Real Estate Trends

Here's our first look at the lofty interiors of an upcoming GF55 Partners-designed condominium at 64 East 1st Street. The seven-story property is being developed by MGM Property Group, and the site was previously occupied by the much-maligned restaurant/hookah bar La Vie. MGM purchased the 3,300-square-foot lot in late 2013 to the tune of $5.4 million and swiftly demolished the one-story building last year. Excavation work is currently ongoing.
More details ahead

July 30, 2015

NYC Entering Biggest Building Boom in 50 Years; New Rendering of 220 Central Park South

New residential construction permits are at the highest since 1963, likely attributed to the expiration of the 421-a tax break. [WSJ] Two Billionaires’ Row condos, 111 West 57th Street and 1 Park Lane, only subsidized 23 affordable housing units. [DNAinfo] Jeopardy host Alex Trebek bought a $1.92 million fixer-upper Harlem townhouse for his 25-year-old son. [NYP] […]

Real Estate Trends

July 30, 2015

Bidding Wars and Over-Ask Sales on the Rise in Brownstone Brooklyn Neighborhoods

By Michelle Cohen

Homes in brownstone Brooklyn neighborhoods have been selling over the asking price and bidding wars are becoming even more commonplace, according to DNAinfo. In the second quarter of 2015, for example, homes in Prospect Heights and Park Slope were selling for 4 percent over their asking price–the highest percentage seen in Brooklyn or Manhattan.
Find out where to expect bidding wars

Real Estate Trends

July 30, 2015

Ricky Martin Gets $7.55M for Noho Pad

By Annie Doge

Ricky Martin moved into 40 Bond–the Herzog & de Meuron-designed Noho condo famous for its graffiti gate and green glass/green cast iron facade–back in 2007, shortly after the building was completed. He paid $5.7 million for unit 6C, which is perfectly spacious and lovely, but has had a bit of trouble getting it off his hands, first trying to rent it and then listing it for $8.3 million back in 2013. But the Post reports that the Latin pop star has finally found a buyer, who paid $7.55 million for the three-bedroom pad.
More interior pics ahead

July 29, 2015

LaGuardia Overhaul Could Actually Cost $8 Billion and Take Over 10 Years to Complete

Womp womp. For those of you still flying high over yesterday's news that LaGuardia Airport would soon be getting a major revamp, here comes some unfortunate news that might bring you back down to earth. As Crain's reports, Governor Cuomo appears to have grossly underestimated his vision for the upgraded air hub. "According to several sources with direct knowledge of the project," the paper says, "a new LaGuardia could take more than 10 years to build and cost close to $8 billion"—a price that's double the Cuomo administration estimates of $4 billion, with at least another five years tacked on to the schedule.
Find out more here

July 29, 2015

Inside the Woolworth Penthouse; Rent-to-own Programs Are Making a Comeback

Rent-to-own programs are becoming an option for those with bad credit who want to one day own a home. [WSJ] The MTA sent Mayor Bill de Blasio a letter yesterday urging the city to provide the $3.2 billion that the agency needs to close its capital budget deficit. [New York Post] Go inside the under-construction, ultra-expensive penthouse at the famed Woolworth […]

Real Estate Trends

July 29, 2015

Rare UES Townhouse Addition Coming to Fifth Avenue’s Museum Mile

New buildings along Fifth Avenue on the Upper East Side are hard to come by, but a rare development prospect may be in the works for a small site on a dormant stretch of the avenue in Carnegie Hill. Building permits filed yesterday detail the construction of a five-story residential addition atop an existing eight-story, 30-foot-wide townhouse at 1143 Fifth Avenue, between 95th and 96th Streets. The brick and limestone building designed by J.E.R. Carpenter, was erected in 1923, and up until recently, housed staffers of the French Embassy. Last June, the 16,000-square-foot, seven-unit property was unloaded by the French government for $36.4 million and picked up by a buyer listed as 1143 5th Ave LLC.
More on the potential development ahead

July 29, 2015

POLL: Should the MTA Get Money from the State Before LaGuardia Airport?

