a big win in New York City, as these regulated pads usually offer rent at below-market rates and provide tenants more protections against landlords. While more than 925,000 rent-stabilized apartments still exist in the city, these units turn over at a faster rate in certain neighborhoods than others, and their availability continues to dwindle (h/t WYNC). According to a new report by the city’s Independent Budget Office (IBO), the neighborhoods of Astoria, Morningside Heights and Bay Ridge all have high concentrations of rent-regulated housing built prior to 1974 and therefore, higher rates of turnover compared to other parts of the city.
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April 11, 2017

Number of elderly Airbnb hosts jumps 60 percent in NYC

To make money and stay social after retirement, older New Yorkers are turning to Airbnb. According to a report by the company, the population of senior citizens hosting visitors through the website continues to grow faster than any other demographic in both New York State and City. The Daily News reports that in NYC, the number of elderly Airbnb hosts jumped 60 percent in the last year. Specifically, the Bronx saw a 120 percent leap and Queens a 199 percent increase. While this shows a clear boost, senior citizens still only make up about four percent of the city’s total listings, or about 1,043, up from 649 the year before.
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Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

The original rendering of 3 Sutton Place by Foster + Partners

April 10, 2017

Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

Following a contentious legal battle, Gamma Real Estate has won the foreclosure auction and closed on the $86 million acquisition of 3 Sutton Place, a development site where the firm plans on building a 700-foot-tall condominium tower. As Commercial Observer learned, this includes three neighboring lots at 428-432 East 58th Street between First Avenue and Sutton Place. Earlier this year, 6sqft explained that a bankruptcy judge authorized the sale of the property after Joseph Beninati’s Bauhouse Group failed to pay back creditors. While Stephen B Jacobs remains the executive architect, Gamma has hired Thomas Juul-Hansen, a Danish-born architect, who will design the skyscraper.
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Real Estate Trends

April 7, 2017

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

Live in a Former Tootsie Roll Factory with 1 Month of Free Rent [link] Grand Opening of Related Companies’ New Hudson Square Rental at 261 Hudson Street [link] American Copper Buildings Begin to Welcome First Residents [link] Two Months of Free Rent at Park West Village, Only One Block from Central Park [link] Upper West […]

Real Estate Trends

April 7, 2017

How much do amenities impact rent prices in NYC?

When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.
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April 6, 2017

Outrageous Bronx mansion built for Jesus’ second coming finally sells

Atop the city's second-highest peak, in Riverdale, the Bronx, this opulent mansion has been beckoning the heavens–and seeking a buyer–since 2009 when it hit the market with an ask of $14 million; As 6sqft previously reported, the 17-room 1home was built in 1928 for an eccentric owner who never actually lived there herself, but rather constructed it for Jesus’ second coming. The house was asking $11 million in 2013 and re-listed with a $10 million price tag in 2015. Welcome2TheBronx reports that the home finally sold for $6,250,000 on January 9th of this year.
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April 6, 2017

Supermodel and philanthropist Petra Němcová sells $3M Tribeca condo with huge terrace

Supermodel Petra Němcová first hit it big in 2003 when she appeared on the cover of the Sports Illustrated Swimsuit Issue, but the very next year she made headlines for a very different reason when she survived the Indian Ocean tsunami after holding onto a palm tree branch for eight hours. This inspired her to found the Happy Hearts Fund, which rebuilds schools in areas hit by natural disaster. The nonprofit is headquartered in Hudson Square, so it makes sense that Němcová has been living nearby at 200 Chambers Street in Tribeca. She listed the striking corner unit, which has one of the building's largest private terraces, for $3.5 million in 2016, but the Post now tells us that after a recent price chop to $2,995,000 it's found a buyer.
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Sale of $79.5M Upper East Side mansion sets new record for Manhattan’s most expensive townhouse

Image via Google Street View

April 6, 2017

Sale of $79.5M Upper East Side mansion sets new record for Manhattan’s most expensive townhouse

Image via Google Street View 6sqft reported in November that the 25,000-square-foot, 41-foot-wide townhouse at 19 East 64th Street belonging to art heir David Wildenstein had gone into contract for $81 million. The sale has closed for $79.5 million–$3,180 a foot–according to public records, setting a new record for Manhattan's priciest townhouse sale; the previous record was held by the Harkness mansion at 4 East 75th Street, which sold for $53 million in 2006. According to The Real Deal, the buyer, listed as 19-21 East 64th Holding LLC, is affiliated with HNA Holdings Group CEO Roy Liao. HNA Holdings Group is also behind the $2.2 billion deal to purchase 245 Park Avenue. The 1930s townhouse is the former home of the Wildenstein gallery.
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Real Estate Trends

April 5, 2017

Tom Brady and Gisele looking to upgrade apartments at 70 Vestry Street

With deflatgate behind him and another Super Bowl win under his belt, Patriots Quarterback Tom Brady is looking to upgrade apartments. The Post reports that he and supermodel wife Gisele Bündchen may be trading up from the 11th floor spread at Tribeca's 70 Vestry Street they bought for $20 million in August to a $35 million unit on the floor above. Why? The speculation is that Brady wants to be on floor 12, the same number as his jersey. Perhaps it's pure ego or superstition since his jersey was recently stolen after the big game. Either way, the Robert A.M. Stern-designed building won't be complete until next year, so the power couple has some time to make a final Hail Mary.
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April 5, 2017

Ralph Lauren closing flagship store amid Fifth Avenue slowdown