Real Estate Trends

The townhouse that neighbors actor Ethan Hawke’s Boerum Hill pad is on the market for $3.4M. [NYP] New York City has launched a neighborhood-specific website the lets people find out more on what’s happening locally. [neighborhoods.nyc] Urban B&Bs are on the rise. [CityLab] Investment in real estate is at its highest level since 2007 and […]

Real Estate Trends

October 14, 2015

Art Titan Larry Gagosian Sells His Upper East Side Carriage House for $18M

Art mogul Larry Gagosian has just closed a deal on the sale of his Lenox Hill mansion at 147 East 69th Street, according to property records just released. Gagosian sold the sprawling home to fellow art buff Sasha Bauer, chairman of the SculptureCenter in Long Island City, for an impressive $18 million. Gagosian purchased the property back in 1988, transforming the former carriage house (of a late 19th century millionaire, nonetheless) into a single family residence called "House for a Bachelor." The renovation, which was completed by architect Francois de Menil, made way for Gagosian's multi-million dollar collection of artworks that included pieces by Andy Warhol, Roy Lichtenstein and Picasso. The redesign of the property even won a 2000 AIA New York Design Award for interior architecture.
See inside the stunning home here

October 14, 2015

$100M Penthouse Listing at City Spire Is No More; Williamsburg’s Futuristic Hotel Tops Out

The owner of City Spire’s $100M penthouse listing has removed it from the market. [NYP] Williamsburg’s architecturally-forward William Vale Hotel has topped out. [Brownstoner] Five of the U.S.’ coolest tiny homes. [NYP] Airbnb can push rents up by as much as $69 a month in neighborhoods like Williamsburg and Greenpoint, a study has found. [TRD]

Real Estate Trends

October 14, 2015

REVEALED: First Look at GDC Properties’ Townhouses Coming to Long Island City

After the record snatch-up of Red Hook's King and Sullivan Townhomes last month, another not-so-Brownstoney neighborhood is joining in on the townhouse craze. Westchester County-based GDC Properties is slated to bring eighteen two-family townhouses to Long Island City, and here we have a first look at what the ensemble's 11th Street frontage will look like.
READ MORE

October 14, 2015

REVEALED: Karl Fischer Pens Another Bottom-Line Design for East Williamsburg

Here's our first unfortunate look at a 12-story residential building slated to rise within a rapidly gentrifying corner of East Williamsburg. The block-through parcel at 46 Cook Street, between Graham and Humboldt Streets, will give way to a 34,000-square-foot mixed-use development designed by Karl Fischer Architect and Brooklyn-based developer Joel Braver, under the LLC Cook Properties. The project replaces a one-story brick warehouse building and is located just two blocks from the Flushing Avenue J/M subway station.
More info ahead

October 14, 2015

Robert A.M. Stern’s 520 Park Avenue Finally Reaches Street Level, $130M Penthouse on Its Way

Two years since its groundbreaking, Zeckendorf Development's tower o' opulence at 520 Park Avenue has finally emerged from its cavernous trench. Set for completion in 2018, the Billionaires' Row building will climb 54 floors and 780 feet into the Manhattan skyline, becoming the tallest and likely the most prestigious building on the Upper East Side. Envisioned by William Lie and Arthur Zeckendorf, 520 Park Avenue inherits the classically-inspired taste of the real estate dynasty's prior projects. In the '80s, their father William Zeckendorf Jr. erected some of the city's largest post-modern apartment complexes such as Worldwide Plaza, Zeckendorf Towers, and the Park Belvedere. Here, the developers commissioned the esteemed architect/historian and dean of the Yale School of Architecture Robert A.M. Stern as the designer and SLCE as the architects of record. This team also collaborated together on 18 Gramercy Park South and 15 Central Park West, which shattered apartment records when it opened in 2008. Intent on replicating its west side counterpart's success, the Zeckendorfs again gathered the now-not-so-secret ingredients: a powerful address, palatial apartments, and most importantly, the coveted Central Park view, all of which will culminate in a jaw-dropping $130 million penthouse.
More on the project's status

October 13, 2015

Why NY Apartments Are Priced $999,999; The Development Story of the Central Park Tower

A timeline of how Extell pieced together the land and air rights it needed to build the Central Park Tower. [TRD] Why people list their apartments for $999,999 rather than $1 million in today’s hot real estate market. [NYT] Renderings for a 49-story residential tower along Fulton Street have been revealed. [Curbed] Soccer legends Paolo Maldini […]

