Real Estate Trends

King Henrik (as Rangers fans call him) is leaving his Midtown West palace, as the Post reports that the world-famous Swedish hockey goalie has sold the penthouse at 310 West 52nd Street for $4,995,000. Lundqvist originally listed the 2,035-square-foot duplex for $6.5 million back in 2014, reportedly because he and his wife Therese are looking for a larger place downtown for themselves and their two daughters. The uber-contemporary and strangely purple decor is a bit surprising, considering Lundqvist often makes it onto "best dressed" and "most beautiful people" lists.
More right here

February 4, 2016

New Williamsburg Rentals Will Boast Galvanized Metal Exterior

Here's our first look at a 15,000-square-foot, four-story rental building anticipated for a small 5,000-square-foot lot in North Williamsburg. The development will expand upon an existing one-story garage at 202-204 North 10th Street, and ultimately carve out four duplex rentals. All units will have terraces, and the ground floor will house two retail spaces, one of which will be a restaurant. A rendering posted on Studio Esnal's website depicts the project clad in a simple galvanized metal skin with three rows of deeply inset square windows. Details of the flowering rainforest spilling from the roof are not provided.
More info ahead

February 3, 2016

POLL: Will an L Train Shutdown Affect Real Estate Prices?

For the past couple weeks, not a day has gone by without some mumbling about the possible L train shutdown. On Friday, 6sqft shared an interactive graph from NeighborhoodX that shows which other neighborhoods offer commute times similar to the L train stops and how their rents compare. This led many to wonder how, if at all, […]

Bronx Rail Yards Could Become a $500M Mega-Development

Concourse Yard, via Zach Summer/YouTube

February 3, 2016

Bronx Rail Yards Could Become a $500M Mega-Development

Back in September, Bronx borough president Ruben Diaz Jr. put forth a plan to transform an abandoned stretch of rail tracks in Mott Haven into a Lowline-style park. There hasn't been much in the way of updates since then, but now Diaz is turning his sights to another set of tracks, this one much larger and in the northwest Bronx. The Real Deal cites findings from the borough prez that claim the MTA's Concourse Yards, a 19-acre open-air subway depot, could be decked over to yield two million square feet of development rights, resulting in a mega-project like Hudson Yards. At an estimated cost of $350-$500 million (Hudson Yards cost $800 million by comparison), the project would require no rezoning and would be "a real opportunity to not only provide much-needed homeownership, mixed-income housing and retail space, but to allow Lehman College to expand by better connecting it to the Bedford Park neighborhood and making it a true community campus," according to Diaz's report.
More details

RKTB Architects Design Two New Affordable Housing Buildings in the Bronx

824 Saint Anne’s Avenue (L) and 345 Saint Anne’s Avenue (R); courtesy of RKTB Architects

February 3, 2016

RKTB Architects Design Two New Affordable Housing Buildings in the Bronx

Yesterday, the architecture world was abuzz with newly released renderings of Bjarke Ingels' NYPD station house in the Bronx. Nearby, a couple of other buildings are set to rise, and though they may not have the same starchitect cachet, they'll certainly attract some attention for the fact that together they'll offer 269 units of affordable housing. Designed by RKTB, the architects behind our favorite castle conversion at 455 Central Park West, the buildings are planned for Saint Anne's Avenue in the South Bronx, and their designs illustrate how far the city has come in raising the aesthetic quality of government-funded housing.
Find out all about the projects here

February 2, 2016

S.S. United States Likely Coming to Manhattan, Where Will It Dock?

