Real Estate Trends

April 5, 2016

Tribeca Condo With Two Voyeuristic Glass-Enclosed Bedrooms Asks $4.75M

This Tribeca condo at 195 Hudson Street is officially listed as a one-bedroom apartment, but the current owners have fully taken advantage of the 2,325-square-foot space and added a glass-enclosed sleeping area. It doesn't have a window—or much privacy—but feels anything from dark and cramped due to those see-through walls. The windowed bedroom, too, is separated from the apartment by nothing more than floor-to-ceiling glass. Who needs privacy, anyway, when the apartment looks this nice?
Check out the rest

April 5, 2016

City Council May Bring Back Mansion Tax to Fund Social Programs

By Dana Schulz

The idea of a mansion tax -- an increased tax on those who buy seven-figure residential properties -- has been floated around for the past couple years. Last year, Mayor de Blasio put forth a proposal that would add a one percent tax for sales over $1.75 million and a 1.5 percent tax for sales over $5 million. As 6sqft reported, he estimated the plan could have brought in "an extra $200 million a year in tax revenue, money that would be allocated to affordable housing programs," but it was ultimately rejected by lawmakers in Albany. In response to the Mayor's preliminary 2017 budget, the City Council is now looking to revive this proposal, but use the increased revenue to fund programs for youth, immigrants, and women, reports the Wall Street Journal. Coupled with a tax on carried interest for some investment managers, they predict the taxes could create an additional $410 million for the city.
More details here

April 3, 2016

Seniors Increasingly Struggle to Find Housing, But Some Find Ways to Cope

By Diane Pham

Income requirements on top of lofty rents make renting in New York a formidable challenge for all, but seniors who live on limited means with little to no incoming cash face even greater obstacles when it comes to securing a home in the city. Although seniors make up one of New York’s fastest growing populations […]

Real Estate Trends

March 31, 2016

Demolition Begins for 50-Story Midtown East Skyscraper, New Rendering Released

By Ondel Hylton

Just northeast of Grand Central Terminal at 141 East 47th Street, Brooklyn-based New Empire Real Estate (NERE) is moving ahead with plans to build a svelte 49-story condominium tower. New building permits were filed yesterday, an updated rendering has been released, and removal of the site's low-slung structures has commenced. NERE's skyscraper will rise mid-block along the northern blockfront of 47th Street between Lexington and Third Avenues. Up until the still-under-construction hotel rising at 147 East 47th Street, the block was one of the few remaining in Midtown East that had been spared the imposition of a post-war high-rises.
Get the scoop

March 30, 2016

A Closer Look at ODA’s 75 Nassau Street & Other Nearby Towers Planned For Fulton Street

By Ondel Hylton

Capitalizing on a revitalized Financial District, Fulton Street is bursting with residential development activity. With a re-imagined Fulton Street Transit Hub open and the second coming of the World Trade Center shopping center and Pier 17 on the horizon, at least five sizable towers are jostling to join the street's renaissance. Most interesting of the bunch is a 40-story residential skyscraper set to rise at 75 Nassau Street. Developed by Lexin Capital and designed by ODA Architects, its 307,000-square-foot, slab-like massing is distinguished by fragmented and nibbled-away edges that run vertically along the tower's corners. At its more than 500-foot-high pinnacle, a forest of trees will top the structure, giving the high rise a profile that will recall the iconic finials of the district's skyscrapers.
More on ODA's tower and its four other neighbors

March 30, 2016

Richard Meier-Designed Tower Finally Begins Construction at Turtle Bay South Complex

By Ondel Hylton

Construction has finally begun on the westernmost lot of Sheldon Solow's Turtle Bay South master plan, 16 years after the developer purchased the site. Excavators are picking away at the 30,000-square-foot site at 685 First Avenue that has long held a surface parking lot and is just a small portion of a larger, long-planned development straddling First Avenue between East 35th and 41st Streets. Last August, plans were filed for 685 First, which will be a girthy 42-story residential tower with 555 rental units and 800,000 square feet of gross floor area. The tower is being designed by Pritzker Prize-winning architect Richard Meier, a surprising choice given the American architect is best known for his modest-scaled projects and white exteriors, while Solow is best known for their monolithic towers sheathed in black glass curtain walls. Nevertheless, when complete, the tower will be Meier's largest ever project in New York and will be just one of four residential towers and a pavilion he is scheduled to design for the billionaire developer.
More details and renderings ahead

March 30, 2016

Is Buying a House With Your Friend a Good Idea?

