Real Estate Trends

City’s First Micro-Apartment Project ‘MY Micro NY’ Ready for Stacking
April 21, 2015

City’s First Micro-Apartment Project ‘MY Micro NY’ Ready for Stacking

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Just in time for Earth Day, New York's first micro-unit apartment building, dubbed My Micro NY, is entering its final construction phase. When finished later this year, urbanites will have a chance to live within the center of the city in a brand new building flush with amenities, all for under $3,000. Developed by Monadnock Development and the NYC Department of Housing Preservation and Development, the soon-to-be-nine-story structure wrapped up foundation work this past winter, and a one-story steel platform is ready to receive 55 modular units. The units are currently being built off-site at the Brooklyn Navy Yard by a team of 50 workers. In late May, the units will be shipped to the Gramercy Park lot at 335 East 27th Street where they will be stacked and bolted together along with stairs, an elevator, and other shared spaces.
More details ahead
The Times Critiques the Design of the New Whitney; Gorgeous Four on Degraw Townhouses Listed
April 21, 2015

The Times Critiques the Design of the New Whitney; Gorgeous Four on Degraw Townhouses Listed

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Architecture critic Michael Kimmelman reviews Renzo Piano’s design of the Whitney Museum. [NYT] Visualizing Manhattan’s income inequality in two charts. [The Atlantic] Writer and 6sqft contributor, Emily Nonko launches The Bed-Stuy Blog. [The Bed-Stuy Blog] 20 NYC institutions shuttered by rent hikes. [Curbed] The remaining three townhouses at the new development Four on Degraw in Boerum Hill, have hit […]

The Rise of Single People Hurts Affordable Housing

Photo: Barry Pousman

April 21, 2015

The Rise of Single People Hurts Affordable Housing

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NYC's affordable housing crisis makes headlines daily, but while most are quick to point to the exploitation and mismanagement of existing apartments as the root of the cause (which to a great degree it most certainly is), the Washington Posts asks us to consider the effect single folks have on a city's housing inventory. Today, more and more folks are living longer and marrying later (if at all), and living alone at any given age no longer carries the stigma it once did decades ago. 26 percent of modern American households consist of just one person now, compared to the 1940s when this number topped out at just seven percent. While this dynamic shift seems more like a cause for celebration (yay, we're evolving and defying convention) it does have some serious implications when it comes to available housing. "Our housing stock wasn't built for a society full of singles," says reporter Emily Badger.
more on the issue here
NYC Apartments a Better Investment than Gold, Says Expert

A midtown apartment filled with modern art designed by Robert Couturier

April 21, 2015

NYC Apartments a Better Investment than Gold, Says Expert

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Laurence D. Fink, chairman of Blackrock Inc., the world’s biggest asset manager, said at a conference today in Singapore that luxury apartments in cities like New York, as well as modern art, have trumped gold as a store of wealth. According to Bloomberg, Fink said, "Gold has lost its luster and there’s other mechanisms in which you can store wealth that are inflation-adjusted...The two greatest stores of wealth internationally today is contemporary art... and I don’t mean that as a joke, I mean that as a serious asset class. And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London."
READ MORE
Extell’s ‘Poor Door’ Building Receives a Staggering 88,000 Applicants
April 21, 2015

Extell’s ‘Poor Door’ Building Receives a Staggering 88,000 Applicants

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Poor doors be damned. It looks like the anger and public outcry swirling around Extell's new 50 Riverside Boulevard condo didn't do much to deter New Yorkers from vying for a low-income unit at the building. The Times reports that the development company received a whopping 88,000 applications for the building's 55 affordable apartments after they opened up the lines back in February. The overwhelming demand is most certainly a win for developer Gary Barnett, who found himself in the hot seat for creating a separate entrance for low-income tenants, away from the market-rate residents. When speaking to the paper, Barnett called the whole poor door ordeal a “made-up controversy” adding to that “I guess people like it. It shows that there’s a tremendous demand for high-quality affordable housing in beautiful neighborhoods."
So do poor doors really matter?
Going Green and Curbing Gentrification: How the Bronx Is Doing It Differently

