Real Estate Trends

10 Hudson Yards, the first building in what is one of the country's largest construction sites, is officially open for business on Manhattan's far west side. Fashion brand Coach is in the process of moving its headquarters to the 900-foot, 52-story mixed-use structure–known as Coach Tower–from its former location a few blocks away, the Wall Street Journal reports. For the luxury brand, the move represents an important milestone in a quest to re-establish its upscale image. The deal to move into a 738,000-square-foot office in the Kohn Pederson Fox-designed building made headlines when it was announced in 2013. Coach invested $750 million to buy the retail condo space for its new headquarters. Coach's design team worked with STUDIOS Architecture on their new workspace and dedicated entry lobby, which will feature a replica of the company’s famed product library: On display will be 2,000 handbags from past times to present, viewable by High Line visitors.
Find out what else is in store for 10 Hudson Yards

Real Estate Trends

May 29, 2016

60 Affordable Studios Now Up For Grabs at the Boston Road Apartments in the Bronx

Applications are now being accepted for 60 newly constructed rental apartments at 1191 Boston Road in the Morrisania section of the Bronx. The 90,000-square-foot development is situated between East 167th and 168th Streets and will exclusively house studio apartments priced at a monthly rent of $550/month. The building is geared for low-income individuals and formerly homeless single adults. To qualify for an apartment, applicants must fall within annual income ranges of $18,000 to $35,280 per year.
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May 27, 2016

All Engines SHVO at Three New Manhattan Condo Developments

Earlier this month, the Wall Street Journal profiled broker-turned-developer Michael Shvo and revealed his development company SHVO now has more than $4 billion dollars worth of projects in the works for the city. While many are still in planning stages and have yet to be released to the public, construction is moving ahead on a trio of condominium developments along Manhattan's western spine -- the Getty, 125 Greenwich Street, and 565 Broome SoHo (as a development partner). While varied in neighborhood and scale, they all enlist high-caliber architects and will bring Shvo's characteristic high level of attention to detail and "pursuit of perfection."
Get the rundown on all three developments

May 27, 2016

Angular Skyscraper One Sixty Madison Offering Two Months Free Rent

Soaring nearly 500 feet into the Manhattan skyline, One Sixty Madison is a shimmering 45-floor rental tower at the boundary of the Murray Hill and Nomad neighborhoods. Developed by J.D. Carlisle Development and designed by SLCE Architects, with interiors by Philip Koether Architects, the uniquely massed building is rotated 45 degrees from its Madison Avenue and 33rd Street frontages, guaranteeing homes an abundance of light and air and stunning skyline views. For a limited time, the leasing team is offering incoming renters two months free on two-year leases and one month free on one-year leases, both with paid OP (broker fees). Current availabilities include an 11th floor studio with a net effective price of $3,263/month, one bedrooms starting from $4,412/month, and two-bedrooms beginning at $6,692/month.
Find out more about the building

May 26, 2016

C3D Architecture’s 232 Seventh Avenue Begins Its 17-Floor Climb in Chelsea

Near Chelsea's raggle-taggle intersection of Seventh Avenue and 23rd Street, a new residential building has begun its 17-floor rise skyward. The 53,135-square-foot tower designed by C3D Architecture will boast 50 rental apartments with first and cellar levels dedicated to commercial and retail uses. Floors two through 11 will be configured with four apartments per floor and floors 12-16 just two apartments apiece. According to C3D, the exterior will be clad in a subdued mix of limestone and metal panels with full-height glass windows wedged in between. The second floor will be provided a large rear terrace and all levels above will have west-facing balconies. The twelfth floor is setback and the uppermost four levels will be outfitted with street-facing balconies.
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May 24, 2016

15 Central Park West Takes Back the Title of Most Expensive Manhattan Condo

Six months ago when CityRealty released its last CR100 report -- an index comprised of the top 100 condominium buildings in Manhattan -- One57 surpassed long-time frontrunner 15 Central Park West as the most expensive condo, coming in at $6,010 per square foot, compared to 15 CPW's $5,726. But this time around, 15 CPW has retaken the crown with an average sales price of $6,039 per square foot over the last 12 months. Coming in second is the Residences at the Mandarin Oriental at $5,956, and One57 falls to third at $5,175, a 13 percent drop over the last year. CityRealty notes, however, that the Robert A.M. Stern-designed condo may have difficulty maintaining its top spot, as big-time new developments 432 Park Avenue, The Greenwich Lane, and 10 Madison Square West have now made their debut on the CR100.
More trends and data

