Real Estate Trends

Jaded by glass boxes and architectural imitations of styles gone by? Well this fascinating design by Mark Foster Gage Architects is sure to turn your architectural world upside down. Here's our first look at their 102-story residential supertower seemingly flown in from some advanced airborne civilization in a galaxy far, far away. While details are scarce, this eagle lands in the heart of Midtown's Billionaires' Row along West 57th Street between Fifth and Sixth Avenues. The whimsical design is a habitable sculpture of sorts, adorned from top to bottom in ornaments ranging from gears and propellers to an abstracted pair of birds diving in for a landing on two wing-supported balconies. The tower is topped by a temple-like observational platform which is then crowned by a golden wreath-like structure fit for any victorious Roman general.
more eye-popping visuals this way

December 7, 2015

VOTE for 6sqft’s 2015 Building of the Year!

By 6sqft

If you thought 2014 was an outstanding year that gave way to great new developments, 2015 could easily be considered epic. In the last 12 months, we've seen the rise of the supertalls along Billionaires' Row, a few groundbreaking structures that challenge traditional architectural geometry, and starchitect-designed towers with absurd asking prices. Here we've vetted 12 of the hottest buildings in NYC, noteworthy for their envelope-pushing design, record-breaking prices, or unprecedented height. So, in our second annual poll, we want to know what you think: Out of the dozen, which deserves the title of “2015 Building of the Year?” To help you make an informed decision, we've provided an overview of each contender, along with news highlights from the year. We're taking votes up until 11:59 p.m., Monday, December 7th, and we will announce the winner on Wednesday, December 9th. Happy voting, 6sqft readers!
Learn more about all the buildings in the running ahead

December 7, 2015

Four Neighborhoods to Find Affordable One-Bedrooms; Trump Makes Money off Central Park Name

Who says Snake People are bad with money? This generation is increasingly buying homes in NYC. [Metro.US] Four NYC neighborhoods where you can still find an affordable apartment. [Thrillist] Few support Mayor de Blasio’s rezoning plan. [Crain’s] 20 years ago Donald Trump applied for a non-exclusive trademark to use the words “Central Park” to sell wares. Since then he’s become […]

Real Estate Trends

December 7, 2015

Skyline Wars: One Vanderbilt and East Midtown Upzoning Are Raising the Roof…Height!

By Carter B. Horsley

Carter Uncut brings New York City’s breaking development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter brings us the second installment of nine-part series, "Skyline Wars," which examines the explosive and unprecedented supertall phenomenon that is transforming the city's silhouette. In this post Carter zooms in on Midtown East and the design of One Vanderbilt, the controversial tower that is being pinned as the catalyst for change in an area that has fallen behind in recent decades. Despite some objections from community boards and local politicians, New York City is moving ahead with the rezoning of East Midtown between Fifth and Third avenues, and 39th and 59th Streets; and earlier this year, the de Blasio administration enacted an important part of the plan, a rezoning of the Vanderbilt Avenue corridor just to the west of Grand Central Terminal. The Vanderbilt Avenue rezoning included approval of a 1,501-foot-high tower at 1 Vanderbilt Avenue on the block bounded by Madison Avenue, 42nd and 43rd Streets. The tapered, glass-clad tower, topped by a spire, is being designed by Kohn Pedersen Fox for SL Green. Mayors Bloomberg and de Blasio have championed the 1 Vanderbilt proposal despite serious concerns voiced by numerous civic organizations over the rezoning scheme that some see as “spot zoning” and the fact that the city has still not finalized nor published its complete rezoning package. Using air-rights transfers from the Grand Central Terminal area and zoning bonuses for providing $210 million for infrastructure improvements in the area, the tower will significantly alter the midtown skyline, rising several hundred feet above the nearby Chrysler Building and the huge and bulky but lower MetLife Tower straddling Park Avenue just north of Grand Central Terminal. Its 63 stories are several less than the Chrysler Building and just a few more than the MetLife Tower, which might be interpreted by some observers as indicated that it was in “context” with such prominent neighbors, but they are wrong.
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December 4, 2015

Celeb Photographer David LaChapelle Makes a Sale on His Charming Chelsea Abode

By Annie Doge

After placing his West Chelsea home on the market just five months ago, it looks like famed photographer David LaChapelle (he's shot everyone from Madonna to MJ to Leo and Lady Gaga) has made a sale. LaChapelle's bright beauty at 427 West 21st Street sold for its $2.46 million asking price, providing a pretty tidy profit for the artist who paid just $1.74 million for the space in 2011. According to the Observer, LaChapelle decided to shed the apartment because he now spends most of his time in LA and Hawaii—the latter where he owns a remote 18-acre forest on the island of Maui. But while LaChapelle enjoys warmer West Coast and island climates, the new buyer of his Chelsea pad should find themselves just as comfortable in his former residence. The one-bedroom home is quite a unique space with plenty of historic details highlighted by lots of light.
Have a look inside the photographer's former home

