Real Estate Trends

If you work in a tall tower, throw everything you ever learned about fire safety out the window because the Fire, Buildings and City Planning Departments are re-writing the rules. In response to the supertalls popping up across Manhattan, the agencies are looking to create more occupant-evacuation elevators that can be used to move people down a tower in the event of an emergency. Because, really, can you imagine trying to flee down 90 flights of stairs?
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March 19, 2015

The City’s Oldest $20M+ Listing Sells After Nine Years; Into the Wild of Hunter’s Point

Exploring the last remaining wild spaces on the East River in Hunter’s Point. [Curbed] NYC’s oldest $20M+ listing, a rooftop mansion at 60 Warren Street in Tribeca, has sold for $24.5M after sitting on the market for nine years. [NYO] Yet another rent-stabilized tenant has been sued for putting her apartment on Airbnb. [NYP] Construction […]

Real Estate Trends

March 19, 2015

NYC Rents Are So High Even Starbucks Can’t Afford Them

You know rent is too damn high when mega chains like Starbucks start looking for cheaper spaces. The Commercial Observer reports that the city's rising rents are actually driving the coffee giant to less popular side streets as many of the leases inked for stores opened up some 15–20 years ago are coming up for renewal. Starbucks is currently paying just a fraction of what the market is demanding on a chunk of their more than 200 Manhattan locales, and they could soon see an end to several of their most popular shops.
FInd out more

Real Estate Trends

Battery Park City, Harlem, and the Lower East Side Top the List of Child-Friendly Manhattan ‘Hoods

Image © Matthew Richmond

March 19, 2015

Battery Park City, Harlem, and the Lower East Side Top the List of Child-Friendly Manhattan ‘Hoods

It's no secret that families are ditching Manhattan for Brooklyn or the Suburbs, where they can get more space for their money and maybe even a backyard, but a new report shows the shifting dynamics of those families who decide to stay in the big city. According to amNY, the analysis conducted by AddressReport.com shows that only 6 percent of households in Hell's Kitchen and the Financial District have a child under 18 living in them, and in neighborhoods like Midtown, Soho, the West Village, and Gramercy, most of which are often thought of as more family-friendly, only 7 percent of households have at least one youngster. To be expected, Battery Park City is ranked as the most child-friendly neighborhood, where 36 percent of households have a child. Another shoo-in is Tribeca at 26 percent. Surprisingly, East Harlem at 32 percent, Harlem at 29 percent, and the Lower East Side at 20 percent round out the top five, none considered traditionally family-oriented.
See the full map here

March 19, 2015

Sarah Jessica Parker Finally Sells Greenwich Village Townhouse for $20M

After quite a few price cuts and almost three years on the market, Sarah Jessica Parker has found a buyer for her Greenwich Village townhouse at 20 East 10th Street. Originally listed for $25 million in 2012, and most recently re-listed in September for $22 million, the 6,800-square-foot, five-bedroom home finally entered into contract for $20 million, according to the Daily News. Parker and her husband Matthew Broderick bought the townhouse in 2011 for $19 million. They completed a full renovation, but reportedly the family never actually lived there, using the home as a massive closet and residing in another Village townhouse.
Take a look around the house here

March 18, 2015

Move Over Brooklyn, Hoboken Is the Hipster Capital of America

Is Hoboken really America's most hipster city? According to a study conducted by "data-driven" blog FindtheBest, Hoboken out-hipsters us all with its souped up offer of 13 cafes and one yoga studio per 10,000 residents—the vast majority of whom are aged between 20 and 34 years old. FindTheBest looked at the top 19 municipalities with 50,000 or more inhabitants, evaluating both the locale and people against certain attributes they deemed characteristically hipster. Hilariously, the site defines a hipster as one who associates with a "subculture all about nonconformity and effortless nonchalance" and embodies an appearance that conjures up one “reading Proust over an overpriced cup of coffee.”
More on the study here

