Real Estate Trends

High Rents Lead Newlyweds to Seek Roommates

Image via Ramsey Beyer on flickr

April 10, 2015

High Rents Lead Newlyweds to Seek Roommates

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For most New Yorkers, moving to the big apple means finding a roommate. And while switching from the dorms to another no-privacy situation isn't ideal, we usually slog through it because we tell ourselves it's only temporary. For many people, the light at the end of the tunnel is marriage–finally settling down and shacking up–but a story today in the New York Times takes a look at the increasing trend of newly married people living with roommates thanks to the city's ever-rising rents.
More on the trend here
Bill Ackman Closes on One57 Penthouse for $91.5M, Second Most Expensive Condo Sale Ever
April 9, 2015

Bill Ackman Closes on One57 Penthouse for $91.5M, Second Most Expensive Condo Sale Ever

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After reportedly sitting in contract for almost two years, hedge fund manager Bill Ackman’s planned $90 million flip at One57 has finally closed, according to city records released this afternoon, and for slightly more than expected at $91,541,053. This makes it the second most expensive condo sale ever, coming in only behind the $100 million penthouse also at One57, […]

East Harlem: From Manhattan’s First Little Italy to El Barrio to a Neighborhood on the Cusp of Gentrification
April 9, 2015

East Harlem: From Manhattan’s First Little Italy to El Barrio to a Neighborhood on the Cusp of Gentrification

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A lot of attention is paid to West Harlem, or what many people traditionally consider THE Harlem, thanks to its rich history rooted in places like the Apollo and up-and-coming hot spots like the Studio Museum in Harlem and Marcus Samuelson's renowned restaurant, the Red Rooster. But east of Fifth Avenue, there's a history just as deep, and the neighborhood is at that fragile stage where it could easily be thrust into a wave of gentrification at any time. Defined as the area bound by Fifth Avenue and First Avenue from 96th to 125th Streets, East Harlem is commonly known as Spanish Harlem, or El Barrio by locals. What many people unfamiliar with the neighborhood don't know, though, is that this area got its start as Manhattan's first Little Italy. And if you're the type of New Yorker who doesn't venture above 86th Street, you're likely unaware of the slew of new developments sprouting up in East Harlem thanks to a 2003 57-block rezoning.
Learn about the neighborhood's transformation here
Lauren Bacall’s Dakota Apartment Reduced by $2.5M; Bed-Stuy Is Busy with New Residential Developments
April 9, 2015

Lauren Bacall’s Dakota Apartment Reduced by $2.5M; Bed-Stuy Is Busy with New Residential Developments

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Bed-Stuy is bursting at the seams when it comes to pipeline residential developments. It was the most active neighborhood for new residential building applications last quarter. [TRD] Lauren Bacall’s Dakota apartment gets a $2.5M price cut, down from $26M. [NYDN; listing] New York is the U.S.’s most walkable city. [Urban Land Magazine] When is it okay to leave […]

Real Estate Legend and ‘Shark Tank’ Star Barbara Corcoran Buys $10M UES Penthouse
April 9, 2015

Real Estate Legend and ‘Shark Tank’ Star Barbara Corcoran Buys $10M UES Penthouse

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Barbara Corcoran, founder of the Corcoran Group and investor on the popular television show "Shark Tank," has snatched up a fittingly glamorous Upper East Side penthouse for $10 million with her husband, former FBI agent William Higgins, according to a report yesterday by the Post and city records released today. When we ogled the listing at back in October, the 11-room duplex at 1158 Fifth Avenue had just dropped its price to $9.95 million, having originally gone on the market in 2013 for $14.5 million. The sellers are interior and landscape designer Pamela Scurry and her husband Richard. Though the home is currently filled with antique furnishings and old-world details, the real selling point was likely the massive terrace, conservatory, and solarium overlooking Central Park.
Take a look around the stunning home here
At Brooklyn’s Gateway, Woods Bagot Kicks Off Construction of the Jay Street Residences
April 9, 2015

At Brooklyn’s Gateway, Woods Bagot Kicks Off Construction of the Jay Street Residences