December 4, 2015

A New App Helps Renters Break Their Leases

Being a lease breaker here in New York can be like wearing a scarlet letter around town, and on top of that there's the hefty fees often associated with moving out early. But sometimes with life's uncertainties it's unavoidable. To make the transition a lot smoother, a new app called Flip "lets renters sell the remaining months of their unwanted lease to a pre-qualified tenant," according to DNAinfo. The platform launched today and already has 300 leases up for grabs.
Find out more

Real Estate Trends

December 3, 2015

New Renderings of One Vanderbilt, Midtown’s Future Tallest Office Tower

The digital production studio Visualhouse has posted on their website our first motion video look at SL Green's 63-story office tower known as One Vanderbilt. Hailed to forever change the face of Midtown East and reinvigorate the business district, the $1 billion-plus, 1.6-million-square-foot tower was unanimously approved by the City Council this past summer, thus granting SL Green the green light to begin construction of the supertower immediately. Visualhouse's newly released renderings provide us with a clearer picture of how the building's full-block base will meet the street, and also remind us just how gargantuan the tower will be. According to the tower's architects Kohn Pedersen Fox (KPF), the tower will rise 1,401 feet to its spire, making it the second tallest building in the city upon completion. However, unlike the pencil-thin supertalls underway around Central Park, the project will throw up a substantial amount of bulk into the air.
See all the renderings

December 3, 2015

Pacific Park’s 550 Vanderbilt Tops Out; Affordable Rentals at Greenpoint Landing Start at $494

The controversial condos atop the Mezritch Synagogue have hit the market. The luxury units start at $2.95 million. [Curbed] Pacific Park‘s first residential building 550 Vanderbilt has topped out at 17 stories. [6sqft inbox] Aby Rosen files plans to convert a former Noho women’s shelter to a “commercial behemoth” with the help of starchitect Annabelle […]

Real Estate Trends

December 3, 2015

Flatiron’s 21W20 Finally Unshrouded – Take a Virtual Walk Through the Penthouses

Two penthouse units (yes, two) remain at Gale International's boutique condominium development 21W20. The 15-story mid-rise is Gale's first foray into the Manhattan market and has already placed 11 of the building's 13 full-floor homes into contract at an average price of $2,528 per square foot. Slated for occupancy by year's end, the project's construction netting has finally come down and the finishing touches are now being applied to the lobby. The 35,000-square-foot building is seamlessly nestled into the heart of downtown's Flatiron neighborhood within its timeless Ladies' Mile Historic District and presents a contextual exterior of blackened stainless steel, brick, and glass crafted by New York-based architects Beyer Blinder Belle. From street level, the building climbs unassumingly from a 25-foot-wide footprint. However, its upper four stories cleverly spill over onto the adjacent garage building, ultimately creating four breathtaking, 100-foot-wide penthouses.
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Revealed: See the Insanely Luxurious Amenities Inside Extell’s Controversial 80-Story LES Tower

Extell hasn't been making many friends with its new tower currently on the rise at 250 South Street, right next to the Manhattan Bridge. But even with hordes of locals cursing the mega-sized 80-story tower, Extell seems unfazed by the hate. Not only have they been unwavering about the development's 850-foot out-of-context height (the Manhattan Bridge is only 330 feet tall, mind you), the developer also has little interest in selling any units to anyone stateside, instead marketing their condos first to Asian buyers. Now, The Lo-Down has gotten their hands on the brochure that's being sent to Asia's wealthiest, an 88-pager revealing fancy apartment interiors and all of the "over-the-top" amenities that will fill the building, including things like a 70-seat movie theater, a tree house, a tea pavilion, a putting green, a sunken tranquility garden, a bowling alley, 75-foot indoor pool, a dog spa, a cellar bar...As written in the packet: "One Manhattan Square will redefine downtown luxury living."
Images inside the the tower here

December 2, 2015

Living Near a Subway May Be Good for Your Mental Health; The Majority of NY Airbnbs Are Probably Illegal

According to a new study, it is likely that more than half of Airbnb’s NYC rentals violate short-term leasing laws. [NYP] Here are the best NYC neighborhoods for freshly graduated young professionals. [BI] A new study suggests that living close to public transportation “could contribute to reduced risk of depression.” [CityLab] Digesting Mayor de Blasio’s plan […]