Yesterday, we learned of Governor Cuomo’s plans for a major, $4 billion overhaul of LaGuardia Airport. The project includes consolidating the four terminals, moving the entire facility south, introducing a 24-hour ferry service, and launching AirTrain service that’ll connect travelers to the 7 line in Willet’s Point. Today, however, the revelry took a turn when it […]

Airbnb Is Gobbling Up 20 Percent of Apartments in Popular Manhattan and Brooklyn Neighborhoods

Photo courtesy of Airbnb via Facebook

July 29, 2015

Airbnb Is Gobbling Up 20 Percent of Apartments in Popular Manhattan and Brooklyn Neighborhoods

As if it wasn't challenging enough to find a reasonable apartment in New York City, Airbnb is now taking up 20 percent of available units in popular Manhattan and Brooklyn zip codes, reports the Daily News. According to a study from New York Communities for Change and Real Affordability For All, the East Village is the most affected, with 28 percent of its apartments being rented as illegal hotel rooms on Airbnb. Additionally, the 20 most popular neighborhoods on the room sharing site "have lost 10% of their available housing units to Airbnb."
Find out more here

Governor Cuomo Reveals Renderings for $4 Billion LaGuardia Airport Overhaul

After much anticipation, Governor Cuomo unveiled his plan yesterday to overhaul LaGuardia Airport, which he called "un-New York" in its current state. The $4 billion project includes consolidating the four terminals into one hub and moving the entire facility south the length of two football fields, according to Crain's. Additionally, Cuomo's controversial AirTrain, which will connect travelers to the 7 line in Willet's Point, will be put into effect, as will a 24-hour ferry service that will operate out of the landmarked Art Deco Marine Air Terminal. The development will be handled by LaGuardia Gateway Partners, a new public-private partnership formed by the Port Authority of New York and New Jersey, who will oversee the construction, financing, and operation of the new terminal under a 35-year lease.
Lots more details and renderings this way

July 28, 2015

Donald Trump’s Estimated Worth Is $2.8B; The ‘Brooklyn’ of Every State

Donald Trump is estimated to be worth $2.9 billion by new accounts. Trump previously claimed $10 billion. [Bloomberg] Here are the Brooklyn equivalents of all the states. [Huff Po] Hockey Star Sean Avery lists his Hamptons house. [Curbed] After 40 years, the iconic Trash Vaudeville is leaving its St. Marks locale for a new space on 7th Street. […]

Real Estate Trends

July 28, 2015

Donald Trump Gets $21M for Trump Park Avenue Penthouse

When you have $1.4 billion in assets, $21 million is a drop in the bucket, but the Wall Street Journal reports that's what Donald Trump just got for the sale of his penthouse in his namesake building Trump Park Avenue. The apartment is not too exciting, but it does boast 6,200 square feet, ten-foot ceilings, five bedrooms, seven-and-a-half bathrooms, and a private elevator. Trump bought the full-floor penthouse in 2002, when his company converted the Upper East Side building to condos, but never lived there. It first hit the market back in 2013 for $35 million and most recently got a price chop to $24.99 million.
Look around the whole place here

July 27, 2015

NIMBYs Are Shaping NYC’s New Developments; William Randolph Hearst Penthouse Sells

NIMBYs have become power players in New York’s real estate game. Here’s a closer look at the playbook they use to take new developments down. [Crain’s] Aby Rosen has found a new restaurant to replace the iconic Four Seasons in the Seagram building. [NYP] The MTA is kicking gardeners out of their greenspace beneath the […]

Real Estate Trends

Roman Abramovich; View of the three townhouses — 11, 13, 15 (from L to R)

July 24, 2015

Roman Abramovich Closes on Third UES Townhouse for His $80M Makeshift Mansion

At the beginning of the year, news broke that Russian billionaire Roman Abramovich had secretly bought a townhouse at 11 East 75th Street for $29.7 million, which followed his purchase of a townhouse two doors down for $18.3 million a month earlier. So, of course, we all assumed that he would snatch up the townhouse wedged in between to create his very own makeshift mansion. And now it's official, as the Daily News reports today that Abramovich has closed on the townhouse at 13 East 75th Street for $30 million, bringing his total up to nearly $80 million.
Find out more here

July 24, 2015

Construction Update: Tribeca’s ‘Jenga Tower’ 56 Leonard Tops Out

By Heather Cooper Vivares

Last January, 6sqft reported on the the progress of Alexico Group /Hines' project 56 Leonard: The concrete structure was around 700 feet tall with little more than 100 feet to rise. Now, alas, the 821-foot Tribeca tower, playfully known as "the Jenga building" and designed by Swiss architects Herzog & de Meuron, has finally topped out! With a delivery date expected sometime next year, all that remains for its wacky floor plate configurations and erratic cantilevered projections is the remainder of its exterior cladding, which we hear will now also progress from the top down, and the interior fit-out of its 145 residences.
More details this way

July 24, 2015

The Likelihood You’ll Be Poor at Some Point; Harlem’s Oldest Townhouse Sells for $3.6M

By age 60, “nearly four in five people experience some kind of economic hardship.” A look at the odds that you’ll be poor at some time in your life. [Wonkblog] How to make the best of a small one-bedroom apartment. [NYT] Harlem’s oldest townhouse has sold for $3.6M to a new owner who plans to turn it into a […]

