Real Estate Trends

October 2, 2015

Zaha Hadid Launches Sales at Her High Line Condos, Talks the Evolution of NY Architecture

Related Companies has officially launched sales for their highly-anticipated upcoming condominium, 520 West 28th Street. Designed by Pritzker Prize-winning architect and artist Zaha Hadid, the eleven-story building will be Hadid's first ground-up structure in New York and will offer 39 distinctive two- to five-bedroom homes priced from $4,950,000 to $50 million for the largest penthouse. The under construction building, now five-stories up, rises alongside the High Line elevated park from an L-shaped parcel between West 27th and 28th Streets in the center of West Chelsea's art gallery district. Related Companies purchased the site for $65 million in 2012 and soon after commissioned the Iraqi-British designer, who beat out the likes of fellow Brit, Norman Foster. Yesterday, at the development's launch, Hadid said she has "always been fascinated by the High Line and its possibilities for the city. "
More from the event here

October 2, 2015

A Major Renovation Brought This Soho Loft From a Cheesy Bachelor Pad to an Historic Chic Crib

By Emily Nonko

It's rare that a listing gives you a backstory to the apartment it's trying to sell, but that's the case with this unit at 426 West Broadway, a condo building in Soho. Here it goes: "It literally took a year of demolition, permit wrangling, and construction to finalize this $600,000.00 renovation that saw a Pop Art-inspired bachelor pad stripped down to its 19th-century shell." The result is a two-bedroom, two-bathroom loft apartment that now relishes its "original industrial charms," as the listing calls it. Our opinion? It's a big step up from a bachelor pad. The asking price comes in at $3.5 million.
See the rest of the reno

October 1, 2015

A Noise Map of NYC and Other Major Cities; ‘Idol’ Judge Lists Her Midtown Home

By Diane Pham

Former “Idol” judge Kara DioGuardi is putting her four-bedroom Midtown maisonette up for sale at $5.2M. [NYP] Visualizing five years of noise complaints in three major cities. [CityLab] The stunning Park Slope residence featured in “The Wolf of Wall Street” is on the market for $3.95M. [NYP] Manhattan’s median sales price is now just $2,000 […]

Real Estate Trends

September 30, 2015

Are Skyscrapers Killing Great Cities?; Mapping What Parts of NYC Have Unused Development Rights

By Diane Pham

How a crummy suburb turns into a beloved urban neighborhood. [The Atlantic] An argument on why skyscrapers are killing great cities and why old buildings are better. [Treehugger] Here are the NYC areas harboring unused or excess development rights. [Curbed] The Staten Island Ferry is getting increased service. [NYDN] More renters are turning to self-storage in the outer boroughs as a […]

Real Estate Trends

September 30, 2015

The Bronx May Get Its Own Lowline-Style Park at Abandoned Mott Haven Rail Tracks

By Dana Schulz

Ever since the High Line became an international phenomenon, there have been countless proposals across the city for elevated parks and public spaces made from abandoned train tracks. The latest comes from the Bronx, where Borough President Ruben Diaz Jr. is asking Mayor de Blasio to transform a piece of unused railway in Mott Haven that is currently a "homeless encampment populated by drug users," according to the Daily News. Because the "litter-and-needle-strewn" trench is below street level, it's being called a lowline, after the underground park taking shape on the Lower East Side of Manhattan.
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Canadians Buy More NYC Property Than Any Nationality in the World

Skyline image via Joey Lax-Salinas/Flickr

September 30, 2015

Canadians Buy More NYC Property Than Any Nationality in the World

By Dana Schulz

Talk around foreign real estate buyers in New York City has been centered around the Chinese in recent months, but as it turns out, investors from China are only the third largest nationality represented in the market. The top spot goes to our neighbors to the north, according to the Post, as Canadians have poured $15.37 billion into the city's commercial property market over the past decade. This is almost double the $8.8 billion that came from runner up the United Arab Emirates and third-place China's $8.1 billion.
More details

Real Estate Trends

September 29, 2015

Condos at 111 Murray Now for Sale; Brooklyn Nets Forward Buys in Brooklyn Heights

By Diane Pham

Durst has leased the 7,000-square-foot, ground-floor space of BIG’s pyramid on 57th Street to Livanos Restaurant Group. [NYP] Nets forward Thaddeus Young buys a home in Brooklyn Heights—he is the first of the Brooklyn team to live in the borough. [WSJ] Vornado has increased its Bank of China loan for 220 Central Park South to $950 […]