Image: View Grand Concourse via photopin (license)

April 20, 2015

Going Green and Curbing Gentrification: How the Bronx Is Doing It Differently

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“Ladies and gentlemen, the Bronx is burning." The infamous phrase, uttered in a 1977 broadcast of a Bronx fire, has stuck in the mind of many New Yorkers even today. Indeed, the Bronx saw a sharp decline in population and quality of life in the late 1960s and 1970s, which culminated in a wave of arson. By the early 1980s, the South Bronx was considered one of the most blighted neighborhoods in the country, with a 60 percent decline in population and 40 percent decline of housing units. Although revitalization picked up by the '90s, the Bronx never quite took off like its outer-borough counterparts Brooklyn and Queens. While media hype, quickly rising prices and a rush of development has come to characterize those two boroughs, the Bronx has flourished more quietly. The borough, nevertheless, has become home to growth and development distinct from the rest of New York City. Innovative affordable housing, adaptive reuse projects, green development and strong community involvement are redefining the area. As Bronx Borough President Ruben Diaz Jr. said during this Municipal Arts Society discussion in 2014, this is "The New Bronx."
Keep Reading About What's Going on in the Bronx
New Renderings Revealed for 217 West 57th Street, the Will-Be Tallest Residential Building in the World

Rendering via NY Yimby

April 20, 2015

New Renderings Revealed for 217 West 57th Street, the Will-Be Tallest Residential Building in the World

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It's been relatively quiet on the Nordstrom Tower front since we saw some skyline renderings in September. But now YIMBY has uncovered the official renderings for Extell's 217 West 57th Street, the 92-story, 1,775-foot supertall that will take the title of tallest residential building in the world when completed, surpassing Mumbai’s World One Tower by 29 feet. The images continue to show how the tower will dominate the skyline, but they also give us a detailed look at the façade and a peek into one of the penthouses.
See all the renderings here
The Nation’s Largest Wealth Gap Is In…; Eco-Activist Plans to Swim the Gowanus on Earth Day
April 20, 2015

The Nation’s Largest Wealth Gap Is In…; Eco-Activist Plans to Swim the Gowanus on Earth Day

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The nation’s largest wealth gap is in Manhattan. Surprised? [Crain’s] A clean-water activist plans to take the ultimate plunge on Earth Day, swimming 1.8 miles through Brooklyn’s toxic Gowanus Canal. [Brooklyn Paper] Five real estate myths that snag buyers and sellers. [Washington Post] Real estate crowd funding firm Prodigy Network has plans to develop shared […]

1 WTC Observatory Elevators Will Give Riders a 515-Year Time-Lapse View of NYC Skyline

The Lower Manhattan skyline in 1796

April 20, 2015

1 WTC Observatory Elevators Will Give Riders a 515-Year Time-Lapse View of NYC Skyline

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Tourists and die-hard New Yorkers who plan on shelling out $32 to take in the vistas from the One World Trade Center observation deck will also get the unique experience of taking in the city's skyline through the last 515 years. The Times reports that the five elevators servicing the building's 102nd-floor observatory will be equipped with three wrapping, high-tech monitors that will display a time-lapse view of Lower Manhattan as its takes its patrons on a 47-second, 23 mph ride to the top. The screens will project everything from Manhattan's start as a verdant, marshy wonder to its rise as the world's capital in all its sky-scraping glory. But, most notably, the ride will highlight the south WTC tower brought down by terrorists on 9/11.
Watch a video of the experience here
Rupert Murdoch Lists One Madison Penthouse for $72M, Is Reportedly Buyer of $25M West Village Townhouse

Rendering of the penthouse, which occupies the tower’s top three floors

April 17, 2015

Rupert Murdoch Lists One Madison Penthouse for $72M, Is Reportedly Buyer of $25M West Village Townhouse