Real Estate Trends

Sony Tower Conversion to Get 113 Robert A.M. Stern-Designed Condos

550 Madison rendering via Dbox

December 2, 2015

Sony Tower Conversion to Get 113 Robert A.M. Stern-Designed Condos

Curbed spotted the freshly launched teaser site for the Chetrit Group's Sony Tower conversion, now going by the name 550 Madison, which revealed several new details about the project. The most notable is that Robert A.M. Stern will be designing the "opulent" condos, and we assume this includes the $150 million triplex penthouse. Interestingly, Stern was once a student of Philip Johnson, who is responsible for the ground-breaking Sony Building. In all, there will be 113 condo units on floors 21-43, up from the previously reported 96, as well as a 170-key luxury Parisian hotel and high-end ground-floor retail.
More details this way

December 1, 2015

NYC Dominates the Country in $10 Million-Plus Sales, See Them All on 6sqft’s Interactive Map

In October, Coldwell Banker Previews International released their semi-annual report tracking the real estate trends and market activity in U.S. cities that attract the largest share of high-net-worth individuals (HNWIs). Unsurprisingly, New York City leads the lists of most closings recorded and listings on the market priced above $1 million, $5 million, and $10 million between the one-year period of July 1, 2014 and June 30, 2015. More astounding, however, is that the number of closings recorded in the city above the $10 million price point is more than the sum of all deals in the next 19 cities on the list combined. According to the study, NYC raked in 217 residential closings of $10 million or more, followed by Beverly Hills and Los Angeles with 34 each. New York again leads the way with 367 listings priced at $10 million or more, followed by Miami Beach, Aspen, and Los Angeles. Regarding New York City, historical data from CityRealty tallies up a slightly higher number of $10 million+ closings over the same time period, totaling 241 such deals. The recently crowned most expensive building in the city, One57, garnered the greatest number of $10M-plus sales for a single building with a remarkable 30 deals -- which by itself is more than all cities in the country aside from the top three. The supertall tower was then followed by a three-way tie between 15 Central Park West, One Madison, and the Walker Tower.
Explore the $10M+ closings and listings on 6sqft's interactive map

Real Estate Trends

December 1, 2015

You Could Live in This Quirky Pixelated Brooklyn Loft for $5,200/Month

By Emily Nonko

This loft comes from the the former Doehler Die Casting Factory, located at 505 Court Street in Carroll Gardens, Brooklyn. The building was constructed in 1913 and the loft was first renovated in the '80s, but since then it's been transformed into something really special. That's because it has undergone a top-to-bottom renovation by SABO Project, who stripped the entire space to reveal the building's historic details and then added a sleek, modern touch. The result is a stunning, airy and bright space that we've drooled over before. Now, it's on the rental market and you could live in the loft yourself for $5,200 a month.
Take a look here

December 1, 2015

More Apartments Coming to Brooklyn Than Any Other U.S. City; Demo Permits Make Way for New 900-Foot Tower

There’s no denying the Brooklyn boom. The borough is constructing more new apartments than any other U.S. city. [Forbes] A 900-foot Norman Foster design will soon be coming to Sutton Place. The Bauhouse Group has received permits to demo several buildings at 426-432 East 58th Street to make way for the new development. [Crain’s] A failed flip at […]

Real Estate Trends

Affordable Housing Lottery Launched for Related’s Yorkville Rental Tower at 205 East 92nd Street

Photographs from mid-October of 205 East 92nd Street by the photoblogger Field Condition.

December 1, 2015

Affordable Housing Lottery Launched for Related’s Yorkville Rental Tower at 205 East 92nd Street

Related Companies' playground-pouncing rental tower at 205 East 92nd Street has launched its housing lottery that provides below-market rents for 47 of the building's 231 units. The 36-story tower is in its home stretch of construction, prepping for occupancy in early 2016. Vested in the city's and state's Inclusionary Housing /421-a programs, 20 percent of the units will be reserved for low-income tenants. Fifty percent of the subsidized units will be reserved for residents of Manhattan Community Board 8 (covering the Upper East Side and Roosevelt Island) and an additional 5 percent for municipal employees. Selected applicants will be provided apartments at a tremendous discount when compared to the neighborhood's market-rate rents. According to CityRealty, the median rental price for a one-bedroom in Yorkville stands at $3,210; and $5,398 for two-bedroom apartments. Affordable one-bedrooms at 205 East 92nd will start at $607 and two-bedrooms at $736.
More details and pricing

December 1, 2015

Museum Architect-Renovated Tribeca Townhouse With Subterranean Vault Sells for $13.8M