Real Estate Trends

September 29, 2015

Owner of Grand Central Sues City and One Vanderbilt Developer for $1.1 Billion

By Diane Pham

Grand Central owner Andrew Penson is back in the news again, this time suing the city and One Vanderbilt developer SL Green for a princely sum of $1.1 billion. As the NY Times reports, Penson is claiming that the 65-story behemoth slated to rise next door to the historic structure has led to the devaluation of his air rights atop the terminal. Penson claims that the de Blasio administration, the City Council and SL Green "deprived him of his property rights when the city gave SL Green permission to build a 1,501-foot tall office tower, without having to buy any air rights from him." By allowing for a tower twice the size of what was zoned for the block "for free" (but really, in exchange for a $220M investment into the subway infrastructure beneath Grand Central), his air rights have been rendered "worthless."
More on the lawsuit here

Real Estate Trends

September 29, 2015

Supermodel Gigi Hadid Sells $2.45M Nolita Apartment

By Dana Schulz

The model of the moment Gigi Hadid has sold her Nolita apartment at 250 Bowery, which was last listed for $2.45 million, according to the Post. The supermodel, who made national headlines yesterday for shutting down online body shamers, bought the ultra-modern pad in 2014 for $1.92 million after moving from LA to NYC to attend the New School, but decided to unload it when a stalker almost broke in. The two-bedroom condo is full of floor-to-ceiling windows and has a custom Carrara marble kitchen, along with white oak flooring and imported Italian white matte lacquer Lualdi pivot-hinge doors.
See more of Gigi's former digs

September 29, 2015

Epic Outdoor Space for This East Harlem Condo, Asking $875K

By Emily Nonko

We're not exaggerating when we say this is one of the most epic backyards we've ever seen on a New York City condo. The apartment in question is #1A at 440 East 117th Street, a 10-unit condo out in East Harlem that was built in 2004. What you're looking at (and likely drooling over) is two levels and 915 square feet of backyard enclosed in bamboo walls. The two-bedroom, two-bathroom interior is pretty comfortable as well, with a total of 1,286 square feet. So what does it cost for all of that indoor and outdoor space? The asking price comes in at $875,000.
See more of the backyard

Vishaan Chakrabarti, Principal at SHoP Architects, Sells Flatiron Loft for $5M

By Annie Doge

SHoP Architects is known for its cutting-edge designs, from supertall towers like 111 West 57th Street to massive schemes like the Domino Sugar Factory. So it comes as a bit of a surprise that one of the firm's principals, Vishaan Chakrabarti, chose to settle down in a rather traditional Flatiron loft. But perhaps he's looking to get in on the luxury condo trend that SHoP is such a part of, as he and his wife Maria Altaris (also an architect) have unloaded their massive pad at 12 West 17th Street for $4,995,000, according to city records released today. Chakrabarti previously served as the director of the Manhattan office for the Department of City Planning, as well as a senior executive at the Related Companies. In addition to his current role at SHoP, he is a professor at the Center for Urban Real Estate at Columbia. The architect couple bought the full-floor, three-bedroom unit in 2012 for a significantly lower price of $2,725,000 after moving from a duplex in Tribeca with their young son and daughter. Chakrabarti told the Times at the time, "When I decided to become an architect and a professor instead of a real estate developer, it required a little lifestyle shift. More work for less pay." Not deterred, however, they undertook a gut renovation, clearly referencing their design history books and outfitting the 2,500-square-foot space with modern Chesterfield sofas, a Saarinen dining table, Eames chair, and Barcelona bench.
Look around the loft here

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

September 28, 2015

New Details and Final Rendering for 45 Park Place, Condo Tower at ‘Ground Zero Mosque’ Site

By Dana Schulz

In July, 6sqft revealed that 12,000-square-foot lot at 45 Park Place in Tribeca (the former site of the controversial Ground Zero Mosque that was shelved four years ago by developer Sharif El-Gamal) was cleared to make way for a huge new condo. The lot is owned by El-Gamal’s SoHo Properties, who, just today, unveiled the final design for the slender, SOMA Architects-designed tower, along with new details, including its 665-foot height and sky-high pricing. As Bloomberg reports, the 70-story glass tower "will include at least 15 full-floor units of 3,200 to 3,700 square feet, and average prices higher than $3,000 a square foot... Prices at that level would be at least 13 percent more than the second-quarter average for new-development listings in the borough."
More details ahead

