Real Estate Trends

Last we heard from starchitect Renzo Piano's 565 Broome SoHo, his first residential project in the city, it was March and with construction underway, a slew of new renderings came online of the Soho condominium. Now Curbed reports that sales have finally launched at the pair of glassy, 30-story structures, with currently available units ranging from a $990,000 studio to a $6,135,000 two-bedroom (the penthouses and duplexes will top $20 million). Perhaps the most noteworthy tidbit from the press release is that some residences will feature "enormous private terraces with 25-foot private, saltwater pools," which seems to be a growing trend in the luxury market.
More details and new views

September 21, 2016

Debt-beleaguered site of Norman Foster’s 3 Sutton Place condo tower is cleared for sale

A US Bankruptcy Court judge has approved a plan to sell the 3 Sutton Place site at at 426-432 East 58th Street, one of the city's most luxurious old enclaves, reports the New York Post. Brokers have been selected to conduct the marketing of the 262,000-square-foot project that includes plans for a 900-foot-tall condominium tower drawn up by British architect Sir Norman Foster of Foster + Partners.
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September 19, 2016

A Trump empire built on $885 million in tax breaks has cost the city a fortune

If you've followed Republican presidential nominee Donald J. Trump's gold-plated real estate career, you might already know how much of his success has been due to his family's extensive political connections–and generous tax breaks, grants and incentives from the government and taxpayers. In case you haven't read Trump's 1987 bestseller "The Art of the Deal," the New York Times illuminates the role that hundreds of millions in tax breaks have played in the Trump empire. While Trump may not be much different from other developers in seeking tax breaks, the candidate vociferously paints a picture of a rigged system and a fixed game. But these very fixes have enabled him to achieve a net worth estimated at 4.5 billion and the opportunity to indulge a run for the nation’s highest office.
So what's been going on here?

September 16, 2016

Saudi billionaire seals the deal on the city’s highest home for record $88M

The most expensive apartment closing in New York City this year and one of the priciest sales ever is finally a done deal, reports The Real Deal. The apartment, the top penthouse at Rafael Viñoly-designed billionaire’s bunker 432 Park Avenue, is the priciest unit in the big-ticket building as well as being literally the city’s highest. As 6sqft previously reported, the buyer is Saudi retail magnate Fawaz Al Hokair. The sale price was $87.7 million—a skyscraping $10,623 per square foot.
More jumbo numbers, this way

Real Estate Trends

September 15, 2016

‘Humans of New York’ creator picks up $2.45M Chelsea duplex

You may not know Brandon Stanton by name, but you certainly know his photo-journalism project "Humans of New York." Launched six years ago, the social media sensation features interviews with thousands of people on the streets of New York, with special series focusing on groups like Syrian refugees and veterans, and it's now spread internationally. Stanton has encountered wild success, even authoring a book that spent 29 weeks on the New York Times bestseller list, and he's now scored a lovely Chelsea co-op, reports the Observer. He and fiancée Erin O’Sullivan dropped $2.45 million on the lovely duplex at 440 West 23rd Street, which features a two-level backyard garden.
See the whole place

September 15, 2016

Composer Andrew Lloyd Webber buys second condo at Trump International for $7.6M

Though we're not sure about composer Andrew Lloyd Webber's political leanings in this country (he's a Conservative in Britain), he sure does seem to love some Donald Trump real estate. The Observer reports that the British musical theater impresario has dropped $7.6 million on a two-bedroom 35th-floor unit at Trump International in an off-market deal. He and his wife Madeleine already own another adjacent unit on the same floor in the Central Park West tower, which they bought in 2012 for $5.8 million after selling a Trump Tower duplex for $16.5 million in 2010.
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September 15, 2016

City Council approves La Central development, bringing nearly 1,000 affordable units to the Bronx