Real Estate Trends

May 23, 2016

Developers Used a Four-Foot-Wide Lot to Build a Taller Upper East Side Tower

The go-to move for building taller than zoning allows is snatching up some air rights, but at 180 East 88th Street in Yorkville, developer DDG Partners found an obscure loophole to increase their building's height. Back in 2014, as the Times explains, DDG received approvals to slice off a four-foot-wide lot from the 30-foot-deep site. This became an official taxable lot, but because it provided a buffer between the building and the street, it allowed the building to avoid typical zoning for structures touching the street, rising to its 521-foot height (60 feet taller than would have been permitted otherwise) and having its entrance on Third Avenue. Now that the motive has become clear, local residents and elected officials are not happy, and adding fuel to the fire is the fact that DDG contributed at least $19,900 to Mayor Bill de Blasio.
The full story ahead

May 23, 2016

For a Limited Time, Related Offering One Month Free in New Upper East Side Rental The Easton

Not quite ready to buy a condo, but still want to feel like you're living in one? For a limited time, the Related Companies is offering one month free at their newest upscale rental The Easton, located at 205 East 92nd Street. The 36-story development is located at the boundary of the Carnegie Hill and Yorkville neighborhoods on the Upper East Side and is loaded with all the amenities, thoughtful layouts, and meticulous craftsmanship typical of many new high-end condominiums.
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May 20, 2016

Bed-Stuy’s The MYNT Offering One Month Free on New Leases

In the thriving Bedford-Stuyvesant section of Brooklyn, the recently finished rental building named The MYNT is offering one month free on 12-month leases for select apartments. Currently, two no-fee units are complying with the offer: Unit 4J is a three-bed, two-bath spanning 1,200 square feet is available for a net effective rent of $3,484/month, and two floors above, unit 6J is a two-bed/two-bath available for a net effective rent of $3,117/month.
find out more about the deal here

Madison Equities Files Permit for 1,115-Foot Supertall Condo in the Financial District

Madison Equities and Pizzarotti Group filed a new building application yesterday to construct a 1,115-foot supertall skyscraper at 45 Broad Street in the heart of the Financial District. When finished, reportedly in 2018 (good luck with that), the tower will be the second tallest building in lower Manhattan after 1 WTC, and the sixth tallest in the city. As detailed by the application, the tower will comprise 371,634 gross square-feet of floor area spread across 66 floors. Listed are 150 units, a bit less than the 245 condo-residences Pizzarotti CEO, Rance MacFarland said there would be earlier this year. Supposedly, the building will cater to "entry- and mid-level buyers" with relatively conservative prices of below $2,000 per square foot on average. To afford the maximum amount of residences with coveted views of the harbor and the skyline, apartments will begin on the 15th floor where they are configured at four-units per floor up to the 33rd level. Floors 35-51, 53,55 and 57 will have three units per floor and floors 52, 54, and 58 just two units. Floors 61 and 62 will host two duplex aeries and the uppermost residential floor, 62, will house a single full floor penthouse that will be the highest residence in hemisphere outside of Billionaires' Row. Amenities on the lower, view-deprived floors will include a 60-foot indoor lap pool, a gym, a garden, a pet spa, a game room, bike room and other entertainment areas.
find out more here

Rendering of 45 Park Place via Williams New York (L); Aerial view of 45 Park Place in the downtown skyline created by CityRealty

May 19, 2016

45 Park Place Condos on ‘Ground Zero Mosque’ Site Will Move Forward With $219M Loan

Soho Properties has received $219 million in construction loans for a $174 million luxury condominium project at 45 Park Place in Tribeca, according to a statement from Manhattan developer Sharif El-Gamal, The Real Deal reports. The deal was funded by the London branch of Malayan Banking Berhad (Maybank) and Kuwait-based Warba Bank, with Saudi investment firm MASIC providing a $45 million mezzanine loan and Italian bank Intesa Sanpaolo serving as documentation agent. The developer had previously secured $33 million in financing from Madison Realty Capital in 2014. The funding will be used for the residential tower and an Islamic cultural museum to be built next door at 51 Park Place. The condo project, to be designed by SOMA Architects, will be a 665-foot, 43-story tower with 50 high-end apartments, including two penthouses on the top four floors. Ismael Leyva Architects is listed as the architect of record.
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May 19, 2016