By Diane Pham

With deals below a million dollars few and far between, home ownership in NYC is out of reach for the majority. But what about pooling your money with a friend to make a big ticket purchase? This might come as a surprise, but taking the plunge and purchasing a property with pals—not a family member—is […]

Real Estate Trends

March 29, 2016

Three People Share What It’s Like to Live in Common’s Co-Living Concept in Brooklyn

By Michelle Sinclair Colman

What if your home was more than just a place to live? What if it took care of the tedious parts of everyday life (like cleaning, paying utility bills, and shopping for the basics) and there were always a bunch of interesting and like-minded people hanging out in your living room? Brad Hargreaves, CEO of Common, has structured his co-living housing company to be just that. While we've reported on Common before (as well as WeWork's similar new shared housing setup in FiDi), today we're going behind the scenes at Common's first outpost located in Crown Heights. We asked three residents why they chose to live at Common, if this catered style of co-living beats the standard New York roommate setup, and, of course, what we all really want to know—with 10 different personalities under one roof, just how "Real World" do things get?
Meet residents Jason, Kamilah and Adam here

March 29, 2016

Construction Update: The Style Condominium Takes Shape in East Harlem

By Emrys Fitzgerald

Two years after renderings were first unveiled, 6sqft brings a construction update for a two-building condominium complex rising in East Harlem. Known as the Style and developed by the the Fane Organization, the property sits on a block-through parcel of land between East 131st and 132nd Streets, bound by Madison and Park Avenues. The Style's 31 residences are housed in two buildings with distinct addresses on opposite ends of the lot, but they're unified by an interconnecting lobby and courtyard. Gene Kaufman Architects is handling the design of the buildings, which are similar, but not identical. Despite the project's bold name, however, they're quite ordinary in design. The most distinguishing feature are sand-colored frames encircling the exteriors' windowed and black-paneled areas, reminiscent of Midtown's Solow Building (but without the bell bottoms).
More details ahead

March 28, 2016

Victoria’s Secret Model Amy Hixson Buys $875K Harlem Condo

By Annie Doge

Over the summer, 6sqft discovered that model Amy Hixson, who has graced the pages of GQ and Victoria’s Secret, was looking to unload her custom-designed, bespoke East Village pad for $899,000. She purchased the home for $625,000 in 2010 and then undertook a three-month renovation with Own Entity designers. The pad sold in August for $916,000, and using that extra profit the blonde beauty has now snapped up a two-bedroom Harlem condo for $875,000.
READ MORE

Real Estate Trends

Actor Chris Lowell Sells Double-Height Greenwich Village Loft for $1M

By Annie Doge

Former "Veronica Mars" actor Chris Lowell listed his Greenwich Village loft for $1.195 million back in November, just three months before buying another loft, this time in Soho, with girlfriend and fellow actor Kerry Bishé (from the AMC drama “Halt and Catch Fire” and the film “Argo”). The cute couple's new home, a triplex with outdoor space and tons of exposed brick, cost almost double at $2.25 million, which is why it's perfect timing that Lowell unloaded his bachelor pad. The Observer reports that he got $1,050,000 for the co-op at 67 East 11th Street, which boats 16-foot ceilings, double-height windows, and cast iron columns.
Take a look around

March 28, 2016

New Views and Renderings of Eliot Spitzer’s ODA-Designed Williamsburg Mega-Development

By Ondel Hylton

Construction and excavation is now underway on Spitzer Enterprises' trifecta of towers along the South Williamsburg waterfront. Set to rise from a three-acre parcel at 416-430 Kent Avenue, between Broadway and South 9th Street, the development is graced with nearly 400 feet of prized East River frontage. Approved permits filed with the Department of Buildings detail that the plan will comprise 857 rental apartments within three 22-story towers. A publicly accessible park and esplanade will run along the shoreline and connect to the the existing esplanade of the Schaefer Landing development to the south. The relatively young firm of ODA Architects is handling the design, which features many of their volume-popping elements to which we've grown accustomed. Firm founder Eran Chen told the Times that their design is a "molded iceberg, sculpted to create the maximum number of views and outdoor spaces." And as can be seen from the construction photos below, units will have stellar views of the Downtown and Midtown skylines and the East River bridges. The 253-foot-tall buildings will feature rooftop pools and terraces, on-site parking, bicycle storage, fitness centers, and lounge and recreation rooms. Twenty percent of units will be reserved for low-income households.
Get a look at all the renderings

March 28, 2016

New Looks for Staten Island’s $200M Mixed-Use Complex Lighthouse Point

By Dana Schulz

Earlier this year, after a decade of delays, Triangle Equities received $16.5 million in state subsidies for their three-acre mixed-use development on Staten Island known as Lighthouse Point. They also partnered with real estate investment fund Lubert Adler LLP to secure another large sum of private financing, before breaking ground last month. With construction underway, Yimby uncovered new renderings that show the residential, retail, and commercial components of the $200 million development. As 6sqft previously reported, "Along with the New York Wheel, Empire Outlets, and New Stapleton Waterfront, Lighthouse Point is a key element of NYCEDC’s ongoing efforts to transform the St. George waterfront into a vibrant community."
All the renderings and details ahead