September 28, 2015

The Most Expensive Home in Every State; Billionaire Peter Morton Nabs Two Village Condos for $25.5M

By Diane Pham

Whole Foods is cutting 1,500 jobs, reportedly as a way to reduce prices for its customers. [Gothamist] From North Dakota to New York, here are the most expensive homes in each state. [BI] The Brooklyn Bar Barge is finally open. [B+B] Three historic Manhattan churches were denied landmark status. [Crain’s] Billionaire Peter Morton, the co-founder of the […]

Real Estate Trends

September 25, 2015

Check Out These Insane Views From Brooklyn’s First 1,000+ Foot Tower

By Ondel Hylton

Seeing the boroughs from sky-high heights is nothing new thanks to all the supertall towers in Manhattan, but it's not as common to have a panoramic view of our main island, which is why we had to share this video. JDS Development posted the short clip on their Instagram stream yesterday that shows potential views from their upcoming mixed-use skyscraper planned for Downtown Brooklyn using air rights from the Dime Savings Bank site. If constructed as intended, it will be the first 1,000+ foot tower outside of Manhattan. The nine-second video, whose camera height seems nearly eye-level to the 1,368-foot roof of One World Trade Center, depicts far-reaching, panoramic views to the west and northwest over Manhattan and beyond.
Check it out here

September 25, 2015

Study Shows That 75 Percent of Manhattan’s All-Cash Buyers Have Chinese Last Names

By Dana Schulz

For wealthy Chinese, Manhattan real estate has long served as a secure place to stash their cash, with these investors gobbling up high-end properties. In fact, "foreign direct investment in U.S. real estate rose to $104 billion in a 12-month period ending March 2015, a 10.4 percent rise over the prior year," according to The Real Deal. Of these foreign buyers nationwide, the Chinese make up 16 percent. And accompanying this rise, at least in NYC, is the rise of the all-cash buy. To show just how prominent this trend has become, RealtyTrac released data that shows in the first half of the year, 75 percent of Manhattan's cash buyers had Asian surnames.
More details here

Real Estate Trends

September 24, 2015

Why Chinatown Hasn’t Changed; NYC’s Priciest Homes Up for Sale

By Diane Pham

A look at why the real estate and retail landscape of Chinatown hasn’t changed, even as its bordering neighbors have. [NY Mag] The 25 most expensive homes on the market. [Curbed] Music exec Clive Davis nabs a $2M apartment at the Ritz. [NYP] The MTA will run extra trains into the Manhattan for Pope’s visit. […]

Real Estate Trends

September 24, 2015

Extell’s Church-Encroaching 10th Avenue Tower Tops Out, New Interior Renderings Revealed

By Ondel Hylton

With the opening of the 7 train extension earlier this month, things are finally starting to look up for Manhattan's far West Side–literally. Hudson Yard's Coach Tower is nearing its 900-foot apex, and Gary Barnett's Extell Development has topped off construction on its 610-foot high skyscraper at 555 Tenth Avenue. Extell's rental/dormitory project anchors a full block-front between West 40th and 41st streets, and cozies up next to (and above) the neo-gothic Church of Saints Cyril & Methodius and Saint Raphael, from which the savvy developer purchased 140,000 square feet of air rights from in 2012 for $16.5 million. According to previous reports, Barnett obtained the rights to build on the 18,000 square-foot parcel after signing a 99-year ground lease from the estate of Sol Goldman in 2011. The $480 million project is partly financed by means of $100 million from EB5 equity investors.
find out more here

September 23, 2015

Can the Pope Help Stop Extell’s South Street Tower?; Christina Aguilera Tours a $105M Condo

By Diane Pham

Inside the NY apartment linked to an investigation of Malaysia’s prime minister. [Quartz] Predictions for the fall real estate market. [DNA Info] Locals want the Pope’s help in stopping Extell’s controversial 800-foot tower neighboring the Manhattan Bridge. [Bowery Boogie] Christina Aguilera reportedly toured the $105M penthouse at 100 Barclay Street. The unit sits atop the Ralph […]

Real Estate Trends

September 22, 2015

Lawsuit Against Brooklyn Pierhouse Dismissed; The Queens Nabe Where Donald Trump Grew Up