Fisher Brothers’ Curving Rental Tower at 225 East 39th Street Reaches Full Height

By Julian Friedman

Without a hitch, Fisher Brothers' parking garage-crushing development at 225 East 39th Street has ascended to its full 395-foot structural height. More pause-worthy is that its reflective curtain wall has climbed high enough to show us how its reflective skin will accentuate its gracefully curving form. The 36-story high-rise is situated at the boundary of residential Murray Hill and the skyscraper canyons of Midtown East.
more one the progress here

May 18, 2016

Only One Unit Remains at Long Island City’s Baker House, Now Offering Two Months Free Rent

Not all of Long Island City's new developments are gargantuan or fully encased in glass. One such anomaly is Ranger Properties' recently opened rental building called the Baker House. Replacing a building that housed the Bakers Union Local 3, the development rises a modest nine floors within the human-scaled confines of the Dutch Kills section of the neighborhood, the 47,000 square-foot building was designed by Fogarty Finger Architects and boasts a tasteful exterior of red brick, metal and staggered floor to ceiling glass windows. Inside are 48 light-bathed apartments ranging from studios to two-bedroom layouts. Remarkably, after debuting on the market just earlier this year, the leasing agents at Modern Spaces have all but one of the units accounted for. The sole remaining home is a 700 square-foot, one-bedrooms, one-bathroom on the eighth floor, priced at a net-effective rent of $2,529/month. All residences are outfitted with white oak hardwood floors, Carrara marble baths, and open kitchens with Pedini cabinets and Bosch appliances.
find out more here

Interview: CetraRuddy Founder, Nancy Ruddy, Discusses Her Firm’s Notable New York Works

Image courtesy of CetraRuddy

May 18, 2016

Interview: CetraRuddy Founder, Nancy Ruddy, Discusses Her Firm’s Notable New York Works

By Diane Pham

One architectural name dominating the new development scene is CetraRuddy. Nancy Ruddy and her husband Jon Cetra formed the firm back in 1987, and over the decades that followed the pair built an architectural powerhouse that’s erected countless buildings across the globe. But while their breadth of work touches everything from the educational to hospitality to […]

May 17, 2016

Glenwood’s Newest Lincoln Center-Adjacent Tower Starts Leasing With Discounted Rents

When we last checked in on Glenwood Management's latest rental development at 175 West 60th Street, the 48-story, 533-foot tall building had just topped-out and launched its affordable housing lottery offering apartments priced as low as $566/month. Now, the team has jump-started leasing on the building's 205 market-rate residences. Dubbed The Encore—likely due to its proximity to Lincoln Center for the Performing Arts and the tower being Glenwood's second foray on Fordham University's Lincoln Square campus superblock (Hawthorn Park was the first)—the building is centrally positioned at the meeting of Midtown West and Upper West Side. According to Glenwood, occupancy for the upscale rentals will begin on July 1, and early lease-signors, for a limited time, can capture net-effective rents of $3,483/month for alcove studios, $4,790/month for one-bedrooms, and two-bedrooms starting at $7,297/month.
more details this way

May 16, 2016

Downtown Brooklyn’s Newly-Launched City Tower Offering One Month Free Rent

City Tower, the second phase of Downtown Brooklyn's 1.8 million-square-foot, mixed-use mega-development, has debuted, ushering in 439 brand new market-rate rentals to the heart of the borough. For a limited time, the building is offering new renters one month for free based on a 13-month lease. The 38-story tower's current availabilities include four studios starting at $2,423/month, five one-bedrooms at $2,838/month, and three two-bedrooms at $4,154/month. The building was developed and is being managed by the long-established Brodsky Organization and was designed by the acclaimed eco-conscious architects at COOKFOX. Perched twenty floors above 700,000 square feet of retail, entertainment and dining spaces, many of City Tower's residences provide spectacular views of the harbor and Manhattan skyline.
Get the full scoop on the building this way

