Real Estate Trends

$30M Mega-Mansion Coming to Soho; New Developments Heating up the Jamaica Real Estate Market
February 12, 2015

$30M Mega-Mansion Coming to Soho; New Developments Heating up the Jamaica Real Estate Market

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A massive, 13,000-square-foot mega-mansion is coming to Soho. Madison Equities will combine two existing townhouse development sites to create a completely customizable $30 million home. [NYDN] Several mega projects coming to Jamaica may prove to be the real estate tipping point for the Queens ‘hood. [TRD] Hudson Yards developers get $180 million in tax breaks. […]

Carmelo and LaLa Anthony Score an $11 Million Pad Overlooking the High Line
February 12, 2015

Carmelo and LaLa Anthony Score an $11 Million Pad Overlooking the High Line

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New York Knicks star Carmelo Anthony and wife LaLa have been on the hunt for a Chelsea home since last fall, and after touring countless multi-million dollar homes (like this one and this one) it looks like the pair have settled on a High Line-adjacent condo at Cary Tamarkin’s new 10-story, 15-unit complex at 508 West 24th Street. The Post reports that the hoopster is putting down $11 million for a massive full-floor home.
Check it out here
A Rich (and Potentially Famous) Buyer Snags the Penthouse at 250 West for $29.5 Million
February 11, 2015

A Rich (and Potentially Famous) Buyer Snags the Penthouse at 250 West for $29.5 Million

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After yoyo-ing on and off the market over the last two years, the penthouse at 250 West has finally found a buyer. City records filed this afternoon reveal that the unit traded hands for $29.5 million, way down from its original $42 million asking price back in 2013. The buyer was shielded under an LLC, but it was previously reported that the penthouse was being marketed to high-profile individuals, celebs amongst them, given its private entrance separate from the door used by the rest of the residents. Leonardo DiCaprio was rumored to be one of the names to have checked out the space—though he eventually purchased a pad at the Delos. With that in mind, we wonder who nabbed this Tribeca deal.
Check out the interiors here
Buy Your Sweetie an Empty Lot in Newark for $1000; Inside Brooklyn’s First Net Zero Condo Building
February 10, 2015

Buy Your Sweetie an Empty Lot in Newark for $1000; Inside Brooklyn’s First Net Zero Condo Building

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The city of Newark has announced a “Valentine’s Day Land Sale” of 100 city-owned empty lots at $1,000 apiece. [Brick Underground] Tour R-951, Brooklyn’s first net zero-capable solar-powered passive house condo building in Prospect Heights. [Inhabitat NYC] First look at the hotel planned for the huge hole near the Lorimer stop. [Curbed] A controversial plan to […]

Mapping Where in NYC Millennials Live
February 9, 2015

Mapping Where in NYC Millennials Live

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The initial results may not surprise you–young adults living in New York City tend to set up shop in North Brooklyn, the Far West Side, the Upper East Side, the East Village and western Queens. This data is courtesy of a new mapping project from the University of Waterloo School of Planning in Ontario called Generationed City. Using census and crowd-sourced data, the project compares demographic patterns of millennials (typically defined as those born between 1980 and 2000) to that of older generations like baby boomers. It looks at North American cities with populations over 1 million where it's commonly accepted that millennials live in central parts of cities. While the largest chunk of NYC-based data is pretty on par with what we already knew, there are some other trends, both within the city and compared with other cities, that are a bit more curious.
More findings ahead
Building on Sunnyside Yards Comes with a Slew of Political, Cost and Engineering Complications
February 9, 2015

Building on Sunnyside Yards Comes with a Slew of Political, Cost and Engineering Complications

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Of the new city initiatives laid out by Bill de Blasio last week during his State of the City address, few were as ambitious as the mayor's plan to build 11,250 affordable apartments on Sunnyside Yards. But, as it turns out, more than just the mayor are looking to turn the 200-acre property into their legacy project. Crain's reports that since the plan was announced, Governor Cuomo has emerged with his own ideas, namely tunnels that would bring the Long Island Rail Road into the heart of Midtown. Former Bloomberg administration Deputy Mayor Daniel Doctoroff has also chimed in with a plan of his own that encompasses a huge new money-spinning convention center. But it doesn't stop there; the clashing of ideas is just one of the burdens that comes with building on this coveted site—meaning we probably won't see any affordable housing here for more than several decades.
More on the complications here
Foreign Shell Companies Hide the Names of the Seedy Buyers of NY’s Luxury Real Estate

