Real Estate Trends

Olivia Wilde and Jason Sudeikis Make a Sale on Their Meatpacking Apartment
June 18, 2015

Olivia Wilde and Jason Sudeikis Make a Sale on Their Meatpacking Apartment

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A mere five months after putting their Meatpacking District pad on the market, Olivia Wilde and husband Jason Sudeikis have made a sale. The unit at 66 Ninth Avenue was originally listed for $3.995 million in January, selling at a slight discount at $3.8 million according to the Post. The condo is a pretty simple construction with two bedrooms, two-and-a-half bathrooms, big windows, hardwood floors and new appliances—a great "starter home" the pair probably called it. Wilde and Sudeikis, who have a baby boy, high-tailed it to Clinton Hill earlier this year in search of more greenery, more space and far fewer folks stumbling drunk across their streets in stiletto heels and Italian loafers.
Have a look inside what they unloaded
Why Neighborhoods Change Names; How to Spot a City’s Next Up-and-Coming Area
June 17, 2015

Why Neighborhoods Change Names; How to Spot a City’s Next Up-and-Coming Area

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East of Village, Hudson Heights, Greenwich Village North… What’s the reasoning behind changing and creating new neighborhood names? [Medium] Can new zoning keep chain stores at bay in the East Village? [Gothamist] How to spot neighborhoods that are next to hit it big. [Washington Post] What to look for in a contractor. [Brick Underground] Chelsea, formerly “Greenwich […]

June 17, 2015

POLL: Is Eliot Spitzer’s Williamsburg Development ‘Offensive?’

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Yesterday, former New York governor Eliot Spitzer revealed the first official rendering for Spitzer Enterprises’ mega development on the South Williamsburg waterfront. The $700 million trio of 24-story rental towers was designed by ODA Architects, who referred to the project as a “molded iceberg.” Today, Lincoln Restler, a senior policy advisor to Mayor de Blasio, took to Facebook to […]

Renderings Revealed for Eliot Spitzer’s ODA-Designed Williamsburg Mega-Development
June 16, 2015

Renderings Revealed for Eliot Spitzer’s ODA-Designed Williamsburg Mega-Development

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Leaving his political career in the past, former New York governor Eliot Spitzer is taking on the development world. After his father's death in November, the controversial politician took over the family's real estate business, Spitzer Enterprises. And he's now revealed the first rendering for his Williamsburg mega-development in the New York Times (not Twitter), showcasing a trio of 24-story rental towers designed by ODA Architects. Located at 420-430 Kent Avenue in South Williamsburg, the project is in keeping with ODA's signature boxy, glassy aesthetic. It will cost $700 million, have 856 units, and boast two rooftop pools and a park with an esplanade.
More details here
New Rendering of Renzo Piano’s Soho Condos Shows a Curvy Glass Construction
June 16, 2015

New Rendering of Renzo Piano’s Soho Condos Shows a Curvy Glass Construction

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Last month it was revealed that Renzo Piano would be following up his new Whitney Museum with a 290-foot residential tower at 555 Broome Steet (previously pinned as 100 Varick Street) in Hudson Square right on the border of Soho. While at the time details on the project were scarce with just one rendering making the rounds, NY Yimby has a new image of the starchitect-designed building which reveal a far softer and curvier glass form than previously depicted.
more details here
Extell’s Nordstrom Tower Will Be the Country’s Tallest by Roof Height
June 16, 2015

Extell’s Nordstrom Tower Will Be the Country’s Tallest by Roof Height

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The Nordstrom Tower may not become the overall tallest building to ever rise NYC, besting One World Trade Center as previously reported and then rebuffed, but new filings unearthed by NY Yimby show that the supertall will still carry a very worthy, head-craning title. Documents show that the 95-story building will become not only the tallest building by roof height in NYC, but also in the country at 1,522.83 feet.
get the scoop here
Flatiron Building-Looking Condo Tower to Rise at Brooklyn Heights Library Site
June 16, 2015