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AmTrust Realty has recently kicked off construction on a 250,000-square-foot, mixed-use project near Brooklyn's Manhattan Bridge approach. The development will be a step towards reconnecting Downtown Brooklyn to its waterfront, and, along with several other proposals, helps remedy a maelstrom of mid-century planning disasters between the two areas. Known as the Jay Street Residences by its designers Woods Bagot Architects, the project has previously gone by the addresses 120 Nassau, 199 Jay, 203 Jay, and 213 Jay Street. Its 38,000-square-foot lot, now under excavation, will give rise to an L-shaped complex composed of a 33-story tower anchoring Concord and Jay Streets, as well as an eight-story hotel and amenity wing along its western Jay Street frontage.
More details on the project here
Sales Launch at Clinton Hill’s Broken Angel Condos, Homes Start at $1.25M

4 Downing Street (r), 8 Downing Street (l). Renderings courtesy of Urban Compass.

April 8, 2015

Sales Launch at Clinton Hill’s Broken Angel Condos, Homes Start at $1.25M

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The much-discussed new condos at the site of the former Broken Angel House at 4-8 Downing Street in Clinton Hill are officially on the market. Ten “hand-crafted condominium residences,” developed by Barrett Design and Development will include eight two- and three-bedrooms in the original building at 4 Downing and two two-story “generously scaled three bedroom homes” in the newly-constructed 8 Downing.
This way for prices and interior renderings
Developer Vornado Plans to Spend Hundreds of Millions on Revitalizing Penn Station Area
April 8, 2015

Developer Vornado Plans to Spend Hundreds of Millions on Revitalizing Penn Station Area

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Most New Yorkers only venture to the area around Penn Station when it's absolutely necessary–traveling to New Jersey or Long Island, going to a business meeting at Penn Plaza, or seeing a Rangers game. Otherwise, we avoid it like the plague. But Vornado Realty Trust, one of the country's largest office landlords–they own roughly nine million square feet around Penn Station worth $5.5 billion–is hoping to do a complete 180 on the area by "investing hundreds of millions of dollars in new retail space, public plazas and other infrastructure, according to real-estate executives briefed on the plans," according to the Wall Street Journal.
More details ahead
REVEALED: 900-Foot Norman Foster-Designed Condo Tower Coming to Sutton Place

Rendering of the new tower (L); The four-building assemblage at 426-432 East 58th Street (R)

April 7, 2015

REVEALED: 900-Foot Norman Foster-Designed Condo Tower Coming to Sutton Place

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First spotted by the eagle-eyes at SkyscraperPage, a New York Press article has given us our first look at a potential 900-foot skyscraper reportedly designed by Foster + Partners and developed by the Bauhouse Group. The New York City-based real estate development and investment firm had recently closed on the three-building $32 million rental portfolio in tony Sutton Place at 428-432 East 58th Street. In March, the firm acquired a fourth property at 426 East 58th Street. According to the New York Press story, "A sales brochure put together by Cushman and Wakefield dubs the project as the 'Sutton Place Development'... there are indications that Bauhouse is looking to offload the site to another developer, and that whoever winds up buying the lot could build even higher than 900 feet." Bauhouse is expected to release further details and renderings to the community this spring.
More details ahead
One World Observatory Opens on Friday, May 29th!
April 7, 2015

One World Observatory Opens on Friday, May 29th!

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Yesterday, an insider over at Curbed noticed entrance signage for One World Trade Center's observatory. And now, just a day later, it's been officially announced that One World Observatory will open on Friday, May 29. The press release also shares that tickets, which will cost $32 for an adult, will go on sale tomorrow at 10am. The three-floor observation deck will sit 1,250 feet above ground on floors 100, 101, and 102 and cover 125,000 square feet.
More details here
Keith McNally’s Village Townhouse Now Renting for $6K Less; Pearl River Mart in Soho Will Close
April 7, 2015

Keith McNally’s Village Townhouse Now Renting for $6K Less; Pearl River Mart in Soho Will Close

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Chef Keith McNally’s gorgeous Greenwich Village townhouse gets a price cut. The pad is now renting for $18,950 a month, down from $25,000. [Elliman] The famed Pearl River Mart on Broadway in Soho will shutter due to rising rents. The landlord wants $500,000 a month for the three-story space after the retailer’s lease ends this year. [Crain’s] A […]

