Real Estate Trends

56 LEONARD CONSTRUCTION PROGRESS from Rob Cleary on Vimeo. In anticipation for its topping out this summer, 56 Leonard, the 60-story tower designed by Herzog & de Meuron, released a time lapse video tracking the building’s rise from March 2014 to May 2015. [6sqft inbox; video link] The “Late Show’”s presence has been a boon […]

Real Estate Trends

May 15, 2015

New Rendering Shows Isay Weinfeld’s Jardim High Line Condos

By Michelle Cohen

As the construction boom along the High Line continues, new renderings have surfaced (via Curbed) for the condo development designed by highly acclaimed Brazilian architect Isay Weinfeld. Developed by Harlan Berger’s Centaur Properties and Greyscale Development Group, the new project, called “Jardim” (Portuguese for garden), will occupy the site at 525 West 25th Street between 10th and 11th Avenues.
Find out more about the project here

Extell Shoots for a $4.4B Sellout with the Nordstrom Tower, the Most Expensive Ever

Image: the Nordstrom Tower penthouse

May 14, 2015

Extell Shoots for a $4.4B Sellout with the Nordstrom Tower, the Most Expensive Ever

Extell has plenty to brag about, from claiming fame to the city's top two most expensive sales to being credited with starting the whole superluxury supertall tower boom. But according to the Wall Street Journal, the development company's head honcho and mastermind Gary Barnett is vying for another record, aiming to make his next skyscraping creation, the Nordstrom Tower, the most expensive building ever sold at $4.4 billion.
more details here

May 14, 2015

Why Are There So Many Empty Storefronts in NYC?; LIC’s Citigroup Building May Become Condos

The Department of Buildings is getting a $120 million overhaul to help get stalled projects going again. [CO] A new shared bike lane will connect the East River Park to the Williamsburg Bridge. [Bowery Boogie] Here’s why there are so many vacant storefronts in trendy NYC neighborhoods. [Gothamist] Jared Kushner has made a $296 million […]

Real Estate Trends

Move It Whole Foods, Brooklyn Is Getting a Wegmans!

Rendering: Beyer Blinder Belle

May 13, 2015

Move It Whole Foods, Brooklyn Is Getting a Wegmans!

Everyone rejoice! East Coast foodie favorite Wegmans is finally coming our way, inking a deal to open its first ever NYC location in the Brooklyn Navy Yard. The New York Times reports that the supermarket giant will take up a whopping 74,000 square feet, anchoring the new shopping complex slated to replace Admiral's Row. Wegmans beat out three other proposals vying to enter the scene but was ultimately chosen because of the lack of affordable grocers in the area, and the store's commitment to bring 600 jobs to the area, 200 of which will be full-time—double what other proposals promised to deliver.
More on Wegmans coming to Brooklyn here

Real Estate Trends

May 13, 2015

Anthony Bourdain’s Food Hall Coming to Pier 57; Equinox Is Katz’s New Neighbor

No pain, no gain. Equinox gym is opening up next door to Katz’s Deli. [NYP] Not only is Google taking up space at the upcoming SuperPier Pier 57, but the location will also host Anthony Bourdain’s much talked about food hall. [TRD and CO] More millenials are renting but just as many want to own a […]

Real Estate Trends

May 13, 2015

Historic Fort Greene Carriage House in Need of Some TLC Gets over Asking Price

When we think of million dollar listings, visions of super modern or impeccably restored residences come to mind, but this Fort Greene carriage house fits into neither of those categories. In fact, it could easily serve as the backdrop for a ruin porn Instagram photo. But despite its fixer-upper status, two lucky ladies just picked up the 19th century home at 327 Vanderbilt Avenue for $2.6 million, $500k over the asking price, according to city records released today. When the listing first hit the market this past December, Curbed noted that it wasn't "exactly habitable at the moment," but fortunately for the new owners, the sale came with renderings for potential overhauls. It also comes with some surprising historic remnants from its days as a horse stable.
More details, plus find out the interesting history of this carriage house

May 13, 2015

Jean Nouvel Says He Has ‘No Favorite Color’ at Event Honoring 53W53

Last night, MoMA held an event to honor Pritzker Prize-winning architect Jean Nouvel and his much talked-about project 53W53, which is also known as the MoMA Tower for its location next to the museum and the fact that the institution will occupy three of its lower floors. Furthermore, its developers bought more than 240,000 square feet of development rights from MoMA, as well as the St. Thomas Episcopal Church, for $85.3 million back in September, at which time they also secured a $860 million construction loan for the 1,050-foot asymmetrical tower. And now that construction has moved forward and interior renderings of the condos were revealed, what better time to pat this long-stalled project on the back. The celebration drew a diverse crowd, including Richard Meier, Martha Stewart, and broker to the stars Dolly Lenz. In a Q&A with filmmaker Matthew Tyrnauer, Nouvel discussed his inspiration for the forthcoming project. Dressed in head-to-toe black (down to his socks and tie), he also revealed that he has "no favorite color," according to the Observer.
Find out about Nouvel's inspiration for 53W53 here