The Time Warner Center

February 9, 2015

Foreign Shell Companies Hide the Names of the Seedy Buyers of NY’s Luxury Real Estate

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We've been talking a lot lately about foreign investors with their hands in the NYC real estate market, but a story in the Times took the investigating one step further by uncovering the secrecy of more than 200 shell companies at the Time Warner Center, documenting "a decade of ownership in this iconic Manhattan way station for global money transforming the city’s real estate market." Though most of these were simply wealthy Americans, at least 16 were rich foreigners who "have been the subject of government inquiries around the world, either personally or as heads of companies," ranging from environmental violations to financial fraud. In 2014, around 50 percent of all $5 million+ sales were to shell companies, but at the Time Warner Center it was 80 percent. With this growing trend, however, the government hasn't taken a closer look at the money being used to buy luxury real estate, allowing shell companies to make the movement of foreign funds largely untraceable.
Find out more about Mr. Low and this real estate trend
Adrian Grenier Buys Five-Story Clinton Hill Townhouse for $2.1 Million
February 9, 2015

Adrian Grenier Buys Five-Story Clinton Hill Townhouse for $2.1 Million

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Recently it was reported that filmmaker, actor and Entourage star–and sometime boutique brewer and Brooklyn renovator Adrian Grenier had been spotted checking out a three-bedroom co-op in Chelsea, accompanied by his mom, Brown Harris Stevens broker Karesse Grenier. While Chelsea may be in their sights as well, city records show that the pair recently inked a deal on a huge, historic five-story townhouse in prime Clinton Hill at 112 Gates Avenue, not far from the house he brought back to life with a green reno in 2007.
More on the story this way
Photographer/Pillsbury Heir Snaps Up Turnkey Clinton Hill Flip for $3.5 Million
February 9, 2015

Photographer/Pillsbury Heir Snaps Up Turnkey Clinton Hill Flip for $3.5 Million

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We’ve been a bit obsessed with the house at 102 Gates Avenue–a Brownstoner House of the Day not once but twice–since it hit the market as an estate sale back in 2013; lines stretched down the block and 350 people showed up on one Sunday to view the house, which was asking $1,295,000, a great price at a time when townhouse prices in the area were hitting their recent hot streak. The house, in estate condition but dripping with gorgeous original details, set off a bidding war and sold in a matter of weeks for $1,555,000, becoming a poster child of sorts for the frenzied brownstone Brooklyn townhouse market. After a high-end renovation that spared no detail, the house, a two-unit stunner with a sweet garden apartment and a beautifully restored triplex plus landscaped yard and deck, re-emerged less than one year later at the head-turning asking price of $3.35 million.
More on this brownstone Brooklyn Cinderella tale this way
Facebook Expands Its Midtown Office; Buy a Condo at the Oosten and Get a Free Trip to Amsterdam
February 6, 2015

Facebook Expands Its Midtown Office; Buy a Condo at the Oosten and Get a Free Trip to Amsterdam

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Facebook is expanding its offices. The social media giant will add 80,000 square feet—at $100 per square foot—at its 770 Broadway locale. [Crain’s] If you buy a condo at the Oosten in Williamsburg, you’ll get a free trip to Amsterdam. [Brick Underground] How many jobs are accessible from your neighborhood? [DNA Info] The East River Waterfront […]