Real Estate Trends

October 13, 2015

252 East 57th Street Tops Off Construction Ten Years After Innovative Public-Private Partnership

Soaring more than 700 feet into the Midtown East skyline, World Wide Group and Rose Associate's 252 East 57th Street has officially topped out. Yes, it's hard being a stand-out skyscraper in Manhattan these days; some 30 years ago, the tower would have been the highest apartment tower in the city, just besting Trump Tower and Olympic Tower on Fifth Avenue. Today, the 57-story building is the shortest and eastern-most of six super-towers underway along the southern periphery of Central Park that have been raising average building heights and asking prices to new levels.
More details ahead

New Renderings of One Vanderbilt Show the 1,500-Foot Tall Tower Set in the Skyline

Outside of a $1.1 billion lawsuit, news on the One Vanderbilt front has been relatively quiet. The supertall tower received unanimous approval back in May by the City Council and since then demo at the site has been underway. But now, NY Yimby has gotten ahold of some new renderings that offer additional views of the KPF-designed tower—in particular, how the 1,500-foot behemoth will fit in with the existing NYC skyline. Once the building is constructed, it will be one of the tallest skycrapers in the city with a roof height exceeding that of One World Trade's. And as noted by YIMBY, One Vanderbilt will also be the first building in Midtown east to surpass the Chrysler Building in height (which, if you look closely at the above rendering, you can see demurely reflected in the building's glass).
see more here

October 12, 2015

Landmarks Gets Started on 25-Year Backlog; A Manhattan Studio Asking Less Than $1,000/Month

After withdrawing its plan to de-calendar 95 historic sites that had been on backlog for 25 years, the Landmarks Preservation Commission has begun public hearings for these places. [WSJ] A new report shows that NYCHA residents see little benefit from gentrification in their neighborhoods. [NYDN] The 1920s Green Point Savings Bank in Prospect Heights will be […]

October 12, 2015

Supertall Towers Getting Multimillion-Dollar Antenna Systems to Ensure Good Cell Reception

"If I can't text, I'm moving" is the title of a New York Times article that looks at the growing issue of cell phone reception in supertall towers. Of course, the main problem arises in sky-high units that are above cell tower antennas or are in the path of other signals, but new construction methods are also getting in the way. Thick concrete walls, reinforced steel floors, and low-emission windows all can weaken, if not altogether block, wireless signals. "To correct this issue, developers are installing elaborate in-house wireless networks to boost coverage within projects ranging from new rental towers in Williamsburg, Brooklyn to condominium conversions in the 1913 Woolworth Building in Manhattan," the paper explains.
More on the trend

October 9, 2015

REVEALED: Chelsea Atelier’s Mixed-Use High Line Development With Viewing Decks

Another forward-looking project may be coming to the banks of the High Line, this time for a T-shaped lot near the corner of Tenth Avenue and West 17th Street. While still in its conceptual stage, the design of 455 West 17th Street is being handled by architecture and project management firm Chelsea Atelier. The two-wing project consists of a four-story Tenth Avenue wing, to contain a small hotel or offices, and a larger 11-story wing that would house residential condominiums. Amir Shouri, senior designer at Chelsea Atelier, says the design seeks to create viewing decks to capture glimpses of the High Line and the Hudson River. The blurred boundaries between inside and out will ceaselessly showcase the "live urban activity of the High Line during the day and motivate inhabitants to go out an enjoy the area's many amenities."
More details this way

October 9, 2015

William Randolph Hearst’s Stunning Central Park West Penthouse Sells for $18M

By Annie Doge

After nearly a year on the market, and a deal with Giorgio Armani that ultimately fell through, the ornate penthouse that previously belonged to publishing magnate William Randolph Hearst has finally sold. As reported by The Real Deal, the buyer of the magnificent home is John Legere, a T-Mobile CEO who entered contract to buy the pad back in July. Originally listed for $27.5 million, the home saw numerous price cuts over the last few months, ultimately settling on a $18 million price tag with Legere. While the penthouse is not nearly as large as Hearst's other former top floor spread (that one had an incredible 14,000 square feet of indoor and outdoor space!), this 1,600-square foot beauty maintains many spectacular details, including a wood-burning fireplace, herringbone floors, hand-carved wood doors, stained glass windows and a private terrace encompassing the entire frontage of its 91 Central Park West address.
Go inside the home

October 9, 2015

Construction and Sales Begin on SCDA’s Billionaires’ Row Tower, 118 East 59th Street

Construction and sales have commenced on a glass-encased, 500-foot-tall condominium tower at 118 East 59th Street developed by Euro Properties and designed by Soo K. Chan of SCDA Architects. Situated mid block between Park and Lexington Avenues, the tower is surrounded by the crème de la crème of New York real estate, positioned within the nexus of several high-value locales: The Plaza District, home to the GM Building, commands the city's top office rents; nearby shopping stretches of Fifth and Madison Avenues hold the world's most coveted retail corners; and a one-mile long, super-luxury residential corridor, nicknamed Billionaires' Row, straddles the southern bounds of Central Park and is set to reshape the city skyline into a trophy shelf of wealth.
More details ahead