May 12, 2015

Brooklyn Bazaar to be Replaced by BMW Dealership; Affordable Hell’s Kitchen Apartments Start at $868/Month

Long Island City’s clock tower has been named a historic landmark. [Curbed] Brooklyn’s night bazaar is being replaced by a BMW dealership. [Gothamist] There are now a million rooms available on Airbnb. [NYT] Can scaffolding be beautiful? You be the judge. [Untapped] Rent in Hell’s Kitchen’s luxurious Sky building for as little as $868 a […]

Real Estate Trends

The LES Site of 90-Year-Old Streit’s Matzo Factory Sells for $30.5 Million

When word hit that the Lower East Side's Streit's Matzo Factory would be shuttering, it was sad news not only for longtime residents in the neighborhood, but a horror for New Yorkers worried about the city's transformation into a sea of characterless new constructions. The Real Deal now reports that the site of the historic institution has officially changed hands, closing yesterday for $30.5 million. According to city records, Midtown developer Cogswell Realty is the new owner of the four-building property which totals 50,000 square feet.
So, what's next for this site?

May 11, 2015

Charting the Property Taxes of the City’s 10 Most Expensive Apartments

Back in March, we learned that the owner of the $100 million apartment at One57 (the most expensive sale ever in the city) pays only $17,268 in annual property taxes– "or 0.017 percent of its sale price, as if it were worth only $6.5 million," as we noted. "In contrast, the owner of a $1.02 million condo nearby at 224 East 52nd Street is paying $24,279, or 2.38 percent of its sale price." Why does this happen? It's in part due to the 421-a program, which offers tax breaks for the inclusion of affordable housing and "lowers the billable-assessed value of a property to incentivize real-estate development," according to CityLab. It's also thanks to the city's haphazard system for assessing market values of condos and co-ops. In response to this growing issue of inequality, Mayor de Blasio announced just last week that he hopes to end 421-a for condos, as well as implement an even stricter mansion tax. To make the issue a bit more black-and-white, CityLab has put together two charts that show just how disproportionate the actual value of the city's ten most-expensive apartments is compared with their property taxes. As they note, "In NYC, billionaires pay 1/100th the average property-tax rate."
Find out more here

May 11, 2015

One WTC’s Elevator Descent Will Fly You Through FiDi; Starbucks Is Coming to Bushwick

Construction may be booming, but there is a record shortage of homes on the market. The low inventory is causing prices to jump and making it harder for folks to move to, let along buy in, New York. [Crain’s] Eight of the ten “Broken Angel” condos are in contract after launching sales less than a […]

Real Estate Trends

May 11, 2015

Geraldo Rivera Buys $5.6M Condo, His Second Purchase in UES Building

Despite a string of recent on-air comments that were controversial to say the least, Geraldo Rivera is still movin' on up. The news personality, along with his wife Erica, just nabbed a $5.6 million condo on the 40th floor of 45 East 89th Street according to city records released today. This is the couple's second purchase in the massive Upper East Side building; they bought a 36th floor unit for $3.4 million in 2011. Geraldo's latest acquisition is a four-bedroom, 2,500-square-foot pad with remarkable Central Park views.
Take a look around here

May 8, 2015

Mad Men’s Christina Hendricks Buys $1.16M Midtown Pad That’s Anything but Modern

We don't think the uber-chic, ever-polished Joan Harris would approve of this pretty basic, slightly cluttered midtown apartment that her real-life counterpart Christina Hendricks just picked up, but seeing that the actress is so well known for her timeless fashion sense, we think she'll turn it into her very own glam pad in no time. The Daily News reports that Hendricks and her husband, actor Geoffrey Arend, bought the one-bedroom unit at the Parc Vendome at 353 West 56th Street for $1.16 million. The timing makes sense, as "Mad Men," which films in Los Angeles, is airing its series finale in just a couple weeks.
Take a look around the home here

To Increase Affordability, Mayor de Blasio Wants to End 421-a for Condos and Up the Mansion Tax

Mayor de Blasio via @KevinCase via photopin cc; One57 © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

May 7, 2015

To Increase Affordability, Mayor de Blasio Wants to End 421-a for Condos and Up the Mansion Tax

From the onset, Mayor de Blasio has been extremely vocal about his plan to add 200,000 units of affordable housing over 10 years, 80,000 of which will be new construction. Though many feel this is an arbitrary number, backed up by no data as to where the units will be, the Mayor seems committed to reforming current policies to reach his goal. And after months of speculation, he has revealed his planned changes to the city's 421-a tax incentive program, which is set to expire in June. According to the Times, under his proposal, the controversial tax would no longer apply to condo projects (to understand the logic behind this decision just look at the $100 million sale at One57 that received the tax abatement). But it would apply to new rental projects, which would have to have apartments for poor and working-class residents make up 20 to 30 percent of the building in order to qualify for city tax breaks. It would also extend the abatement from 25 years to 35 years. Another part of the overhaul is to eliminate so-called poor doors. De Blasio also wants to up the city's mansion tax. Currently, home sales over $1 million are subject to a 1 percent tax, but de Blasio proposes adding an additional 1 percent tax for sales over $1.75 million, as well as a third 1.5 percent tax for sales over $5 million. He estimates this will bring in an extra $200 million a year in tax revenue, money that would be allocated to affordable housing programs.
More details ahead