As Developers Favor Large Apartments, Studio Prices Are on the Rise

Studio 505N at 540 West 49th Street, available for $815,000 via Halstead

February 6, 2015

As Developers Favor Large Apartments, Studio Prices Are on the Rise

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As anyone who lives in a studio apartment can tell you, it's often the best–if not the only–way to live without a roommate in New York. But with developers finding it much more profitable to build large apartments, studio apartments may be heading to extinction. And those existing one-room units are seeing steep price increases as demand is outpacing supply. As the Daily News reports, "Listings for new studios compose just 4% of the units in Manhattan — down from 15% in 2013... As of January, just 30 such apartments were on the market, compared with 161 in January 2012." The median price for a new Manhattan studio rose over the past year to $930,000, a whopping 60 percent increase. Comparatively, the median price for a new one-bedroom unit rose 30 percent and for a two-bedroom home it dropped by 11 percent.
More on the real estate trend here
Chinese Real Estate Investors Expanding Their Search to the Long Island Suburbs

Old Westbury Gardens, a Gold Coast mansion also known as “the Gatsby House”, © Old Westbury Gardens

February 6, 2015

Chinese Real Estate Investors Expanding Their Search to the Long Island Suburbs

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In recent years, the Manhattan real estate scene has had a major upswing in the amount of wealthy buyers from China, who feel that New York City condos and other properties are a safe place for their money. In fact, high-profile real estate firms are even tapping Chinese brokers to cater to this growing clientele. But now the trend is moving east, with Chinese buyers eyeing the stately mansions that make up the Gold Coast suburbs of Long Island. According to the Times, "Some Chinese buyers are parking money in what they see as a low-risk investment. Others are seeking a trophy home. Still others are intent on living in these places full time while their children attend the area’s high-performing schools."
More details ahead
Photographer Jay Maisel Officially Sells 190 Bowery for $55M
February 6, 2015

Photographer Jay Maisel Officially Sells 190 Bowery for $55M

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It's being considered one of the greatest returns on investment in New York City real estate history, reports the Daily News. Photographer Jay Maisel bought the now-famous graffiti-covered home at 190 Bowery back in 1966 when it was abandoned for only $102,000, and he's now officially sold the Gilded Age bank building to developer Aby Rosen of RFR Realty for $55 million. Developers have been urging Maisel to sell ever since the Bowery changed from a seedy row of drugs and flop houses to a trendy destination for foodie-favorite restaurants and high-end boutiques. Rosen finally convinced the artist, who lived in the six-story, 72-room mansion with his wife and daughter, to sell on the basis that it had no heat and was in disrepair.
More on the epic sale
Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights
February 5, 2015

Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights

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Discord around the construction of One Vanderbilt continues to grow, and the latest contender to enter the ring is Harvard Law professor, "liberal constitutional scholar" and President Barack Obama's former educator, Laurence H. Tribe. Grand Central owner Andrew Penson has tapped the big-time lawyer to battle the city in his fight against the 1,514-foot supertall, according to The New York Times. Yesterday, with Tribe in tow, Penson went head-to-head—yet again—with the tower's developer SL Green at the City Planning Commission hearing. The meeting got as heated as one would expect, and "unconstitutional" and "ridiculous" were just a couple of the words thrown around.
Find out more here
Listings Launch at Fort Greene Church Conversion 232 Adelphi Street
February 5, 2015

Listings Launch at Fort Greene Church Conversion 232 Adelphi Street

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When we first got a look inside the church conversion at 232 Adelphi Street we were blown away by the amount of original architecture retained from the structure's holy days, including stained glass windows, vaulted ceilings with exposed steel beams, arched doorways, reclaimed hardwood floors, and plenty of exposed brick. And now that listings have launched at the Fort Greene rental building, we have even more to ogle at. Formerly the Carlton Mews Church, the landmarked 1888 Gothic Revival Church was completely restored by RSVP Studio to feature 12 distinct apartments, including studios, one- and two-bedroom duplexes, and three-bedroom triplexes.
Take a look at the offerings here
First Penthouse at the Oosten Hits the Market for $6.4M; ‘Bargain’ Condos Coming to the Market
February 5, 2015

First Penthouse at the Oosten Hits the Market for $6.4M; ‘Bargain’ Condos Coming to the Market

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One of four penthouses in the Piet Boon-designed Oosten is up for grabs at $6.4 million. [6sqft inbox] “Bargain” condos are coming to the market. Expect these to be priced $3 million and under. [Bloomberg] Guoqing Chen, the founder of China’s largest private airline company, has bought a full-floor condo at One57 for $47.4 million. [TRD] […]