Flatiron Building-Looking Condo Tower to Rise at Brooklyn Heights Library Site

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If imitation is the sincerest form of flattery, the Flatiron Building should be highly honored by this fresh batch of renderings from Marvel Architects for the site at 280 Cadman Plaza West in Brooklyn Heights. The Daily News reports that "the 36-story tower, which will have 139 condo units, community space, retail and a new 21,500-square-foot library on the ground floor, looks like it will be Brooklyn's very own alternative to the Flatiron building, with its dramatic wedge-shaped structure." Back in September, the Brooklyn Heights Library agreed to sell their site to Hudson Companies for $52 million with the stipulation that the developer build 114 affordable housing units at two different locations nearby, as well as a new state-of-the-art library at the existing site. The project began the city's land use review process (ULURP) yesterday.
More on the development and additional renderings
New Rendering Reveals What Rafael Viñoly’s 125 Greenwich FiDi Tower Will Look Like

Rendering via NY Yimby via Shvo

June 15, 2015

New Rendering Reveals What Rafael Viñoly’s 125 Greenwich FiDi Tower Will Look Like

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It's been a while since we've heard anything on Rafael Viñoly's tower slated to rise in the Financial District, but it looks like the starchitect's next supertall is inching closer to a full reveal. Ground was broken at the building's 125 Greenwich Street site about four months ago, and now this newly uncovered rendering via NY Yimby gives us a much better idea of its height, its look, and how it fits in with the downtown skyline. Previous renderings had shown a stark, tall and slim rectangle—very much a glass version of Viñoly's 432 Park—while this new and sweeping depiction highlights a structure that will taper slightly as it rises, and feature a stacked crown of what appear to be residences and sky-high terraces.
Find out more here
Cornell’s Roosevelt Island Tech Incubator Unveiled; Midtown East’s Rezoning Advances
June 15, 2015

Cornell’s Roosevelt Island Tech Incubator Unveiled; Midtown East’s Rezoning Advances

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Extell has launched sales at 70 Charlton Street. [6sqft inbox] Forest City Ratner unveils “The Bridge at Cornell Tech,” a new incubator located at the heart of Cornell Tech’s campus on Roosevelt Island designed by WEISS/MANFREDI. [6sqft inbox] The world’s tallest ‘Passive House’ building also broke ground at the campus. [NYT] The rezoning of Midtown East continues to move […]

Why Brooklyn’s Real Estate Bubble Will Never Pop; The Departure of Streit’s Matzo Factory Begins
June 12, 2015

Why Brooklyn’s Real Estate Bubble Will Never Pop; The Departure of Streit’s Matzo Factory Begins

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“Brooklyn is not going through a boom as much as it’s swinging back to what it always should have been worth.” I.e. expect rents in the borough to remain obscene. [Gothamist] Hedge funder Steven A. Cohen has de-listed his $82M apartment, claiming his brokers failed to do their job. [NYDN] More renderings inside Jean Nouvel’s MoMA […]

98 Percent of Manhattan Rentals Are Occupied, Rents Keep Rising Everywhere
June 11, 2015

98 Percent of Manhattan Rentals Are Occupied, Rents Keep Rising Everywhere

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Looking to change apartments? Well apparently so is everyone else in the city as they get slammed with rent hikes. According to Douglas Elliman's latest rental report prepared by real estate guru Jonathan Miller, there was an 85.1 percent increase in new leases signed last month with units lingering on the market an average of only 41 days before being scooped up by a new tenant. Landlord concessions have also pretty much disappeared, they report, and the city's vacancy was a mere 1.65 percent in May. The takeaway: Even in the face of insane, and ever-rising rents—we're now talking a median $3,380 in the city (up for the 15th consecutive month)—Manhattan's is still full of crazy people (including us) willing to pour their paychecks into one-bedroom apartments with no views. Brooklyn, of course, was no better, with median rents also climbing to $2,961.
more here
432 Park Will Offer Office Space; Heidi Klum May Purchase $11M Island
June 11, 2015