The S.S. United States, a rusting symbol of the country's maritime might, has evaded the scrapyard and is likely coming to a Manhattan location. The S.S. United States Conservancy will hold a press event on Thursday at the Manhattan Cruise Terminal, revealing the 63-year-old ocean liner's future home. The conservancy sent out an S.O.S. to New Yorkers interested in rescuing the vessel and revamping its 600,000 square feet of space into a self-sustaining business. Prior visions have ranged from tech offices, hotel rooms, housing, entertainment spaces, museums, and a maritime school. The location of the press event, near the United States Lines’ former terminal at Pier 86, is a clear give-away that the ship will be relocated to the city. Previously the developers of the SuperPier project had expressed interest in docking the ship alongside Pier 57, and several years back an idea was floated to dock the ship further south alongside Pier 40. More recently, rumors have honed in on three locations: a Brooklyn pier within the Gowanus Bay Terminal in Red Hook; Pier 36 just north of the Manhattan Bridge; and an undisclosed Manhattan location that is likely on the west side.
The full story ahead

February 2, 2016

Construction Update: BKSK Architects’ ‘Hi-Side’ Tower Goes Vertical on the Far West Side

BKSK Architects have designed a robust steel- and brick-faced building at 509 West 38th Street, slated to open in 2017. After a failed condo proposal, a foreclosure, and a developer switch, the project is finally ascending and is already seven stories out of the ground since we last checked a week ago. Dubbed "The Hi-Side," the 158,000-square-foot, mixed-use tower is being developed by investment firm Imperial Companies, who picked up the site from Iliad Development in an undisclosed deal. Fast forward nearly eight years, and a 30-floor, 345-foot building is rising at the site. Situated at the eastern block front of the future Hudson Park Boulevard, bands of ribbon windows along its western face will provide residents with sweeping views of the Hudson River. The base of the tower, which will feature a restaurant, is clad in a muscular rhythm of exposed steel, brick spandrels, and large multi-pane windows.
Find out more

February 1, 2016

How Do Rents at NYC’s First Micro Apartment Complex Compare to Regular Studios?

Just before the new year, listings went live for NYC's first micro apartment complex Carmel Place (aka My Micro NY aka 335 East 27th Street) in anticipation of its opening in March. The nine-story modular development in Kips Bay has 55 studios that are 260 to 360 square feet. Of these, 22 are affordable (more than 60,000 people applied for them), and they'll go from $950 to $1,500 a month depending on size and income. The remaining market-rate units will range from $2,500 to $2,900 per month, which has left many skeptics questioning why anyone would fork over nearly three grand for a space that is far smaller than conventional studios. To put this argument into an actual visualization, the data gurus over at NeighborhoodX created a simple, yet informative graph that compares the rental price per square foot at Carmel Place with that of regular studios across the city (h/t Curbed).
More here

Real Estate Trends

January 29, 2016

Donald Trump’s United Nations Tower Is the City’s Most Valuable Condo

He may have taken a hit last night with his anti-debate veterans rally, but Donald Trump has come out on top here in the city. The Real Deal analyzed the Department of Finance’s preliminary tax rolls and found that his Trump World Tower at 845 United Nations Plaza is the most valuable condo building in New York City based on tax collection purposes. "The 362 condo units in the Midtown East building, which Trump completed in 2001, have a total market value of $238.27 million in fiscal year 2016," they say. To boot, Trump Place at 220 Riverside Boulevard comes in eighth on the list.
See the other frontrunners

Real Estate Trends

New Renderings of FXFOWLE’s Curving Harlem Condo, Circa Central Park

Since 6sqft checked in last November, Harlem's most anticipated condominium building, Circa Central Park, has wrapped up its structural frame and is preparing to be covered in its glass, metal, and brick skin. Now, as we await sales to officially launch, the building's designers, FXFOWLE Architects, give us our first full look at the building inside and out.
Lots more info and renderings

January 28, 2016

Comedian Louis C.K. Buys Third Unit in West Village Brownstone for $565K

Louis C.K. is a self-professed lover of the Village, and he's certainly putting his money where his mouth is, as he's just picked up a third unit at 345 West 4th Street, a ten-unit co-op. The comedian and his ex-wife, painter Alix Bailey, paid $564,900 for the country-charming studio, according to The Real Deal. The former couple (C.K. has spoken publicly about retaining a good relationship with his ex for the sake of his two daughters) bought their first unit in the building in 2006 for $250,000, and then another in 2013 for $475,000.
See the rest of the pad

January 28, 2016

Affordable Housing Lottery Launched for Lincoln Center Tower, Units Start at $566/Month