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The Wall Street Journal reports today that News Corp. and 21st Century Fox chairman Rupert Murdoch has listed his penthouse at One Madison for $72 million. He bought the 6,850-square-foot triplex last February, in conjunction with a full-floor unit on the 57th floor below, for $57.25 million. He originally intended to use the smaller apartment as a guest suite, and moved into it while architect Jose Ramirez built out the penthouse. But Murdoch has now shifted gears, putting the penthouse on the market, keeping the 57th-floor unit, and buying a $25 million West Village townhouse where he plans to live full time. Interestingly, the townhouse is reportedly the former purple bed and breakfast turned single-family mansion, which hit sales records on Wednesday.
More details on Murdoch's real estate moves
Staten Island’s Revival Offers Brooklyn Cool Alongside $600,000 Six-Bedroom Homes
April 17, 2015

Staten Island’s Revival Offers Brooklyn Cool Alongside $600,000 Six-Bedroom Homes

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It's only a matter of time before Staten Island gets pinned as the next Brooklyn. As new developments pop up along the northern tip, the oft-forgotten borough is seeing the tides turn in its favor. Today the Times ran a piece on some of the biggest projects coming to the island, and unlike those popping up in Manhattan, this bunch is far more focused on livability and community building. Moreover, with rooftop beehives, shared vegetable gardens, small-batch espresso, pet spas, artisanal shops shilling specialty olive oils, and cheese caves in the pipeline, Staten Island is also starting to sound a lot like some of the city's most hipster-run areas. In fact, in casting its net for local testimonials, the Times was able to find Ridgewood and Bushwick refugees that have already high-tailed it southwest. And it's no wonder, with real estate being offered at just a fraction of the price—one couple in the story closed on a house with "numerous porches and six bedrooms, for $620,000"—it's only a matter of time before we turn to our significant others and say, "Let's move to Staten Island!"
More on Staten Island's next steps here
Long Island City’s Hot New Park-Front Project Liv@ Murray Park North Set to Begin Sales
April 17, 2015

Long Island City’s Hot New Park-Front Project Liv@ Murray Park North Set to Begin Sales

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While Manhattan buyers typically pay a great premium for a park-front address, a single subway stop away in Long Island City, a new condominium aptly named Liv@ Murray Park North will begin sales with homes starting around $400,000. Developed by George Xu and Century Development Group, the six-story, 39-unit building will house a mix of studio, one- and two-bedroom apartments designed by Queens' own Raymond Chan Architects. Liv@ Murray Park North is located at 11-35 45th Avenue along the northern frontage of the 2.5 acre Murray Park/Murray Playground. Similar in size to downtown's Gramercy Park, the community jewel is LIC's largest green space not situated along the East River. The park is also across from the neighborhood's sole historic district and is positioned centrally between the area's two booming high-rise nodes–the master-planned Hunter's Point waterfront community and the Court Square-Queens Plaza business district.
More on the project ahead
The Sutton, Toll Brothers’ ‘Modern Vintage’ Condo, Tops Out and Gets Motley Skin
April 16, 2015

The Sutton, Toll Brothers’ ‘Modern Vintage’ Condo, Tops Out and Gets Motley Skin

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Toll Brothers' latest condo development The Sutton has reached its 30-story apex and is currently applying a variety of skins to its frame that its designers hope will capture a "modern vintage" aesthetic. Situated at the boundary of Midtown East's Turtle Bay and Sutton Place neighborhoods at 959 First Avenue, the 90-unit tower (down from 114-units) will hold one- to four-bedroom residences priced from $1 million to more than $6 million, and provide the typical array of amenities and interiors that reflect the surrounding area's classic New York vibe.
Find out more about the project
Director David Fincher Snags a Tribeca Pad; Salt Queen Renting Her Apartment for $9K
April 16, 2015

Director David Fincher Snags a Tribeca Pad; Salt Queen Renting Her Apartment for $9K

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Famed director David Fincher—of “Fight Club,” “Gone Girl” and “House of Cards” fame—may be moving to Tribeca. Fincher reportedly put down $5.75M on a three-bedroom at 7 Harrison where fellow director Steven Soderbergh also lives. [Variety] You can rent acclaimed artist Bettina Werner’s apartment at Downtown by Starck for $9,000/month—or $8,500/month if you pay it all in […]

Two out of Six Units Already in Contract at 52 Lispenard Street, Is Jake Gyllenhaal the Next Buyer?
April 16, 2015

Two out of Six Units Already in Contract at 52 Lispenard Street, Is Jake Gyllenhaal the Next Buyer?