Architects Tod Williams and Billie Tsien Buy $1M Co-op at Hotel des Artistes
April 7, 2015

Architects Tod Williams and Billie Tsien Buy $1M Co-op at Hotel des Artistes

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If you've been following the controversy surrounding the American Folk Art Museum and its demolition by MoMA, you know of Tod Williams Billie Tsien Architects, the husband-and-wife firm who designed the now-razed, but much-loved structure. In some less disparaging news, city records released today show that the couple has scooped up a $1,075,000 million co-op at the iconic Hotel des Artistes in Lincoln Square. Unit 415 is a one-bedroom duplex, and they already own unit 414, which they bought in 2008 for $1.6 million, so we can only assume they plan to work their architectural magic and combine the two adjacent apartments.
More here
Interior Renderings for SHoP’s 111 West 57th Street Tower Revealed
April 6, 2015

Interior Renderings for SHoP’s 111 West 57th Street Tower Revealed

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Hot on the heels of last week's release of a new teaser site and rendering showing just how tall, slender and skyline-changing SHoP Architect's new tower at 111 West 57th Street will be, comes brand new renderings of the exterior and, for the first time, a look at the interiors. The images, uncovered by YIMBY, show the bronze and terra cotta supertall's elegant column-free spaces, as well as the incredible unobstructed views afforded by its 1,428 feet.
Inside the supertall here
How Pier 55’s Futuristic Park Plan Came to Be; Observation Deck at 1 WTC Gets a Street Entrance
April 6, 2015

How Pier 55’s Futuristic Park Plan Came to Be; Observation Deck at 1 WTC Gets a Street Entrance

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How Barry Diller and Diane von Furstenberg came up with the idea for a futuristic offshore park for Pier 55. [NYT] One World Trade Center’s observation deck moves closer to opening. New signage marking the entrance has appeared. [Curbed] Robert A.M. Stern discusses “poor doors” and Mayor de Blasio’s urban revitalization and affordable housing plans for NYC. […]

Can a Thai Restaurant Convince New York Hipsters to Move to Detroit?

Photo via Katoi

April 6, 2015

Can a Thai Restaurant Convince New York Hipsters to Move to Detroit?

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Can a Detroit Thai restaurant's New York City marketing campaign convince East Coast hipsters to move to the Motor City? That's what Philip Kafka of Prince Media Co., the boutique billboard company behind the campaign, is hoping. Business Insider reports that New York-based Kafka is a partner in a forthcoming Thai restaurant in Detroit's Corktown neighborhood called KATOI, and he's looking to hire between 15 and 20 people. Of course, the publicity for his new venture can't hurt, but he said it's really a separate campaign "to encourage people–particularly artists and young creatives–to move to the financially troubled city," where he owns property and feels a renaissance is occurring among millennials.
Check out the billboards here
Landmarked Religious Institutions in Midtown East Look to Change Air Rights Rules

St. Patrick’s Cathedral, via Wiki Commons

April 6, 2015

Landmarked Religious Institutions in Midtown East Look to Change Air Rights Rules

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With declining memberships, it has become a common issue among New York City religious institutions that they're land-rich but cash-poor. To solve the problem, religious leaders are turning to the sale of air rights, allowing developers to build on unused land or above the existing structure or altogether transferring the rights to an adjacent property. It's the latter trend that's become the center of debate with St. Patrick's Cathedral, along with other landmarked institutions, as they're looking to change the air rights rules to allow transfers to properties that are not directly adjacent. The Wall Street Journal takes a close look at this trend and a city plan that would allow East Midtown landmarks to sell their air rights to sites that are several blocks away.
More details ahead
Inside Artist and Poet John Giorno’s Beautiful Bowery Home; William Hearst’s Penthouse Now $14M Less
April 3, 2015

Inside Artist and Poet John Giorno’s Beautiful Bowery Home; William Hearst’s Penthouse Now $14M Less