By Annie Doge

A red-brick townhouse with some legit architect cred behind it has just sold for a very discounted $13.8 million, much lower than its original $18 million ask. The property at at 148 Reade Street was constructed in the 1990s by Guenther Petrarca, and later renovated by famed museum architect Richard Gluckman (his clients include the Whitney and the Gagosian Gallery). The glass and stone mansion boasts 6,800 square feet of space to stretch out in, which includes a media room, a playroom, an elevator, a private garage on the ground floor, and a 500-plus-square-foot duplex terrace with 360-degree views and a waterfall wall. There's also a pretty cool 23- by 24-foot vault that sits below the sidewalk, a feature that harkens back to site's 19th century roots when subterranean vaults were the norm.
have a closer look inside

November 30, 2015

Infographic: The 12 Most Expensive Condo Buildings Rising in NYC

While it seems like every block in the city is host to a construction site throwing up some luxury condo building or pricey rentals, not all of these developments are created equal. Following up on their last infographic which rounded up the city's top five most expensive new developments, the data gurus over at CityRealty have culled an even more extensive list which pinpoints the 12 priciest structures going up right now. While the number of zeros that follow their combined $20,000,000,000 sellout will make your head hurt, what's even more mind-boggling is that these 12 buildings alone will count for nearly HALF of the money that'll be generated by the 200+ condo projects underway in Manhattan.
All the details here

November 30, 2015

What Is ULURP?; Couple Spends a Year in NYC Living in Airbnbs

Why New Yorkers are so enamored with cabin living. [NYP] Why do we need the ULURP? [Brownstoner] This new fancy Noho condo has an alley main entrance. [NYT] From East Harlem to Gowanus to the East Village and West, this couple went neighborhood hopping for a year using Airbnb. [NYT] A luxe Williamsburg building at […]

Real Estate Trends

November 30, 2015

NYC Building Boom Yields Rise in Construction Deaths

All you have to do is look up to see that New York City is in the midst of a building boom; but this surge in development comes with a price. The New York Times reports that construction-related deaths and injuries over the past two years, most of which affect undocumented immigrant laborers, "far exceeds the rate of new construction over the same period," a testament to the inadequate safety systems at job sites. City records show that there were ten construction-related fatalities in the most recent fiscal year (July 2014 - July 2015), nearly twice the annual average. This time period also saw a 53 percent spike in injuries, up to 324 instances, and a 52 percent rise in accidents, up to 314.
Find out more ahead

The Most Important Towers Shaping Central Park’s South Corridor, AKA Billionaires’ Row

Carter Uncut brings New York City’s development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter kicks off a nine-part series, “Skyline Wars,” which will examine the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. To start, Carter zooms in on the biggest developments shaping the southern corridor of Central Park.

November 25, 2015

The Most Important Towers Shaping Central Park’s South Corridor, AKA Billionaires’ Row

By Carter B. Horsley

They did not come from outer space when they landed on our front yard while the NIMBY folk and the city’s planners and preservationists weren’t looking. Some are scrawny. Some are dressed like respectable oldsters. They’re the supertalls and they’re coming to a site near you.
read more here

The City’s Prettiest Food Emporium, Famous for Its Guastavino Tiles, Is Closing

Photo by missvancamp on Flickr

November 24, 2015

The City’s Prettiest Food Emporium, Famous for Its Guastavino Tiles, Is Closing

Guastavino tiles–a design technique for thin-tile structural vaulting brought to New York at the end of the 19th century by Spanish architect and builder Rafael Guastavino and his son Rafael Jr.–can be seen at 250 locations throughout the city. Most of these spots have grand public purposes, such as Grand Central, the Cathedral of St. John the Divine, or the Municipal Building. But one locale has gained famed for its very un-grand function as the home of a grocery store. The Food Emporium underneath the Queensboro Bridge has occupied one half of the Guastavino-tiled arcade known as Bridgemarket since 1999. This Saturday at 5:00 p.m., though, it will close its doors for good, according to Bloomberg, which leaves the fate of the historic interior up in the air.
Find out more

Real Estate Trends

November 24, 2015

Central Park in 1862; Cuomo Says NYC Has Gotten Enough Housing Aid

Lauren Bacall’s apartment sold for a discounted $21M. [NYO] This is what (an unfinished) Central Park looked like in 1862. [Ephemeral] Governor Andrew Cuomo said Monday that NYC has received more in housing aid than the law permits. [Politico] A Wagamama ramen house is coming to Nomad! [NYP] The MoMA store is sticking around Soho after all. […]

Real Estate Trends

November 24, 2015

Revealed: Zambrano Architectural Design’s Striking Yellow-Brick Rental in Central Harlem