March 26, 2016

Permits Filed for Karim Rashid’s Soho Condos at 30 Thompson Street

By Ondel Hylton

A new building application was filed yesterday for a seven-unit condominium at 30 Thompson Street in Soho. New York-based Karim Rashid has been reported as the project's designer, though Heritage Architecture is listed as the architect of record. The boutique development is led by a joint venture involving between the Weis Group, Walker Ridge, and the Mavrix Group The permits detail the project will rise eight stories and 113 feet. The ground floor will house the lobby and off-street parking, while each of the high-ceilinged floors above will host just a single, floor-through residence. The mid-block site between Grand and Watts streets is located on a lightly-traversed stretch with an eclectic mix of building types and styles. The development will replace a one-story garage and will rise directly behind the glassy new condominium tower, 325 West Broadway.
more details this way

SHoP’s Dancing East River Towers Top Out With Plenty of Flood-Proofing Below

Construction shots via R. Douglas/Tectonic

March 25, 2016

SHoP’s Dancing East River Towers Top Out With Plenty of Flood-Proofing Below

By Ondel Hylton

Three-and-a half years after Superstorm Sandy, New York developers are taking to the sea at a faster pace than ever. The most dramatic changes are in store for the East River shoreline, where more that two dozen developments are in construction or planned on both the Brooklyn and Manhattan sides. Ranging from the two million-square-foot Cornell Tech campus to the second largest condominium tower in the city going up at One Manhattan Square, the developments will usher in thousands of new residents and a sprinkling of workers to the flood-prone areas. As of late, the tidal strait's most striking addition has been a pair of asymmetrical, copper-clad towers at 626 First Avenue in Murray Hill. Last week, the team led by Michael Stern's JDS Development topped off construction on the 470-foot-tall southeastern tower. The taller 49-story, 540-foot northwestern tower finished its vertical rise some time earlier this month.
How is the project protecting itself from another possible storm?

March 24, 2016

Rent at Soho’s Nearly Complete 75 Sullivan Street, Units Start at $8,500 Per Month

By Ondel Hylton

In the shadow of Property Market Group's bricky condominium at 10 Sullivan Place, P. Zaccaro Co., Inc. (PZCo) is putting the finishing touches on their ground-up, seven-story rental building at 75 Sullivan Street. In case you couldn't tell by the title, this is NOT an affordable housing story. Rather, it presents a rare opportunity to rent in a newly-constructed building in Soho, which for the most part has mainly built very high-end condo buildings and boutique office spaces in recent years.
More details on the rentals here

March 24, 2016

‘Scarface’ Director Brian De Palma Buys Second Co-op in Fifth Avenue Building for $1.8M

By Michelle Cohen

Filmmaker Brian De Palma just bought a second unit at 1 Fifth Avenue in Greenwich Village according to city records. The famous director of "Scarface" and "Carrie" already owns an apartment on the 23rd floor of the Gold Coast building, where's he's lived since at least 1989, but his latest acquisition is a two-bedroom unit for which he paid $1,750,000.
Find out more about the building's celebrity residents

March 24, 2016

Rent Michael C. Hall’s Greenwich Lane Pad for $15K a Month

By Michelle Cohen

"Dexter" star Michael C. Hall (whom you might also love from "Six Feet Under" or David Bowie's "Lazarus") made celebrity real estate news just last week for the purchase of a $4.3 million two-bedroom apartment in the new Greenwich Lane complex at 160 West 12th Street. Now the New York Post reports that the apartment is available for rent for $15,000 a month. The actor, who successfully fought cancer at age 38, recently married longtime girlfriend Morgan Macgregor, an associate editor at the Los Angeles Review of Books. He also recently sold his Los Feliz home for $4.85 million, so while the couple may be warming up to New York City living, it makes sense to put the prime Village property to good use from day one.
See more of the Greenwich Lane pad

March 23, 2016

Curvaceous ‘Morph Tower’ Begins Its Rise at 15 Hudson Yards, Abutting the Culture Shed

By Ondel Hylton

The foundation mat has been poured, and Hudson Yards' first residential building, Tower D at 15 Hudson Yards, is beginning its climb into the burgeoning far west side skyline. Situated alongside the High Line, at the northeast corner of West 30th Street and Eleventh Avenue, 15 Hudson Yards will house nearly 400 apartments and soar more than 900 feet high upon completion. Discounting the enormous spire on the New York Times Building, the tower will be for a short while the tallest building in Manhattan west of Eighth Avenue. It will also abut the Culture Shed, likely to be the city's next great cultural venue. The skyscraper will be the first of two residential towers that Related Companies and the Oxford Properties have planned for eastern rail yards. The second will be the 1,000-foot-tall 35 Hudson Yards, and they will join the 900-foot Coach Tower at 10 Hudson Yards and the 1,296-foot 30 Hudson Yards.
More details and renderings ahead