March 18, 2015

Construction Update: COOKFOX’s 855 Sixth Avenue Tops Off, Ties for City’s ‘Shortest Skyscraper’

By Ondel Hylton

In the shadow of the Empire State Building, the concrete frame of 855 Sixth Avenue has quietly risen to its full 500-foot height. Spanning the full western blockfront of Sixth Avenue between West 30th and 31st Streets, the 41-story mixed-use tower, designed by COOKFOX Architects and co-developed by the Durst Organization and Fetner Properties, is poised to bring 190,000 square feet of commercial space and 375 rentals to the southern fringe of Herald Square later this year. While unremarkable in design and imperceptible in the city's skyline, the building's small claim to fame may be that its 152-meter (slightly under 500 feet) height is sometimes regarded as the benchmark figure for defining a skyscraper. Therefore, statistically, 855 Sixth could be considered the shortest skyscraper in New York. Huzzah!
More details ahead

March 18, 2015

Orlando Bloom Sells Tribeca Loft in Less Than One Month

We speculated last month that Orlando Bloom's decision to list his Tribeca loft for $5.5 million, just five months after purchasing it for $4.88 million, might have had something to do with celebrity neighbor Taylor Swift, and it looks like that's the general consensus. The Daily News reports that the actor has sold his three-bedroom apartment at the Sugarloaf Warehouse building less than 30 days after it hit the market. Apparently, Swift and her A-list pals have turned the building into a paparazzi frenzy, which might have proved too much for the more low-key Bloom.
Take a look around the former Bloom abode

Slab of Plexiglass Dislodges at One57 and Falls on Two Cars Below

Image © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

March 17, 2015

Slab of Plexiglass Dislodges at One57 and Falls on Two Cars Below

Watch where you walk when treading near supertall towers. The WSJ reports that a stop work order has been issued at One57 after a kitchen table-sized piece of Plexiglass fell from the 22nd floor of the tower on Sunday, smashing into two parked cars down below. Thankfully no one was injured in the incident, but the accident is just one in a slew of construction mishaps that have plagued the building. In late February, glass from the tower landed on a neighboring building’s terrace, and last May, a windowpane fell from the 22nd floor, hitting a truck below. The building was also creating precarious conditions back in 2012 during Super Storm Sandy, when all of New York City looked on in horror as the support cable of an 80-ton crane at the top of the building broke, causing it dangle above their heads.
Is one57 cursed? Find out more here

Adventures in Trespassing at 190 Bowery; Average Down Payment for a NYC Home Is $350K

Replacing the Port Authority Bus Terminal would cost $10 billion and take 20 years. [Capital NY] The average down payment on a home in NYC is nearly $350,000. Are you saving up? [NYDN] What comes of just walking into the mysterious 190 Bowery. See photos and video. [Animal] A timeline of Robert Durst‘s dicey life and dealings. […]

Real Estate Trends

March 17, 2015

Supermodel Freja Beha Erichsen Snags a Stunning $3M Carroll Gardens Townhouse

Supermodel and one-time Karl Lagerfield muse Freja Beha Erichsen has just scooped up a gorgeous Carroll Gardens townhouse for $3 million, according to city records. The edgy model's purchase comes as a bit of a surprise—as we would have guessed her to be more of a Williamsburg loft buyer than one looking in crunchy Carroll Gardens—but with one look at the gorgeous brick home, it's easy to see what pulled the Danish beauty in.
have a look inside

New Maps Show How Much You Need to Work in Order to Own a Home in NYC and Other Major Metros

Image via CityLab

March 16, 2015

New Maps Show How Much You Need to Work in Order to Own a Home in NYC and Other Major Metros

Have you been thinking about buying a home in NYC? Well if you're single, get ready for a life of mortgage-gouging hardship. A new study conducted by the Martin Prosperity Institute takes a look at how much Americans spend on housing, where in the United States we're spending the most, and how many years we'll need to put in if we want to own a home in a big city.
maps and results here

March 16, 2015

Brooklyn Rents in the 1940s; $45M Penthouse Sale Sets New Record in Greenwich Village