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Sales launched exactly a month ago at the long-awaited 52 Lispenard Street in Tribeca, and in that short time two of the building's six units are already in contract at the asking price–the three-bedroom unit 3 for $7.3 million and the five-bedroom, floor-through unit 4 for $6.85 million. There are two four-bedroom units, priced at $7.2 and $8 million, also currently available. Since the Post reports today that Jake Gyllenhaal looked at two units in the building, one of which is the three-bedroom unit now in contract to someone else, we're wondering if he might just be the next buyer to sign on as one of the building's first residents.
More details ahead
New Clinton Hill Building with $1,064 Two-Bedroom Apartments Now Taking Applications
April 16, 2015

New Clinton Hill Building with $1,064 Two-Bedroom Apartments Now Taking Applications

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Clinton Hill rents may be skyrocketing, but there are a handful of units coming up sure to bring some peace of mind to those worried that the neighborhood is turning into another haven for the rich. DNA Info reports that a brand new building coming up at 490 Myrtle Avenue at Hall Street that will boast a terrace, veggie garden, reflecting pools with cabanas and $1,064 two-bedroom apartments. The building is sited along one of the more rapidly gentrifying areas of the neighborhood, just a block away from the Pratt Institute along a stretch of Myrtle Avenue that is about to see a serious boom in new developments and green space.
Find out more here and if you qualify for one of the units
Flashy Designer Loft in Tribeca Sells for $9.25M
April 16, 2015

Flashy Designer Loft in Tribeca Sells for $9.25M

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It's always interesting to see how architects and designers outfit their personal homes, and in this case the answer is very lavishly. Jennifer Tonkel, an interior designer at Kemble Interiors, along with her husband Carlos Fierro, bought this 3,650-square-foot loft at 408 Greenwich Street in Tribeca for $7.64 million in 2008, and after decorating it to their hearts' content, listed it for $10.75 million just about a year ago. The impressive home has now sold for $9.25 million, according to city records released today.
Tour the designer pad here
Jet Blue Wants to Turn the TWA Terminal into a Hotel; NYPL Requests Proposals for Its Flagship Redesign
April 15, 2015

Jet Blue Wants to Turn the TWA Terminal into a Hotel; NYPL Requests Proposals for Its Flagship Redesign

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New Jersey is becoming more and more like Brooklyn by the minute. Junior’s is moving its baking facility to NJ. [Crain’s] Jet Blue wants to turn the iconic Eero Saarinen-designed TWA flight terminal at JFK into a hotel. [WSJ] Bruce Eichner on collecting air rights for his supertalls. [CO] The NY Public Library is moving forward with plans […]

Former West Village B&B Sells as a Single-Family Townhouse for $25M
April 15, 2015

Former West Village B&B Sells as a Single-Family Townhouse for $25M

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The West Village mansion at 278 West 11th Street hit the market for $30 million in March of last year, which was a huge jump from the $8.2 million owner George Agiovlasitis paid for it in 2011. But he did buy the property when it was a purple bed and breakfast and transform the 6,500-square-foot Greek Revival townhouse into a single-family home, revealing its original brick façade and replacing the historic stoop. Agiovlasitis has now made quite the profit, unloading the house for $25 million, according to city records released today. The buyer is Paula Wardynski, senior vice president of finance at 21st Century Fox, according to The Real Deal.
Take a look around the stunning residence
April 15, 2015

POLL: Is Penthouse Living Worth a 75% Price Increase?