On Wednesday the New York City Council voted to approve the La Central development project in the Melrose section of the Bronx, the Daily News reports. The project, which will be designed by FXFOWLE architects, is slated to bring 992 apartments to the borough, all of them designated as affordable housing under Mayor de Blasio’s mandatory inclusionary housing (MIH) legislation. It is the biggest project to be approved to date under the MIH rules, which require some income restricted apartments in projects that need the city's approval.
Find out more and see more renderings

September 14, 2016

REVEALED: Thomas Heatherwick’s $150M climbable Hudson Yards sculpture ‘The Vessel’

It was nearly three years ago that Related Companies chairman Stephen Ross boasted that Hudson Yards' public art piece would be "New York’s Eiffel Tower," and after an unveiling today of the massive sculpture that will anchor the central public space, it seems he might not have been too far off.
More details and renderings this way

September 14, 2016

Interview: Time Equities’ Francis Greenburger, a Renaissance man in NYC

By 6sqft

Francis Greenburger is the definition of a Renaissance man. Beyond running the full-service real estate firm Time Equities, Inc., he also helms the Greenburger Center for Social and Criminal Justice, he serves as Chairman of the literary agency Sanford J. Greenburger Associates, Inc., and he is also deeply involved with the OMI International Arts Center—and this is on top of the numerous non-profits […]

$867 million in federal subsidies for three NYC sports stadiums a big loss

A recent Brookings institute study shows that federal government subsidies of big-ticket sports stadium construction are essentially money down the drain, The Real Deal reports. Three New York City stadiums--Yankee Stadium, Citi Field (both completed in 2009) and the Barclays Center--have accounted for a significant portion of these subsidies in the form of tax-exempt bonds, which have resulted in the loss of $3.7 billion in federal government revenues since 2000.
Not exactly a surprise...

September 13, 2016

$1B expansion of the Javits Center will commence this year

By Diane Pham

One of Governor Cuomo's biggest NYC projects will kick off construction by the end of this year. Per a press release released yesterday, the Cuomo administration has put out a request for proposals (RFP) for the first phase of the Jacob K. Javits Center's $1 billion expansion. The chosen firm will be responsible for the design and construction of a three-story building that will hold transformers, back-up generators, and other electrical equipment for the updated complex. This initial work will prepare the massive site for the larger expansion project that will increase the size of the events facility by 1.2 million square feet, bringing the total square footage to a hefty 3.3 million square feet.
more on the announcement here

Real Estate Trends

September 12, 2016

New views of curvaceous 15 Hudson Yards ahead of this week’s sales launch

15 Hudson Yards, the first of two residential towers that Related Companies and Oxford Properties have planned for the massive complex, started its climb into the far west side skyline back in March, and now, seven months later, it's readying for a sales launch this week. According to a press release, condos will start at about $2 million for one-bedrooms and go up to $30 million for the penthouses. To coincide with the 285 market-rate condos hitting the market (there will also be 106 affordable rentals, for which details have yet to be released), YIMBY has gotten its hands on new renderings of the 910-foot building, which, as 6sqft previously described, has been dubbed the "Morph Tower" for its "curvaceous and feminine design" from Diller Scofidio + Renfro in collaboration with Rockwell Group. The images provide new views of the bundled quad of cylinders that make up its body, as well as its rectilinear base that will abut the Shed.
More renderings and details ahead

September 8, 2016

REVEALED: World Trade Center Performing Arts Center will be a translucent marble cube

After stalling for years, the $243 million World Trade Center Performing Arts Center started to make headway in recent months, first with a decision to go with REX as the designers and then with a $75 million gift from Billionaire businessman and philanthropist Ronald O. Perelman (who is gaining naming rights). And finally, the official renderings have been revealed, and they showcase a nearly 90,000-square-foot, translucent veined marble cube that both stands out as an impressive piece of cultural architecture and co-exists with the other structures on the WTC complex such as the 9/11 Museum and transportation hub. According to a press release from developer Silverstein Properties, "The Perelman Center is inspired by the Center’s mission to defy experiential expectations. Its design cues were taken from [an] aim to foster artistic risk, incubate original productions, provide unparalleled flexibility, and deliver the most technologically advanced and digitally connected spaces for creative performance."
See all the renderings