Here are what Brooklyn rents were like back in the 1940s. [Curbed] Workers have started demolition on Essex Crossing. There have also been a few design changes to some buildings. [Lo-Down] A $45 million penthouse sale at 155 West 11th Street in Greenwich Village has set a new record as the neighborhood’s most expensive. [The Real Deal] […]

Real Estate Trends

March 13, 2015

New Renderings for 212 Fifth Avenue Show a Whimsical Top-Floor Restaurant and Enormous Clock

By Ondel Hylton

With the debut of their newly-sharpened website, the visual-realization whizzes at AJSNY are seeking to steal some Apple Watch buzz with this stunningly whimsical rooftop addition atop the now-under-conversion 212 Fifth Avenue in Nomad. The conceptual vision, designed by the rendering team themselves, shows a bronze-clad, multi-story addition wrapped with sinuous ribbons framing an enormous south-facing clock. Below the steampunk-esque penthouse, AJSNY depicts a standard condo-conversion affair of open layouts and double-height spaces for the 1913 neo-medieval tower. The team's images also give us an idea of what the official owners–Madison Equities, Thor Equities, and Building and Land Technology–have in mind for this quintessential Manhattan address. The scheme is not official or approved, but it certainly is creative.
More details on the proposed design ahead

March 13, 2015

Oscar-Winning Director Kathryn Bigelow Buys $3M Tribeca Apartment

Director Kathryn Bigelow, who in 2009 was the first woman to win the Academy Award for Best Director for her work on “The Hurt Locker,” has scooped up a $3 million pad at 449 Washington Street in Tribeca, according to city records released today. The boutique building contains only four units, all of which feature luxurious touches […]

March 13, 2015

New Map Reveals Which Luxury Skyscrapers Are Siphoning Your Tax Dollars

By now it's no secret that there's an unbalanced tax system in place for those living in the city's luxury towers, but exactly how much is being lost–and where–has for the most part been a mystery. To shed some light on just how much of our money goes into subsidizing the likes of One57 and its eye-poppingly expensive friends, the Municipal Arts Society (MAS) has created a map (h/t Gothamist) that shows not only how much tax each of the city's top buildings skip out on annually under the 421a tax abatement, but how long their exemption will last—which together can add up to staggering amounts for many. Last year alone, MAS found that we forfeited $1.1 billion in tax revenue and 60 percent of that went to building apartments in Manhattan targeted at the 1 percent.
Find out more here

Real Estate Trends

March 13, 2015

Quooklyn/Ridgewood Gets Its Own TV Show; 41 New Developments Coming to the Market

Keep an eye out for these 41 new developments slated to hit the market this spring. [Curbed] Quooklyn/Ridgewood is getting its own TV show. [BK mag] Celeb broker and reality TV star Ryan Serhant will be in charge of marketing an I.M. Pei-designed West Chelsea condo project boasting private pools and private parking for every […]

Real Estate Trends

New Micro Apartment Communities Are Flexible but Not Cheap

Is this the dorm-itization of NYC? via 20071110_0213 via photopin (license)

March 13, 2015

New Micro Apartment Communities Are Flexible but Not Cheap

With shared office spaces like WeWork taking the city by storm, it's no surprise that the residential real estate community is looking to get in on the commune-style action, especially considering the city's push for micro housing. The Daily News reports on "communal living hubs with micro-apartments for young professionals," calling it the "dorm-itization of New York City." Instead of traditional one-year leases, these new setups are offering month-to-month contracts where tenants came rent a room at the snap of a finger and move out just as easily. They can also freely apartment hop between buildings of the same owner. In theory, it sounds great for first-time New Yorkers, fresh-out-of-college twenty-somethings, and just about anyone with an uncertainly factor to their lives. But the News notes that a standard, five-bedroom micro apartment community has a lease of about $10,000/month, meaning that the modern nomads renting out rooms are still paying roughly $2,000/month, pretty steep for a single bedroom in a unit shared with a stranger.
Find out more about the new real estate trend