Glenwood Management has just launched their affordable housing lottery for 52 below-market rate apartments within their soon-to-debut rental tower at 175 West 60th Street. Situated within the Lincoln Center area of the Upper West Side, 20 percent of the building's 257 units will be set aside for low-income residents and will range from $566/month studios to $931/month two-bedroom units.
Find out if you qualify

January 27, 2016

Facebook Co-Founder Revealed As Buyer of $23.5M West Village Townhouse With an Underground Tunnel

When it was revealed last week that Facebook co-founder Chris Hughes sold his massive Soho loft for $8.5 million, it was also speculated that he and husband Sean Eldridge were the buyers of a $23.5 million West Village townhouse. When that sale hit records in September, the name on the deed was revealed as Tom van Loben Sels, the same person behind the recent Soho transaction. The Post now confirms through their sources that the power couple are in fact the lucky new owners of the historic home at 157 West 12th Street. According to the paper, the landmarked home has an underground tunnel. The ten-foot-wide and "well-lit" passageway apparently has "no tunnel feel at all" and starts in the home's finished basement, ending at a staircase that leads to the carriage house that can be used as a guest house. Other perks of the three-bedroom, 4,164-square-foot spread include a wine cellar, home theater, wood-burning fireplace, exposed brick, 19th-century columns, and a "book-lined library" (likely a selling point considering the men had a similar room in their last place).
More here

Real Estate Trends

January 26, 2016

Beautiful Brick and Wood Make This West Village Rental Beyond Cozy

By Emily Nonko

If any "Sex and the City" fans out there have lingering dreams of renting a lovely apartment in a West Village brownstone, this two-bedroom unit is looking promising. (Only steps from Magnolia Bakery, the listing says!) It's a fourth-floor walkup on the top-floor of the brownstone at 283 West 11th Street. Once inside, it isn't hard to warm up to this apartment, with its fireplace, exposed brick, and overall charm. Plus, there's a roof deck, which is shared by the building, right above you. It is now on the rental market for $5,600 a month—so sadly no, not a rent most freelance writers like Carrie could afford.
Take a look around

January 26, 2016

Could This Modern Residential Tower Replace the Historic Barney’s Building at 115 Seventh Avenue?

Bargain hunters were distraught when Loehmann's shuttered their NYC locations two years ago. It perhaps hit hardest at their Chelsea location, at the northeast corner of 16th Street and Seventh Avenue. Later that year it was announced that upscale retailer Barney's would be opening a five-level store in the space, which also happens to be the site where they were founded in 1923, and remained until 2007. Next door, at the southeast corner of Seventh Avenue and 16th Street, also once part of Barney's downtown flagship, 6sqft has uncovered a rendering showing a modern residential tower with a retail base that may replace the historic Romanesque-style building.
Get the full story right here

January 25, 2016

First Look at JDS Development’s Boutique Condos Coming to Williamsburg

By Heather Cooper Vivares

Near the Williamsburg waterfront and steps away from Bushwick Inlet Park (home to the famed Smorgasburg), Largo Investments and minority partner JDS Development have hatched plans to build a boutique condominium building at 71-73 North 7th Street. The four-story, 15,000-square-foot development will expand upon the structural bones of an existing single-story building, ultimately creating four capacious apartments.
More details on the project

January 24, 2016

Friedland Properties Finally Settles on Design of 2230 Broadway

By Heather Cooper Vivares

Foundation work continues apace on Friedland Properties' and Rose Associates' upcoming 72-unit apartment tower at the southeast corner of Broadway and West 80th Street. Tentatively addressed as 2230 Broadway, the building will rise 18 stories and 227 feet to its rooftop stair bulkhead. This stretch of Broadway on the Upper West Side enforces a 210-foot height cap (to its highest occupiable floor) to keep new developments in scale with their surrounding historic context. According to building permits, Stephen B. Jacobs Group are the architects. Evidently, the project has gone through several iterations of design, but it seems the team has settled on this recently posted conservative red brick building with a light stone base and cornice lines. The new rendering is also in line with DOB filings and an elevation posted at the construction site.
More on the building