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Artist and Poet John Giorno gives the Times a tour of his three-loft “Italian-inspired palazzo for the beggars.” [NYT] William Hearst’s penthouse gets at 137 Riverside Drive $14 million price cut. [NYDN; listing] Inside Mickey Rourke’s former Meatpacking apartment, now an Absolut Elyx vodka hangout. [NYO] New look and teaser site out for Bryant Park’s long-stalled […]

Manhattan Millennials Who Can Afford to Buy Are Still Choosing to Rent

via 20071110_0213 via photopin (license)

April 3, 2015

Manhattan Millennials Who Can Afford to Buy Are Still Choosing to Rent

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Young professionals living in Manhattan who have the means to make a down payment on a seven-figure property are still opting to rent. Why make payments towards someone else's mortgage when you can be paying your own? It's a lifestyle choice, the Observer notes in a new article exploring the trend. "With their increasingly mobile jobs and lifestyles, successful New Yorkers in their 20s and 30s are shying away from making a commitment to one city, let alone one apartment. And despite Manhattan’s astronomical rents, it’s costlier still to buy here, with the average Manhattan apartment now going for $1.73 million."
More on the trend ahead
Zachary Quinto Nabs a Sprawling Noho Pad for $3.2 Million
April 2, 2015

Zachary Quinto Nabs a Sprawling Noho Pad for $3.2 Million

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Zachary Quinto–"Star Trek"'s new Spock who's also known for his roles in "Heroes" and HBO's "Girls"–just dropped $3.1625 million on a two-bedroom Noho pad with longtime boyfriend, model Miles McMillan. The 2,300-square-foot full-floor loft at 43 Great Jones Street was initially listed at $3.7 million in March 2014, but it suffered a few price chops before the LA transplants scooped it up. Their new home is the definition of a sleek and modern downtown pad, with walnut floors, oversized windows, and a stainless steel gourmet kitchen.
More pics inside
Revealed: East Harlem Rental Building by Gerald J. Caliendo Architects Rising at 2183 Third Avenue

Rendering of 2183 Third Avenue via Gerald J. Caliendo Architects (L); The project site prior to construction(R)

April 2, 2015

Revealed: East Harlem Rental Building by Gerald J. Caliendo Architects Rising at 2183 Third Avenue

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Here's our first look at 2183 Third Avenue, an under-construction mixed-use project in East Harlem being developed by Sharon Kahen and Haim Levi's East 119th Street Development LLC. The parcel at the northeast corner of East 119th Street and Third Avenue is giving rise to a 12-story, 64,000-square-foot building designed by the prolific Gerald J. Caliendo Architects. The building will contain 59 rental units, retail space, and a medical facility at ground level. In 2003, East Harlem underwent a 57-block rezoning spearheaded by the Bloomberg administration's City Planning chair Amanda Burden. The revision, the neighborhood's first in 40 years, increased density allowances along First, Second, and Third Avenues, while preserving the human-scaled midblocks in between. Over the past decade, more than a dozen residential mid-rises, roughly 8-12 stories, have blossomed along the area's wide, well-trafficked corridors. Recent developments spurred by the rezoning include Barry Rice's 119th & Third, Hunter College's Silberman School of Social Work, and Kahen and Levi's own CL Tower at Third Avenue and East 121st Street, two blocks north of their current project site.
More details on the new project here
Is the Meatpacking District the Next Midtown?

Rendering of 860 Washington Street, via James Carpenter Design Associates

April 1, 2015

Is the Meatpacking District the Next Midtown?

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We tend to think of the Meatpacking District as more of an after-hours or weekend destination for cocktails and shopping, but a piece in the Times today looks at the "influx of office space and more" moving into the neighborhood. In addition to the much-anticipated opening on May 1st of Renzo Piano's new Whitney Museum along the High Line, a James Carpenter-designed 10-story glass commercial tower and Samsung's six-story flagship building are taking shape across from the Standard Hotel. And let's not forget about Pier 55, the $130 million futuristic floating park that is expected to break ground in 2016 off West 14th Street. With all of these new cultural attractions that will undoubtedly attract tourists, coupled with big-name companies joining the likes of Google in the area, is the Meatpacking District the new Midtown?
More ahead
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