432 Park Will Offer Office Space; Heidi Klum May Purchase $11M Island

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Billionaires living in 432 Park can have their minions work right below them. The supertall condo tower will also offer office space. [Crain’s] Remember this amazing island plus home combo going for $11M? Well, it might have a buyer. Heidi Klum has reportedly checked it out. [NYP] Foster and Partners break ground on their 425 Park Avenue skyscraper project. […]

Winston Marshall, Banjoist for Mumford & Sons, Buys $3.2M Nolita Pad
June 10, 2015

Winston Marshall, Banjoist for Mumford & Sons, Buys $3.2M Nolita Pad

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Fresh off the release of their third album, and in the midst of a national tour, Mumford & Sons has laid down some roots in NYC. Banjoist for the band Winston A. Marshall has picked up an impressive Nolita apartment at 237 Lafayette Street for $3.2 million, according to city records released today. The sprawling, 2,000-square-foot, three-bedroom co-op definitely has room for the entire band to crash, and its charming downtown loft vibe will certainly impress any love interests (ahem, Katy Perry).
Take a look around the musician's new digs
Ranking the Cities That Waste the Most Energy; Another Foreign Billionaire Buys into One57
June 9, 2015

Ranking the Cities That Waste the Most Energy; Another Foreign Billionaire Buys into One57

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Brazilian billionaire Edson Bueno is the mystery buyer of a $53M condo at One57. [NYDN] Here are the U.S. cities that waste the most and the least amounts of energy. [Fast Co.] The 10 biggest real estate projects coming to Manhattan. [TRD] 16 affordable apartment units are available in a LES development at 331 East Houston Street. [Lo-Down] A Mott […]

Harlem Rents Jump 90 Percent over the Past 12 Years, Bed-Stuy Not Much Better at 63 Percent
June 8, 2015

Harlem Rents Jump 90 Percent over the Past 12 Years, Bed-Stuy Not Much Better at 63 Percent

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Take everything you think you know about "affordable" alternatives to pricey neighborhoods and throw it out the window. This map from the Community Service Society (first shared by the Daily News) analyzes newly released census data that compares median rents between 2002 and 2014. The data is drawn from a New York City Department of Housing Preservation and Urban Development survey of 18,000 New Yorkers every three years who had recently moved, which "eliminates the tendency of lower rents paid by long-time tenants to smooth out market changes and mask the changes that affect tenants who are looking for a place to live," according to CSS. The report shows that rents citywide have increased 32 percent over the past 12 years, not a new or surprising figure. But it also shows drastic increases in neighborhoods that have been traditionally thought of as more affordable. Central Harlem saw the biggest jump at 90 percent; the average rent in 2002 for new residents was $821 and now it's skyrocketed to $1,560. Other no-longer-affordable neighborhoods are Bed-Stuy at a 63 percent increase and Washington Heights/Inwood at 55 percent. The other 'hoods topping the list include less surprising areas like Brooklyn Heights/DUMBO/Fort Greene at 59 percent and Williamsburg/Greenpoint at 53 percent.
More findings from the report
Skyscrapers Signal Economic Doom; South Street Seaport Tower Design to Be Revised
June 8, 2015

Skyscrapers Signal Economic Doom; South Street Seaport Tower Design to Be Revised

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The extinction of a quintessential NYC architectural facet has commenced: An architect pushing to remove fire escapes from two Soho buildings has received permission from the city to move forward. [DNA Info] Blue Bottle is expanding operations into NYC. The California-based brewer is opening up a roasting plant in Bushwick. [CO] A 392-rental project backed by Japanese […]

QUIZ: Play 6sqft Trivia to Test Your Knowledge of NYC History, Architecture, and Real Estate
June 5, 2015