May 16, 2016

Designer Kitchen Distinguishes This Two-Bedroom Apartment in Gowanus

By Emily Nonko

This two-bedroom, two-bathroom apartment occupies the top floor of 335 Carroll Street, a Gowanus warehouse converted not long ago to rental apartments. Asking $5,317/month, the apartment has shed its former warehouse skin for a much more modern aesthetic, which includes a chic designer kitchen.
Check it out

May 13, 2016

Odds You’ll Score an Affordable Apartment Through a City Lottery Are 1,000 to 1

Last August 6sqft reported that about 696 applicants were applying for each of the city's available affordable housing units, and those odds have gotten even longer. So far this year 2.54 million applicants have applied via the city’s Housing Connect website for 2,628 affordable apartments, which puts the odds at about 1,000 to 1. The number of hopefuls vying for units like the 181 well-below-market rate apartments–from $559/month studios to $3,012 two-bedrooms–available at Pacific Park's 461 Dean Street has increased dramatically since 2013, when 364,000 applicants applied for around 2,300 units, reports the New York Post.
Who's included in those depressing odds?

May 13, 2016

Morris Adjmi’s Tribeca Condo Building at 83 Walker Street Gets Its Inverted Facade

After a unanimously approval by the Landmarks Preservation Commission in June 2011, the Morris Adjmi-designed condo building at 83 Walker Street has fully risen and is nearly completely adorned with its creamy, concrete facade. The nine-story, 19,000-square-foot building is being developed by Brooklyn-based Abra Construction Corp. and will house a duplex unit at the ground and cellar levels and eight full-floor residences above. Its narrow 24-foot-wide lot is within the fast-changing eastern extents of Tribeca (formerly Chinatown) and sits within the Tribeca East Historic District. The realized project is slightly higher than zoning allows and had to seek approval from the City Planning Commission in addition to the LPC.
The story behind that inverted facade

May 12, 2016

Interview: RAMSA’s Paul Whalen Reflects on the Unique Design of 15 Central Park West

By Diane Pham

For good reason, hundreds if not thousands of articles and books have been published on 15 Central Park West, the “Limestone Jesus” designed by famed architect Robert A.M. Stern. This modern icon is credited with not only elevating the New York City luxury market to a level no one before dreamed it could reach, but […]

May 12, 2016

Leasing Begins at Downtown Brooklyn’s One Duffield, No-Fee Units Begin at $2,400/Month

Within the human-scaled oasis between the Manhattan Bridge and the BQE, a 57,000-square-foot church conversion has wrapped up construction, releasing 84 brand-new no-fee rental apartments to the Downtown Brooklyn market. Named One Duffield, for its address at the corner of Gold and Duffield streets, the five-story building uses some of the structural bones of a prior two-story church and completely re-imagines its aesthetic into a varied composition of brown and orange brick, metal siding, and large square windows. Nataliya Donskoy of ND Architecture and Design P.C. is the designer of the building and "The Bridge Building LLC" is listed as the developer in permits.
Get pricing and see inside

May 12, 2016

POLL: Can Mayor de Blasio Get Albany to Pass a 421a Deal by Next Month?

The city’s 421a program, which provides tax breaks of up to 25 years to new residential buildings that reserve at least 20 percent of units as affordable housing, expired in January, leaving Mayor de Blasio concerned for his push to add/preserve 200,000 units of affordable housing over the next decade. According to a REBNY report last […]

May 11, 2016

NYC Must Produce 20,000 New Housing Units a Year to Keep Up With Exploding Population

The 2015 census puts New York City's population at a record high of 8.6 million. This is a 375,000-person increase from 2010, the biggest spike since the 1920s. The rise is attributed to the nearly 250,000 jobs that were created in 2014 and 2015, the $7.3 billion in venture capital present in the city in 2015 (the second-highest level ever), and record-breaking tourism that's created a boom in the hospitality industry. And of course, with more people comes the need for more places to put them, and Commercial Observer estimates that the city "needs to produce at least 20,000 new housing units each year just to keep pace with demand and population growth."
What does this mean for NYC's housing stock?

May 10, 2016

400-Bed Designer Dorm Headed for Williamsburg