Real Estate Trends

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

By Annie Doge

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 Diane Pham

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

By Diane Pham

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

By Dana Schulz

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

By Diane Pham

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

By Dana Schulz

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

By Diane Pham

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

By Diane Pham

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

Kelly Ripa Revealed as Buyer of $27M UES Townhouse

By Annie Doge

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

By Dana Schulz

The media has been abuzz lately with talk of international mystery property buyers and the shell companies they use to hide their real names. Tired of the shady tactics, a group of 17 nonprofits is calling upon the U.S. Treasury Department to harder scrutinize foreign real estate buyers by verifying their actual identities and screening them for any risk of money laundering. The request came in the form of a letter sent to the Treasury Department’s Financial Crimes Enforcement Network on Tuesday that asks for a repeal of a 2002 exemption from the Patriot Act that was granted to the real estate industry. The Patriot Act was signed into law in 2001 following 9/11 to heighten security and allow for broader means of investigation. Under the act, real estate professionals would be required to "conduct due diligence checks on their customers," according to the Times. But after the industry lobbied against this, they were exempted from the regulations.
More details ahead

March 11, 2015

70-Story Residential Tower Coming to Long Island City; Piero Lissoni Chosen to Design Interiors of 45 Park Place

By Diane Pham

Long Island City’s skyline continues to take shape. A new 70-story tower is slated to bring hundreds of residential units to the area. [TRD] Italian architect Piero Lissoni will design the residences and amenities at stunner 45 Park Place, which is being designed by a team made up of SOMA and Jean Nouvel. [6sqft inbox] Billionaire David Bren […]

Real Estate Trends

March 10, 2015

The Tower Replacing the Famed Roseland Ballroom; Air Shafts a Coveted Amenity?

By Diane Pham

Ian Schraeger has closed on 357 West Street, the site of planned 12-story, 88-unit residential building designed by Herzog & de Meuron. [The Real Deal] Here’s the tower that will rise in place of the demolished historic Roseland Ballroom. [Curbed] Two Trees has created a virtual open house for their 60 Water Street apartment building. [6sqft inbox] […]

Real Estate Trends

March 10, 2015

Renderings, Details Revealed for Massive $1B Industry City Redevelopment in Sunset Park

By Dana Schulz

For the past year or so we've heard plenty of chirpings about Industry City, the former Bush Terminal on the Sunset Park waterfront that Jamestown Properties plans to transform into "a dynamic 21st century innovation and manufacturing community that balances existing manufacturing tenants with those centered on creative and innovation economy fields." But now, Jamestown, along with fellow owners Belvedere Capital, and Angelo Gordon, have announced that the overhaul of the 32-acre complex's 16 buildings will cost $1 billion and include a hotel, along with a huge amount of retail and tech start-up space. They also want an additional $115 million in infrastructure improvements like a massive new parking lot, as well as some rezoning concessions.
Find out more about the future of Industry City

Real Estate Trends

March 10, 2015

‘Taxi’ Star Judd Hirsch Buys $400K Greenwich Village Studio from His Former Assistant

By Annie Doge

Assistants have been known to fetch coffee or pick up dry cleaning for their bosses, but usually not sell them their apartments. Marlene Mancini, production assistant and acting teacher, however, has just sold her Greenwich Village studio to her former boss, actor Judd Hirsch, best known for his role as Alex Rieger on "Taxi," for $400,000 according to city records released today. Hirsch also owns a larger one-bedroom at 345 East 93rd Street, which he bought in 2013 for $500,000, so we're guessing his latest purchase is more of a downtown pied-à-terre. We're also guessing he'll have to bring a big bucket of spackle with him on move-in day, as Mancini has the walls completely covered in quirky frames.
Tour the studio

March 9, 2015

Owner of $100M Apartment at One57 Only Pays $17,268 in Property Taxes

By Dana Schulz

Remember the $100 million apartment at One57, the most expensive ever in New York City? Well, the (presumably) billionaire buyer pays just $17,268 in annual property taxes on the unit, or 0.017 percent of its sale price, as if it were worth only $6.5 million, according to the New York Post. 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. This is just one example of the fact that the owners of the city's ten most expensive apartments pay effective rates that are unbelievably lower than those paid on cheaper properties. How is this possible? It's in part due to the 421-a tax abatement, but more so due to the city's convoluted method of assessing market value for condos and co-ops.
More on the tax inequality here

The High and Low: Two Picture-Perfect Bow-Front Townhouses Go Head-to-Head

66 Morton Street, $17M (left); 280 Park Place, $3.5M (right)

March 9, 2015

The High and Low: Two Picture-Perfect Bow-Front Townhouses Go Head-to-Head

By Michelle Cohen

A classic bow-fronted Prospect Heights townhouse (above, right) offers many of the things we love about this star-studded $17 million West Village home (above, left)–for a lot less. The big-ticket Manhattan beauty set records and made movies. But for $3.5 million, a new-to-market gem in one of Brooklyn's most coveted neighborhoods is just as charming, and even offers some perks the Manhattan home lacks.
Compare these four-story homes with very different prices