March 23, 2016

Morris Adjmi’s 465 Pacific Street Tops Out, Only One Penthouse Unit Remains

By Ondel Hylton

When 6sqft checked in on Boerum Hill's 465 Pacific Street in November, it was little more than a hole in the ground with roughly 50 percent of its 30 condo units already in contract. Now, a little more than four months later, its seven-story concrete skeleton has topped off and just a sole penthouse unit remains. The $55 million development was forged through a partnership between Avery Hall Investments and ARIA Development Group, who purchased the block-through lot for $18 million in 2013. With Morris Adjmi Architects at the helm, the development is composed of two seven-story wings encompassing 85,000 square feet of floor space. Lower levels of the building are faced in a uniform skin of red brick and red mortar joints, while upper levels are finished in dark steel to pay homage to the Mohawk ironworkers who once maintained a community within the neighborhood.
Find out more right here

March 22, 2016

First Look at Scaled-Down West Village Condos Slated for 111 Leroy Street

By Ondel Hylton

Moving past a resounding rejection from the local community board, Property Markets Group (PMG) is forging ahead with a smaller, as-of-right plan to build a condominium and townhouse development at 111 Leroy Street. On a Belgian block stretch of the street, bestriding leafy West Village and mixed-use Hudson Square, the development will replace a long-time parking lot and small commercial building at the northeast corner of Leroy and Greenwich streets. Permits filed last year indicate PMG is seeking to build a 10-story condo tower with five adjoining townhouses. In all, the development will span 44,000 square feet, just half the scope PMG asked the community board to approve last year. That abandoned option called for a larger 30-unit condo building anchoring the site’s corner and spanning much of the Leroy Street frontage. Towards the eastern end of the site, they proposed a modest five-story affordable senior supportive housing facility as a concession to build bigger.
More details ahead

Affordable Housing 101: Should I Buy an HDFC Apartment?

A two-bedroom in the East Village asking just $695,000

March 21, 2016

Affordable Housing 101: Should I Buy an HDFC Apartment?

By Diane Pham

While perusing hundreds of real estate listings you come across one that seems almost too good to be true: it’s in a prime neighborhood, there are two real bedrooms and two real bathrooms, and it’s selling for well under a half million. While you may be pinching yourself over the price tag, rest assured that it’s […]

March 21, 2016

Slate Property Group Seeks to Convert Greenpoint Savings Bank Annex Into Apartments

By Ondel Hylton

Slate Property Group is seeking approvals from the Landmark Preservation Commission to convert the rear annex of the landmarked Greenpoint Savings Bank into apartments. Situated within Greenpoint's historic district, at the southeast corner of Calyer and Lorimer Streets, the plan would add an additional two stories to an existing three-story office structure at the corner, ultimately yielding 25 units throughout 40,000 square feet of residential area.
More details ahead

March 21, 2016

Light Installation Artist James Turrell Gets $2.2M for Classic Gramercy Co-op With Park Key

By Annie Doge

In November, 2014, 6sqft reported that light installation artist James Turrell had sold an apartment at 26 Gramercy Park South for $2.1 million. The famed conceptual artist is based in Flagstaff, Arizona, so the sale didn't come as much of a surprise. However, now it's come to light (no pun intended) that he and his wife Kung Lim-Lee Turrell own more real estate in the neighborhood. According to city records released today, Turrell has sold his personal apartment at 2 Gramercy Park West (an historic Italianate mansion known as the James Pinchot House that's been divided into seven units) for $2,225,000. The artist's former home is a full-floor residence that comes with a much-coveted key to the park, a private garden, and, not surprisingly, an enormous skylight.
See the entire apartment

March 21, 2016

Teaser Site Launched for Restored Harlem Gem on Morningside Park, Leasing Begins This Spring

By Emrys Fitzgerald

Built in 1901 as a seven-story residential building, the distinctive Beaux Arts-style apartment house at 92 Morningside Avenue in Harlem has shed its scaffolding after a two-year renovation/restoration by ND Architecture & Design. It's also officially launched its teaser website that announces leasing of its 45 rental units will begin this spring. The site reveals unit interiors will have "prewar-inspired floor plans, contemporary design, and masterfully crafted finishes." The living experience is branded as "prewar parkside perfection" with “luxurious parkside living in a re-imagined Beaux-Arts masterpiece." Layouts will range from one- to four-bedroom residences with some duplex apartments. Amenities will include bike parking, a recreation room, a rooftop terrace and professional concierge services.
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