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On Monday we took a look at an infographic from CityRealty that shows how much more penthouse buyers pay compared to their neighbors directly below. Analyzing the top penthouse sales recorded in 2014, they found that “high-rise top floor buyers on average shell out 11 percent more per square foot for their pads than their counterparts just below. Looking at the average […]

Enormous ‘Authentic and Locally Curated’ Food Hall Coming to Downtown Brooklyn
April 14, 2015

Enormous ‘Authentic and Locally Curated’ Food Hall Coming to Downtown Brooklyn

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Amongst the city's more delectable real estate news comes word that the developer of City Point has plans to bring a 26,000-square-foot foodie haven to their massive Downtown Brooklyn project. Dubbed the Dekalb Market Hall, the space will host somewhere between 35 and 55 "authentic and locally curated" vendors at the basement level of the 1.8-million-square-foot mixed-use development along Dekalb Avenue. Though leasing is still in the works, more than a handful of food purveyors have already signed on to stir what's sure to be a culinary revolution for an area more commonly associated with chains like Starbucks and Applebee's. So yes, put your best sweatpants on, friends, there will be artisanal doughnuts and barbecue.
More on who's moving in
Lauren Bacall’s Dakota Listing Gets a Few New Photos; Alleged Madam Lists Her UWS Townhouse
April 14, 2015

Lauren Bacall’s Dakota Listing Gets a Few New Photos; Alleged Madam Lists Her UWS Townhouse

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More photos of Lauren Bacall’s Dakota apartment have been added to the recently reduced $23.5M listing. [CityRealty] David Jaffee, a.k.a NYC’s Airbnb Slumlord, may face criminal charges for creating dorm-like Airbnb rentals out of Manhattan apartments.  [NYP] Alleged madam Ghislaine Maxwell, accused of fixing up financier Jeffrey Epstein and Prince Andrew, Duke of York, with minors, has […]

How Much More Do Penthouse Buyers Pay Compared to Their Neighbors Directly Below?

30 Park Place

April 13, 2015

How Much More Do Penthouse Buyers Pay Compared to Their Neighbors Directly Below?

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So maybe you don't get the coveted "PH" in your address, but you will save tens of millions of dollars by "slumming it" on the floor just below. The data gurus over at CityRealty analyzed the top penthouse sales recorded in 2014 and found that high-rise top floor buyers on average shell out 11 percent more per square foot for their pads than their counterparts just below. Looking at the average selling price, this rings in at a whopping 75 percent more. Is the PH premium worth it? Let us know what you think in the comments.
check out the full infographic here
The Correlation Between Trees and Neighborhood Wealth; Vinegar Hill Townhouse Breaks Sales Record
April 13, 2015

The Correlation Between Trees and Neighborhood Wealth; Vinegar Hill Townhouse Breaks Sales Record

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The amount of trees a neighborhood has can signal income inequality. [CityLab] This Vinegar Hill townhouse previously eyed by Robert Pattinson has sold for a neighborhood record of $3.35M. [DNA Info] United American Land is suing an investment banker for renting out his rent-stabilized Tribeca apartment on Airbnb. [CO] Is this Bates+Masi-designed beach house too tiny […]

Norman Foster’s 2 World Trade Center Could Get a Jumpstart Thanks to Rupert Murdoch
April 13, 2015

Norman Foster’s 2 World Trade Center Could Get a Jumpstart Thanks to Rupert Murdoch

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Norman Foster's 88-story tower, destined for the last unoccupied site of the World Trade Center complex, could finally get the legs it needs to move forward. The New York Times reports that media giants News Corporation and 21st Century Fox, both headed by Rupert Murdoch, are in talks with the Port Authority and developer Larry Silverstein to make the long-stalled 1,349-foot skyscraper their next home. The move would relocate a number of News Corp. and Fox's top brands—which include the NY Post and the Wall Street Journal—and give 2 WTC what it needs to resume construction as required by the Port Authority; namely a solid anchor tenant. Ground was broken on the tower way back in 2008 and slated for completion in 2016, but in 2013 the Port Authority put a hold on construction until tenants could be found for occupancy.
More on the move forward here
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