September 8, 2016

Author Junot Diaz makes a big profit on sale of Hamilton Heights townhouse

The Post reports that Pulitzer Prize-winning author Junot Diaz's Hamilton Heights townhouse at 529 West 141st Street has entered contract for $2.3 million, after he paid a mere $380,000 for it in 2002. He won't be pocketing all of it, though, as the sale comes amid an "an ugly, five-year court battle" with ex-girlfriend and state Senate candidate Marisol Alcantara over ownership of the three-family home. But $2 million split two ways is not too shabby.
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September 8, 2016

Would you flee New York if Trump becomes president?

By Michelle Sinclair Colman

Every four years, in the lead up to the presidential election, a new group of voters declare they will leave the country if their candidate does not get elected. According to the Google Data Editor Simon Rogers, searches for “how can I move to Canada” spiked 350 percent following March’s Super Tuesday results. But, in […]

Real Estate Trends

September 7, 2016

Kylie Jenner may have bought a $7M Tribeca penthouse

Unlike big sis Kim, Kylie Jenner may actually be paying for her NYC digs. Tribeca Citizen first reported information from an anonymous source that the model and youngest member of the Kardashian clan purchased a Tribeca penthouse, and Curbed determined, based on an Instagram photo and sales records, that it may be the $7 million top-floor unit at 15 Leonard Street. The five-bedroom triplex not only has luxurious interior details like floating concrete stairs and a limestone-clad master bath, but it boasts six outdoor terraces (perfect for setting up film crews).
Check it out

September 6, 2016

Molly Ringwald sells East Village duplex to noted fashion photographer for $1.7M

80s icon Molly Ringwald, of “Sixteen Candles,” “The Breakfast Club” and “Pretty in Pink” fame, has made a sale on her charming East Village duplex, reports the Post. The former teen idol put the two-bedroom pad on the market back in June for $1.79 million, and per city records just released, she's sold the home to noted fashion photographer (and bona fide Polish prince) Alexi Lubomirski and his wife Giada for $1.7 million.
go inside the home here

September 1, 2016

Knicks’ new star player Joakim Noah buys a $6M Chelsea penthouse with huge terrace

Joakim Noah--NBA All Star, philanthropist, social activist, and noted free-spirit--signed with the Knicks in June for $18 million a year after spending nine years with the Chicago Bulls. Ahead of his debut season in New York, Noah has scooped up a $5.8 million Chelsea penthouse with an appropriately tricked-out entertaining terrace, reports the Post. The three-bedroom spread at 555 West 23rd Street not only has 2,300 square feet of impeccable indoor space, but the 2,000 square feet of outdoor space boasts a built-in hot tub, gas grill and wet bar, pergola, self-watering planters, and surround sound.
Check out the full bachelor pad

August 31, 2016

FXFowle’s NOMA condo rises in ‘neo-Bauhaus’ style at the crossroads of Manhattan

By Ondel Hylton

Earlier this year, sales launched at The NOMA, a 55-unit ground-up condominium developed by Alchemy Properties and designed by Daniel Kaplan of FXFowle Architects. The 24-story building is distinguished by a gray-brick skin and ribbons of gridded windows that pay homage the area's industrious roots. The "neo-Bauhaus" exterior references the older loft buildings from the early 19th century, the clean lines of the Bauhaus movement, and the massing of the parade of newer residential towers that have cropped up along Sixth Avenue in Nomad.
Get the full scoop on the building

August 31, 2016

POLL: Will the South Bronx become the next ‘it’ neighborhood?