Real Estate Trends

July 24, 2015

$51M Time Warner Center Penthouse Sale Sets a Record for the Building

Maybe it's the location near Lincoln Center and lots of shopping, or maybe it's the unobstructed views of Central Park, or maybe it's the ease of planting tons of one's foreign cash without worry within its walls, whatever the case may be, the ultra-luxe Time Warner Center has just drawn in a record $50.92 million sale. The owner, Russian billionaire Andrey Vavilov, listed the sprawling 14-room penthouse for $75 million early last year, then dropping the price to $68 million in November, finally landing on $51 million with a buyer known only as "Columbus Family LLC," according to city documents filed today. As CityRealty reveals, the transaction is the highest ever recorded at the building; the runner-up, incidentally, the same unit, which traded hands last in 2009 between Vavilov and Austrian investor Gerhard Andlinger for $37.5 million.
Have a closer look inside

Real Estate Trends

July 24, 2015

Tribeca’s 45 Park Place Site Cleared to Make Way for Slender 660-Foot Skyscraper

The site of a SOMA Architects-designed Tribeca skyscraper has finally been cleared, signaling that groundwork and construction of the slender 38-story tower may soon be before us. The 12,000-square-foot lot at 45 Park Place owned by El Gamal's SoHo Properties, was formerly three battered pre-war buildings, two of which were a downtown outpost of Burlington Coat Factory. The upcoming as-of-right project will total approximately 135,000 gross square feet and contain 50 condominiums, a public plaza, and a museum designed by French architect Jean Nouvel. A 2010 iteration of the project involving an Islamic cultural center became encircled in controversy due its proximity the World Trade Center site. But now with legal hurdles cleared, the site fully assembled, and city approvals in place, the glass and steel skyscraper is poised to move forward.
Get the scoop here

July 23, 2015

Construction Begins on John Catsimatidis’ Curvy Rental Tower at 86 Fleet Place in Fort Greene

Construction has begun on the final building of the four-tower development on the western edge of Fort Greene. The 32-story tower at 86 Fleet Place will house 440 rental units and will be the culmination of a 15-year redevelopment of a low-slung, Robert Moses-era retail strip along Myrtle Avenue. The developer of 86 Fleet, and three other sibling buildings to the east, is Red Apple Group's CEO and owner John Catsimatidis, who we might better remember as the billionaire Republican candidate in the last mayoral election and the owner of the oft-maligned Gristedes grocery store chain. According to the Wall Street Journal, Red Apple picked up the 2.5-acre, four-block site for $500,000 from Long Island University in 1982. The site spans 900 feet along the southern frontage of Myrtle Avenue, between Flatbush Avenue Extension and Ashland Place, and shares its blocks with the Toren condominium to the west and the Fred Trump-built University Towers complex to the south.
More details on the development

July 23, 2015

Roosevelt Island’s Increasing Allure; Community Board Applauds 2 WTC

BIG’s 2 WTC gets rave reviews from the Community Board 1. [Downtown Express] Focusing in on Roosevelt Island’s evolution into a place people actually want to live. [NYP] 200-square-foot mobile studios are now available to NYC artists and entrepreneurs. [Inhabitat NYC] Here are 10 NYC homes with their very own private pools. [Curbed] Images: Roosevelt […]

Real Estate Trends

July 22, 2015

How You Can Live in a Billionaire’s Row Condo for Free AND Make Six Figures

Get a job as one of their building managers. As DNA Info reports, if you're just a regular Joe or Jane looking to take up residence in one of the city's priciest towers, you don't need to be a billionaire—or even a millionaire for that matter. The resident managers at four headline-stealing, ultra-luxury towers will live rent-free, in very large apartments, while also earning respectable six-figure salaries for their services.
Find out more here

July 22, 2015

Lauren Bacall’s $23.5M Dakota Apartment Finds a Buyer

Ever since Lauren Bacall passed away last summer, it's been all eyes on her longtime Dakota apartment. First, in November, we learned that the actress's Central Park West home would list for a jaw-dropping $26 million. Then, less than two weeks later, the listing hit, a bit disappointing to many as the photos were the newly-staged versions. But this past March, interior photos of how the place looked when the movie star resided there for more than 50 years were dug up, revealing a treasure trove of antiques and artwork and showcasing beautifully intact original details like fireplaces with carved mantles, huge mahogany doors, and crown molding. In April, the price was reduced by $2.5 million, but now, the Daily News reports that Bacall's wood-paneled apartment has been purchased by a mystery buyer.
See inside the legendary apartment here

July 22, 2015

Another Supertall Opponent Emerges on the City Council; Extell’s LES Project Still Causing Street to Sink