QUIZ: Play 6sqft Trivia to Test Your Knowledge of NYC History, Architecture, and Real Estate

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On Tuesday, 6sqft celebrated its first birthday with a party attended by some of our biggest supporters and readers. The evening included an intense three-round game of trivia, where our guests tested their knowledge of New York City history, architecture and real estate. Some of the questions stumped all ten teams, while others turned out to be well-known factoids. Didn't make it to the party? We've created an online version of our trivia game just for you. No Googling allowed!
TAKE THE QUIZ
Jon Bon Jovi Unloads His Mercer Street Penthouse for $34M
June 5, 2015

Jon Bon Jovi Unloads His Mercer Street Penthouse for $34M

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It's official, rocker Jon Bon Jovi is now free of the 158 Mercer Street digs he's been trying to unload for the past for two years. First reported by The Real Deal, city records filed this afternoon show that the home traded hands for a whopping $34 million; although at first this seems like a pretty penny, it's actually way down from its original ask of $42 million. The buyer is Austrian-American businessman and investor Gerhard Andlinger, who previously called a sprawling 8,300-square-footer at the Time Warner Center his home.
Have a look inside the penthouse
Cobble Hill Townhouse Sets Record for Most Expensive Home Sale in Brooklyn at $15.5M
June 4, 2015

Cobble Hill Townhouse Sets Record for Most Expensive Home Sale in Brooklyn at $15.5M

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You know the real estate market is getting shaken up when Brooklynites are abandoning their beloved borough for the cheaper island of Manhattan. And today's record breaker just goes to show how hot Brooklyn is right now. The Daily News reports that the super-modernized Cobble Hill carriage house at 177 Pacific Street sold for $15.5 million, setting the record for most expensive home sale ever in the borough. The four-story, six-bedroom house takes the top spot from Truman Capote's former home at 70 Willow Street in Brooklyn Heights, which sold in 2012 for $12.5 million.
More details about this Brooklyn record breaker
Starchitecture Firm Snøhetta Will Design Vornado’s Penn Station Area Overhaul
June 3, 2015

Starchitecture Firm Snøhetta Will Design Vornado’s Penn Station Area Overhaul

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Back in April, we learned that Vornado Realty Trust was hoping to pour hundreds of millions of dollars into revitalizing the Penn Station area with new retail space, public plazas, and other infrastructure. Now, Crain's reports that the developer has tapped Oslo-based starchitecture firm Snøhetta to handle the overhaul's master plan, the same architects responsible for the 9/11 Memorial Museum Pavilion and the public plaza in Times Square. Snøhetta will be responsible for creating a "framework" for both Vornado's Penn Plaza buildings and the surrounding street-level spaces. And in a similar vein to the recently approved One Vanderbilt scheme at Grand Central, the master plan will include closing off part of West 33rd to vehicular traffic in the hopes of creating a permanent pedestrian plaza near Madison Square Garden.
More details and specifics on the street closures ahead
Artist David Salle Lists Home for $13M; What the World’s Richest One Percent Earn
June 3, 2015

Artist David Salle Lists Home for $13M; What the World’s Richest One Percent Earn

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Plans have been filed for Renzo Piano’s new residential project rising in Soho. [TRD] Here’s how much money the richest one percent make in 20 countries around the world. [Washington Post] Artist David Salle’s massive Fort Greene home has hit the market for $13M. [Curbed] How to give a crappy roommate the boot. [BrickUnderground] Images: The top floor […]

June 3, 2015

POLL: Can Snøhetta Transform Manhattan’s Most-Hated Area?

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Earlier today, we learned that Vornado Realty Trust tapped Oslo-based starchitecture firm Snøhetta to create a master plan for the redesign of the Penn Station area. Even the developer referred to Manhattan’s most-hated and most-congested location as “the collision of humanity.” But Snøhetta worked their magic creating the Times Square pedestrian plaza, so we want to know if […]

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