By Diane Pham

The lawsuit against the Brooklyn Pierhouse over a 30-foot bulkhead blocking views has been dismissed. [Brownstoner] Rent the Williamsburg space that housed the now-shuttered Trash Bar for $20K a month. [Brokelyn] The Times delves deep into the Queens neighborhood where Donald Trump grew up—the wealthy enclave of Jamaica Estates. [NYT] The Second Avenue subway could be […]

Real Estate Trends

September 22, 2015

Rose Byrne and Bobby Cannavale Buy a $2.2M Boerum Hill Townhouse

By Annie Doge

Hollywood power couple Rose Byrne (best known for "Bridesmaids" and the television show "Damages") and Bobby Cannavale (Emmy award winner for "Boardwalk Empire") have scooped up a $2.2 million Boerum Hill townhouse, according to The Real Deal. Interestingly, the couple, who have been dating since 2012, bought the home at 453 Warren Street from another pair of actors, Annie Parisse and Paul Sparks. Sparks appeared on "Boardwalk Empire" with Cannavale; he and Parisse bought the property in 2013 for $1.79 million.
Have a look inside the couple's new love nest

September 22, 2015

Downtown’s Beekman Residences Tower Is Ready for Its Crowns – Now 50 Percent Sold

By Ondel Hylton

Rising from the birthplace of the romantic skyscraper, a svelte 51-story condominium known as the Beekman Residences will soon receive its twin pyramidal crowns. The to-be-illuminated, open-air pinnacles will bring the building's 599-foot roof height up an additional 51 feet, granting us skyline-watchers a new silhouette to gaze upon. While the tower's height is unremarkable in today's world of kilometer-high skyscrapers (it's only the 24th tallest building now under construction in the city), its peculiar design and prominent location overlooking Park Row is sure to add to the exceptional urban room created by the variously-styled towers surrounding City Hall Park.
More details ahead

September 22, 2015

Americans Are Spending More on Rent and There’s No Relief in Sight

By Dana Schulz

Complaining about high rents is nothing new for New Yorkers, but we're actually not alone in our misery. According to a new study from Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners, reported in the Washington Post, "nearly 15 million [U.S.] households could be 'severely cost-burdened' by 2025, meaning they'll be spending more than half their money on housing." Today, that statistic applies to 11.2 million households (one in four households), which increased by three million since 2012.
What's leading to this staggering rise?

September 22, 2015

Andy Cohen Picks Up Fourth Co-op in West Village Building, Is Now Neighbors With Sally Field

By Annie Doge

The "Real Housewives" franchise must be doing well, because Bravo brainchild Andy Cohen has picked up a fourth apartment in his West Village building, 2 Horatio Street. And his latest buy, a $900,000 studio, makes him next door neighbors with none other than Sally Field, reports Variety. According to the source, Cohen's other real estate holdings in the pre-war co-op include a high-floor studio that he bought in 2003 for an unknown sum, a not-contiguous two-bedroom unit on the same floor that he bought in 2010 (and which was photographed for the New York Times) and another two-bedroom, directly above the one previously mentioned, for which he shelled out $2.6 million in 2014. His most recent acquisition is directly next door to the 2014 pad. Though this sounds a bit like a game of Jenga, we're sure there's a method to the reality guru's madness.
See the studio interior

September 21, 2015

St. Mark’s Last Record Store to Shutter; Negotiating Rent When You’re Up for Renewal

By Diane Pham

The last record store on St. Mark’s Place will shutter. [EV Grieve] Can you negotiate with your landlord when you’re about to get a rent hike? [Brick Underground] How Frank Gehry got his start—and to where he is now. [Bloomberg] The tallest building outside of Manhattan will be mostly rental units. [TRD]

Real Estate Trends

September 21, 2015

Units Finally Hit the Market at Jean Nouvel’s MoMA Tower

By Dana Schulz

The time has finally come. After years of setbacks and teasers, units at Jean Nouvel's 1,050-foot-tall MoMA Tower, now officially known as 53W53, have hit the market. Nine listings (out of 139) went up on Corcoran, according to Curbed, ranging from a $3.17 million one-bedroom 19th-floor unit to a $50.9 million four-bedroom, 63rd-floor unit. When construction started earlier this year, rumor had it that the listings wouldn't be made public, but now that we know otherwise, we've got plenty of floorplan porn to ogle, as well as lots more interior renderings courtesy of designer Thierry Despont.
Renderings and floorplans right this way

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