January 22, 2016

Modern, Massive Loft in Prewar Flatiron Building Asks $7.895 Million

By Emily Nonko

Space, volume and abundant light—those are the three virtues of this Flatiron loft apartment at 260 Park Avenue, according to its listing. When it comes down to it, we'd have to agree; it's hard to argue with 3,287 square feet of open loft space that includes a "great room" that spans more than 46 feet, 12 enormous windows covering multiple exposures, and a master bedroom that comes with a double walk-in closet that's probably the size of some studio apartments. This condo sits within an eight-story prewar building that long served as the headquarters of the United Federation of Teachers. Well-known economist Richard Thaler purchased it in 2012 for $5.94 million and he's now trying to unload it for $7.895 million.
Take the tour

January 22, 2016

New Renderings for Chinese Lantern-Inspired Skyscraper at 470 Eleventh Avenue

Reaping the seeds of the Bloomberg administration's sweeping 2005 rezoning of the far west side, a consortium of developers led by Siras Development hopes to begin construction this year on a dramatic 720-foot skyscraper at 470 Eleventh Avenue. Anchoring the southeast corner of Eleventh Avenue and 38th Street, the 47-story tower will soar from a quarter-acre site across from the Jacob K. Javits Convention Center that the developers purchased in 2014 for $110 million. The mixed-use project dubbed Hudson Rise will boast a total of 380,000 square feet split between a commercial podium, 328 hotel rooms/hotel condos, and topped by 40 condominiums that that will be marketed to Chinese buyers. Archilier Architects are the tower's designers, and though the firm has designed numerous large-scale developments in China, this will be their first in New York. Said to be inspired by traditional Chinese lanterns, the tower will be one of the most spatially complex skyscrapers in the city, distinguished by a vertical stack of alternating, cantilevering, and interlocking volumes that are clad in an array of facade treatments.
More details and renderings ahead

January 22, 2016

SOM Architects Reveal New Renderings of Hudson Yards-Adjacent Manhattan West Towers

By Michelle Cohen

Architecture firm Skidmore, Owings & Merrill (SOM) has released new drawings of the Brookfield Properties-developed Manhattan West project located between 32nd and 33rd Streets and Ninth and Tenth Avenues, Dezeen reported today. The glass-clad Manhattan West towers–punctuated by green public space–will be rising next to the Hudson Yards development. The five-million-square-foot project will include two office towers, a rental tower with 844 apartments at 435 West 31st Street, retail space and a new landscaped public plaza designed by James Corner Field Operations, the firm responsible for the design of the High Line.
Take a look at the latest images

January 21, 2016

Facebook Co-Founder Gets $8.5M for Massive and Masculine Soho Loft

Click here to enlarge overview map >>

Facebook co-founder Chris Hughes and husband Sean Eldridge, financier and former Democratic congressional candidate, make quite the power couple. So it comes as no surprise that the dapper duo got $8.5 million, just below the $8.75 million asking price, for their bespoke Soho loft at 30 Crosby Street. They bought the home for $4.5 million in 2010, and then undertook a serious renovation that resulted in a masculine but elegant interior. It hit the market back in August, and now the Observer reports that the massive 4,100-square-foot pad has been picked up by Helliot Property Holdings Inc.
Take a look around

Amtrak Estimates Penn Station and Hudson River Tunnel Projects Will Cost $24B

January 21, 2016

Amtrak Estimates Penn Station and Hudson River Tunnel Projects Will Cost $24B

When Governor Cuomo announced his $3 billion revamp of Penn Station earlier this month, skeptics were quick to point out that all the glassy new structures and reconfiguration of waiting rooms won't do anything to help the fact that the Hudson River rail tunnels are crumbling. Clearly on the same page, Amtrak announced yesterday a detailed overview of the entire infrastructure project, and it comes in at a whopping $23.9 billion. According to the Times, "the largest share of about $7.7 billion [will go towards] building the new Hudson tunnel and repairing the existing tunnel. The project includes a host of other elements, including expanding Pennsylvania Station in Manhattan at an estimated cost of $5.9 billion, and replacing rail bridges in New Jersey."
Find out more

January 21, 2016

Broker Ipsum: The Real Estate Babble Generator