May 7, 2015

WTC Transportation Hub Opens Next Month; Live in Anne Hathaway’s Old Midtown Apartment

Anne Hathaway‘s former Midtown condo is now up for rent. [NYP; listing] The Santiago Calatrava-designed WTC transportation hub will open next month. [NYT] And… here’s a first look inside the hub. [Tribeca Citizen] Forget Midtown, more and more offices are looking to Brooklyn. [TRD] Nope, that $1,795 one-bedroom with the shower in the kitchen still […]

Real Estate Trends

May 7, 2015

$13M Madison Avenue Condo Will Have One of the City’s Largest Private Pools

Now that $1 million parking spots are the new norm and luxury apartment buildings are all but expected to offer outrageous amenities like vitamin C-infused showers, pet spas, and bowling alleys, developers have to get creative with their over-the-top offerings. So, how about a private swimming pool one-third the length of an Olympic pool? According to the Daily News, that's exactly what's up for grabs at newcomer 172 Madison Avenue. "It’s the Pacific Ocean compared to the wading pools in even the fanciest new condo buildings," says the paper, and that's certainly true considering it will be 50 feet long.
More here

May 6, 2015

New Yorkers Aren’t Happy with Where the City is Heading; More $1M Parking Spaces Coming

Downtown NY will get 1,350 new condos by 2016. [TRD] Heres what it’s like living in Flatbush, Brooklyn. [NYT] 49 percent of New Yorker voters aren’t happy with where the city is headed, according to a new poll. [WSJ] An exclusive interview with Gregg Pasquarelli, one of the five principals SHoP Architects. [CO] More $1 […]

Real Estate Trends

May 5, 2015

New York Times Columnist Frank Bruni Nabs a Broadway Corridor Pad for $1.65M

The Times may be struggling to make ends meet, but it looks like their Op-Ed contributor and former chief restaurant critic Frank A. Bruni is doing just fine. City records show that the NYC tastemaker has just closed on a classic six in a brick-clad prewar at 123 West 74th Street for $1.65 million. Although the apartment is in need of quite a bit of work, Bruni has the perfect canvas to create his dream home. The apartment comes with high ceilings, well-kept hardwood floors, and is soaked in light thanks to three large south-facing windows in the living room and two bedrooms.
Have a closer look inside

May 5, 2015

One-Third of 220 Central Park South Sold; One Vanderbilt Moves Forward with Full City Support

After just six weeks, one-third ($1.1B) of 220 Central Park West has been sold. “Acceptance by brokers and buyers has been extraordinary and unprecedented.” [TRD] One Vanderbilt is well on its way to becoming a reality. This morning SL Green cleared its final major hurdle, receiving approval, with some amendments, by a key City Council subcommittee. [Crain’s] Philip […]

Real Estate Trends

May 5, 2015

Jason Kidd Sells Hamptons Mansion for $7.1M

Just in time for summer in the Hamptons, retired Nets star Jason Kidd has sold his sprawling mansion at 100 Flying Point Road in Water Mill, fetching an impressive $7.1 million, reports the Post. He bought the then-brand-new, four-building luxury compound in 2012 for $5 million, originally listed it through Corcoran in October 2014 for nearly $8 million, but re-listed it with Douglas Elliman this past January for $1 million less. The home came fully furnished and offered the best of Hamptons living.
Take a look around the summer-ready estate

May 4, 2015

Westward Ho! More and More New Yorkers Are Moving to Los Angeles

New York and Los Angeles have long been rivals, but while New York has historically emerged as the center of all things cool, the tides seem to be turning. The Times reports that more and more of the city's creatives are turning to Los Angeles as a place to call home, spurring a renaissance in a town once considered a cultural wasteland. No longer is L.A. a sun-soaked land littered with dejected actors and models, but instead it's emerging as a haven for those looking to experiment with their art without struggling to make ends meet. Read: The rents are cheap!
Find out more here

May 4, 2015

Robert De Niro Lived in a Penthouse with Seven-Car Garage; Leasing Starts at Brooklyn’s Tallest Tower

Turns out Robert De Niro called this extravagant penthouse with glass floors and a seven car garage home for two years. [NYP] Brooklyn’s upcoming tallest tower, the Avalon Willoughby West, has started leasing. Studios will go for $2,890 a month. [Brownstoner] A federal transportation bill could lead to the city to removing some of the oversize […]

Real Estate Trends

May 1, 2015

Michelle Obama Loves the New Whitney; BIG’s West 57th Street Pyramid Gets a Name