When 6sqft shared views yesterday of how a trio of new residential towers will alter the South Bronx skyline, we also looked at developer Keith Rubenstein's ambitious, albeit misguided, plans to rebrand the neighborhood. After dubbing the area "the Piano District" and throwing a party that made light of the troubled "Bronx is Burning" days of the 1970s, locals criticized his insensitivity and blatant attempts to accelerate gentrification. In addition to the aforementioned project, which will yield a total of six towers, Rubenstein is planning a food and beer hall nearby. And he's not the only one turning to this new frontier. Other seemingly "trendy" establishments that have opened up in recent years include the Bronx Brewery, Bronx Baking Company, a slew of coffee shops, and the Port Morris Distillery, and there's the plan to transform the Bronx General Post Office into a dining/drinking/shopping destination. But on the other side of the coin, the Bronx has been a hotbed for affordable housing development. In fact, the borough was issued the most residential permits in the city during the first six months of 2016, likely due to the fact that 43 percent of units under Mayor de Blasio's affording housing plan that began construction during this time were in the Bronx. But is this enough to preserve the diverse culture and demographics of the South Bronx, or is it poised to become the next "it" neighborhood?
Share your thoughts in our poll

Real Estate Trends

August 30, 2016

See how Keith Rubenstein’s trio of South Bronx towers will transform the ‘Piano District’ skyline

Controversial South Bronx Developer Keith Rubenstein of Somerset Partners, along with the Chetrit Group, received approvals earlier this summer for a two-site, six-tower, mixed-use master plan on the Mott Haven banks of the Harlem River. This is the same project that Rubenstein touted as part of his campaign to rebrand the southern portion of the borough as the "Piano District," a marketing ploy that nodded to the piano manufacturers that dotted the area 100 years ago, but that featured a misguided party with burning trash cans and a bullet-ridden car, referencing the horrible "Bronx is burning" days of the 1970s. Contention aside, the development is moving ahead, and CityRealty.com has a 360-degree look at how the first site's three towers (two at 20 stories and one at 25) will transform the South Bronx skyline. These buildings at 2401 Third Avenue will rise just to the northwest of the Third Avenue Bridge, the former site of an 1880s iron works building that will soon boast $3,500/month apartments.
More details ahead

Google Earth rendering of the new residential buildings going up in Downtown Brooklyn, via CityRealty.com

August 30, 2016

Is Downtown Brooklyn’s rental boom about to turn into a glut?

This time last year, 6sqft shared a report from CityRealty.com that detailed how Northern Brooklyn would be getting a staggering 22,000 new apartments over the next four years, with the majority, 29 percent or roughly 6,500 apartments, headed for Downtown Brooklyn. The trend has kept up, as the Times reports today that this number of units is concentrated among "19 residential towers either under construction or recently completed along the 10-block section of Flatbush stretching from Barclays Center north to Myrtle Avenue." Another 1,000 units are coming to four buildings on Myrtle Avenue, and all of these are overwhelmingly rentals. In fact, 20 percent of the entire city's rentals that will become available this year and next are in the neighborhood. But many believe this rental boom is fast approaching a glut that will cause prices to soften in a saturated market.
Find out more

Real Estate Trends

August 29, 2016

Subway Reads offers free e-books based on the length of your commute

It can be a bit frustrating to start getting into a book on your commute when you just as soon have to put it down, which is part of the idea behind a new initiative called Subway Reads, a web platform that offers free e-books to subway riders that can be timed to their commute. The program is a collaboration among the MTA, Transit Wireless (the company behind the $250 million+ project to put Wi-Fi in 278 underground stations), and Penguin Random House. According to the Times, the platform was launched as a way to promote the fact that connectivity has already reached 175 stations, but it will only last eight weeks. During that time, users can download novellas, short stories or parts of complete books to their cellphones or tablets, and they can make their selections based on how long they expect to be on the train (the formula accounts for about a page a minute).
Find out how it works

August 29, 2016

Facebook co-founder Sean Parker buys three Greenwich Village townhouses to create mega-mansion