March 9, 2015

Is South Bronx the Next Williamsburg/DUMBO?; Bjarke Ingels on the ‘New York Dryline’

By Diane Pham

Bjarke Ingels and Oliver Wainwright talk about the New York Dryline. [The Guardian] Marc Jacobs exec Robert Duffy sells his West Village townhouse for $5.5 million. [NY Post] A map of all the developments coming to Myrtle Avenue in Brooklyn’s Fort Greene. [The Real Deal] Modular housing developers may be getting a boost from the de […]

Real Estate Trends

Race Drives Gentrification and Neighborhood Boundaries, Study Finds

Photo by brandon king cc

March 6, 2015

Race Drives Gentrification and Neighborhood Boundaries, Study Finds

By Diane Pham

Focusing in on just race can be taboo when looking at gentrification, but a new study finds that an area's racial composition is actually the biggest predictor of how a changing neighborhood is perceived. CityLab recently dissected the study conducted by sociologist Jackelyn Hwang to find that the way that blacks and whites perceive and talk about change in their neighborhood is often wildly different. This gap in perception has wide-reaching effects for changing neighborhoods because not only does it polarize the individual groups, but it can also have a tremendous effect on where neighborhood boundaries are drawn and investment is distributed.
Find out more here

March 6, 2015

Be Chloe Sevigny’s Upstairs Neighbor; Live in Emma Stone’s Old Chelsea Townhouse for $22.5M

By Diane Pham

Live upstairs from Chloe Sevigny in this sunny Prospect Park pad asking $3.295M. Bonus: You’ll also get to call Senator Chuck Schumer your neighbor. [CityRealty] Derek Jeter is leaving his West Village rental at 56 Bank Street. [NYP] Construction defects abound in the city’s new buildings. [NYT] Numbers to back up millennials’ increasing interest in home ownership. [NYT] A Chelsea […]

Real Estate Trends

March 6, 2015

REVEALED: Massive Mixed-Use Development at Red Hook’s Revere Sugar Factory Site

By Ondel Hylton

The housing-design experts at Magnusson Architecture and Planning (MAP) have hashed out a feasibility study to redevelop the Revere Sugar Factory site in Red Hook with a 1.7 million-square-foot development to include more than 900 apartments, 250,000 square feet of retail, and 400,000 square feet of parking. The six-acre site at 280 Richards Street is owned by the Joesph Sitt-led, Thor Equities, who purchased the parcel back in 2005 to the tune of $40 million, according to the New York Observer. The vacant parcel juts out 700 feet into the Erie Basin, and sits between the Ikea parking lot and the Red Hook Stores building home to Fairway Supermarket (and Michelle Williams, of course). Though MAP's rendering date back to 2007, they have yet to be publicized, and we have the first look here.
More information on the project here

March 6, 2015

What $4 Million Bought This Week in NYC

By Diane Pham

We've all come across real estate listings or recent sales that have us thinking either "Oh! I could live there!" or "What were they thinking?" Well we're going to make it a little easier for you to cast your judgements on the decisions of the rich—and sometimes famous—by rounding up some of the week's most interesting sales for you to compare and contrast. From a Greenwich Village pad purchased by a prolific '90s sitcom director to a classic Upper East Side co-op with crown moulding, this week we'll take a look at what $4 million bought in Manhattan.
See them all here

Real Estate Trends

March 5, 2015

REVEALED: Asking Prices, Floorplans for 520 Park Avenue, the Next Billionaire’s Row Blockbuster

By Gabby Warshawer

Developers of 520 Park Avenue have revealed apartment prices for all units in the building, which is poised to become one of the city’s most expensive condominium towers and include a $130 million penthouse. The building, which will rise in the high-priced corridor flanking Central Park that has been dubbed “Billionaire’s Row,” is expected to gross $1.2 billion in apartment sales, according to initial offering prices detailed in documents filed with the Attorney General’s office. The $1.2 billion in total sales—which will make the building one of the most expensive in Manhattan history—is all the more impressive considering that current plans call for only 31 units, most of which will be full-floor residences.
Click here for full pricing information and floor plans

March 5, 2015

220 Central Park South Penthouse Could Set a New Record with $175 Million Price Tag

By Diane Pham

It's a good day for Robert A.M. Stern, whose buildings seem to be bringing billionaires to their knees. The Real Deal has just caught wind of the offering plan for Stern's 220 Central Park South tower being developed by Vornado. According to the papers filed with the Attorney General and sources close to the development, the penthouse may ask $150 million to $175 million, bringing the building's total sellout to a staggering $2.4 billion. The $175 million price tag would by far blow the Sony Building's $150 million penthouse out of the water, and most certainly One57's record $100 million sale which currently holds the title for the most expensive unit ever sold in the city.
Find out more here, plus floor plans!

Real Estate Trends

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