March 13, 2015

Infographic: The Tallest Buildings of the Last 5,000 Years Charted

From the pyramids of Teotihuacan to One World Trade, here are the tallest buildings of the last 5,000 years. Slovakian artist and designer Martin Vargic created six infographics that chart the history of buildings across Europe, North America, Asia, Africa, South America and Oceania. The infographics, which date buildings (and a few notable monuments) as far back as 2,650 B.C., give a pretty complete look, highlighting the construction's name, shape, height (which does account for a tower's spire), the year it was erected, and the years it was its continent's, if not the world's (denoted by a red shading), tallest building. The charts also give a good snapshot of the great skyscraper race that took hold in the early 20th century, as well as shifts in global money as seen in the emergence of Asian skyscrapers like Taipei 101 and the Burj Khalifa in the mid-2000s. You can get a closer look by expanding the image ahead.
This way for the complete picture

March 13, 2015

World’s Skinniest Tower 111 West 57th Street Will Offer $100M Condos

Poised to become the world's skinniest tower and one of the hemisphere's tallest, it's no wonder that 111 West 57th Street will ask around $100 million for its condos, not to be outdone by other nine-digit supertalls like 220 Central Park South's $175 million penthouse, the $150 million penthouse at the Sony Building, and One57′s record $100 million sale, which currently holds the title for the most expensive unit ever sold in the city. Curbed has uncovered filings with the Attorney General's office that show the preliminary price list for the SHoP-designed 1,421-foot tower, which is being developed by JDS Development Group and Property Markets Group. The records indicate that there will be condos in the landmarked Steinway Hall, as well in the tower addition. "The 'landmark units' will be smaller and cheaper, starting at $1 million for a studio, while the 'tower units' will start at $13 million for a three-bedroom."
More details and the price list ahead

Pikettyscrapers: What You Call Those Expensive Supertall Buildings Nobody Lives In

Image: NYC’s 2018 future skyline via CityRealty

March 12, 2015

Pikettyscrapers: What You Call Those Expensive Supertall Buildings Nobody Lives In

Supertall, pencil tower, megatall, superslim, skinnyscraper... As we struggle for new ways to describe all the glass and stone towers popping up in Manhattan, we've come to notice that not one person has come up with a way to describe all those skyscrapers being scooped up, floor by floor, by the superrich, never to be lived in. Now enter the Skyscraper Dictionary, a cheeky reference site (created because "The world needs one.") that's coined all the vocab you need to throw around next time you find yourself talking about NYC's skyscraper boom. So, what do you call those super-luxury towers that nobody lives in? How about pikettyscrapers.
Find out how the term was coined

March 12, 2015

Prospect Park West Townhouse May Be Brooklyn’s Most Expensive; Studio Rents Are Way Up

Prospect Park West townhouse once home to Jennifer Connelly and Paul Bettany could be Brooklyn’s most expensive sale. [Curbed] The landmarked One Chase Manhattan Plaza will get a newly renovated plaza and storefront. [WSJ] The NYC task force going up against Airbnb may be tripled in size. [NYP] Manhattan studio rents have jumped 10 percent year-over-year. [TRD] Images: 17 […]

Real Estate Trends

March 12, 2015

Kelly Ripa Revealed as Buyer of $27M UES Townhouse

When it made headlines that Kelly Ripa had sold her posh Soho penthouse at 76 Crosby Street for $20 million ($4.5 million under the asking price), most people assumed the fun-loving, down-to-earth talk show host would swap the apartment for another downtown home. But in a surprising twist of celebrity real estate, the Daily News revealed today that she and her […]

Nonprofits Urge the U.S. Treasury Department to Scrutinize Foreign Real Estate Buyers

The Time Warner Center, a hotbed of anonymous foreign investment

March 12, 2015

Nonprofits Urge the U.S. Treasury Department to Scrutinize Foreign Real Estate Buyers