October 8, 2015

Long Island City ‘Micro’ Units Will Have Three Bedrooms

To date, the city's biggest and most news-worthy micro housing complex, My Micro NY, has offered only studios, which makes sense considering a micro apartment is typically defined as encompassing less than 350 square feet. But the term "micro" is getting an expansion (figuratively and literally) in Long Island City, where a new rental complex will offer 57 two- and three-bedroom units ranging from 490 to 735 square feet, according to the Wall Street Journal. The project at 37-10 Crescent Street is being developed by Ranger Properties, whose managing principal Sheldon Stein said, "Our concept is we can offer really high-quality public amenity space, and better value with smaller private spaces, and bring the rental cost down."
More details

October 8, 2015

Hudson River Cottage That Was Home to Orson Welles and John Steinbeck Goes Into Contract

This Medieval Tudor-style cottage in Palisades, NY had a pretty impressive roster of residents in the 1940s, including Orson Welles (he lived here while working on "Citizen Kane"), John Steinbeck, Sir Laurence Olivier, and Vivian Leigh. Perhaps this celebrity cache is what helped the $2.25 million Hudson River-front home attract a buyer, as the Post reports today that it's gone into contract. Known as "House in the Woods," the three-bedroom stone cottage sits on a bluff overlooking the river, encompassing 2.4 acres of land. It's located in the upscale hamlet of Sneden Landing, where Angelina Jolie’s mid-century modern childhood home is currently for sale and other past and presents residents include Mikhail Baryshnikov, Al Pacino, Lorraine Bracco, Bill Murray, and Uma Thurman and Ethan Hawke. But name dropping aside, the 2,245-square-foot home is truly charming with open hearths, pitched beamed ceilings, original wood floors, and a stone back house.
See more here

October 8, 2015

Katie Holmes’ Chelsea Rental Is on the Market; NY Giants Cornerback Is House Hunting

Katie Holmes’ former Chelsea rental is back on the market. [NYDN] Ben Shaoul’s rental, Bloom 62, will be turned into a condo building. [TRD] New York Giants cornerback Prince Amukamara just checked out a Flatiron apartment. [NYP] 10 Hudson Yards will open March 2016. [TRD] Images: Katie’s rental (L); The apartment Prince Amukamara was spotted […]

Real Estate Trends

October 8, 2015

Brooklyn Home Prices Set Record, Manhattan Rents So High Studios Command $2,431/Month

The latest round of real estate reports have arrived and needless to say prices continue to hover completely out of reach of us normal folk. A new Elliman report compiled by Jonathan Miller found that Brooklyn now boasts a median sales price of $676,250, 15 percent higher than just one year ago this time, and 25 percent higher than the record set before the 2008 financial collapse—this makes it the only borough to exceed the pre-recession high. Miller attributes the boost to Brooklyn's change in identity, which has over the years gone from a cheap alternative to Manhattan to a first choice destination for buyers, renters and proprietors. That's not to say Manhattan saw a slump, the median sales price rose to an impressive $998,000, the highest level since the financial crisis.
More numbers this way

Real Estate Trends

October 7, 2015

45 East 22nd Street Now 50 Percent Sold; Do Renderings Paint Unrealistic Pictures for Clients?

Ian Bruce Eichner’s 45 East 22nd Street, the tallest upcoming tower in Flatrion, is now 50 percent sold. [Listings] Here are the new NYC developments with the most units in contract. [TRD] Condos at the soon-to-be converted 6th Street synagogue will go for $2.95M and up. [EVG] Three tips on how to keep those pesky […]

Real Estate Trends

October 7, 2015

POLL: Is NYC the New Florida for Grandparents?

The New York Times recently explored the trend of grandparents relocating to New York City. For many, it starts as a temporary move to help out with the grandkids, but more and more retired folks are finding themselves enamored with city life. “Not for them the early-bird special when dinner awaits at the latest hot […]

Real Estate Trends

October 6, 2015

Academy Award-Nominated Director Jason Reitman Sells His Classy Chelsea Home for $3M

By Annie Doge

The fate of Jason Reitman's Chelsea pad is no longer up in the air. After just 32 days on the market, the director/producer/screenwriter, best known for the beloved indie flick "Juno," as well as well as the aforementioned pun starring George Clooney, has sold for $3.05 million. As noted by the Observer, the 1,600-square-foot space at 434 West 20th Street was purchased by Reitman with his then-wife Michelle Lee back in 2011 for $2.15 million, with the pair said to be drawn in by the home's prewar detailing and its location just across from the New York Seminary's gorgeous gardens.
More photos inside the beautiful apartment

October 6, 2015

More New Yorkers Are Living in Overcrowded Apartments; Real Estate Bigwigs That Made the Forbes 400