Rents in Harlem Shoot Up, Brooklyn Studios Expensive as Ever
February 5, 2015

Rents in Harlem Shoot Up, Brooklyn Studios Expensive as Ever

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MNS has just released their 2014 report pointing to rental performance in the Manhattan and Brooklyn markets over past year. And as you've probably already guessed there are no surprises here—rents were up. Leading the charge in growth were Harlem where new luxury listings gave the area a major boost, and of course Brooklyn which continued see growth at remarkable rates, particularly with studio units which were up more than 20 percent in some nabes.
Find out more here
If You Can’t Beat ‘Em Join ‘Em: Hotels Attempt to Emulate Airbnb Amidst Competition
February 4, 2015

If You Can’t Beat ‘Em Join ‘Em: Hotels Attempt to Emulate Airbnb Amidst Competition

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As the city's war against Airbnb rages on, hotels and bed and breakfasts across the city continue to see their guest numbers drop. But the decrease isn't necessarily due to the lower costs of Airbnb rentals (although we certainly wouldn't discount it) but the fact that visitors to our fair city are looking for an authentic New York experience. DNA Info reports that new hotels across the city are looking to recreate the "real experience" of staying in New York by channelling a "more urban" atmosphere with cool perks—bars amongst them—that lure local residents within their towering walls to hang with their guests.
READ MORE
HIGHLIGHTS: De Blasio Announces Plans for More Affordable Housing and a New City-Wide Ferry Service
February 3, 2015

HIGHLIGHTS: De Blasio Announces Plans for More Affordable Housing and a New City-Wide Ferry Service

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Mayor Bill de Blasio just wrapped up his State of the City address, and in addition to focusing in like a laser beam on affordable housing, the mayor also unveiled a number of additional improvements that certainly had us sitting up straight in our seats. In his address, De Blasio emphasized that his plan would look to creating denser, economically diverse affordable residential communities for not only low-income New Yorkers, but also for chronically homeless vets, seniors and artists. “While the state of our city is strong, we face a profound challenge,” de Blasio said during his speech. "If we fail to be a city for everyone, we risk losing what makes New York, New York…Nothing more clearly expresses the inequality gap—the opportunity gap—than the soaring cost of housing." The mayor also spoke about the administration's plan to raise minimum wage and expand public transit, which would include adding more Bus Rapid Transit lines to the outer boroughs, and, most notably, a brand new city-wide ferry system that would serve areas such as the Lower East Side, the Rockaways and Red Hook for the same cost as a subway ride. Keep reading for more highlights.
Highlights from de Blasio's speech here
7,279 NYC Homes Are Valued at More Than $5 Million

The Upper East Side, where the most $5 million + homes are located, via CityRealty

February 3, 2015

7,279 NYC Homes Are Valued at More Than $5 Million

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If you think that statistic is jaw-dropping, consider this, too–those 7,279 homes valued at more than $5 million amount to a total fair market value of $65.2 billion, according to data from the city’s Independent Budget Office. The Wall Street Journal requested the data to take a closer look at the proposal to impose higher property taxes on pied-à-terre owners, and the findings show that "the city’s most expensive homes would generate less money from a higher tax surcharge than what its advocates have suggested."
More details here
Queens to Get Its First Apple Store; Details Revealed for St. Patrick’s Old Cathedral School Condo Conversion
February 3, 2015

Queens to Get Its First Apple Store; Details Revealed for St. Patrick’s Old Cathedral School Condo Conversion

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The first Apple store in Queens will open later this year in the Queens Center Mall. [9to5Mac] The conversion of the St. Patrick’s Old Cathedral School in Nolita will include seven luxury condos with a total sellout of $70.7 million, a church-related community facility, and two townhouses. [TRD] Williamsberry is a new condo, not a fruit snack, set to rise […]

Bruce Willis Is Back at It, Buys $17M Duplex at 271 Central Park West
February 3, 2015

Bruce Willis Is Back at It, Buys $17M Duplex at 271 Central Park West

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Maybe we haven't seen Bruce Willis in a new movie in a couple of years because he's been too busy unloading and buying real estate in New York. First there was the $12 million, 22-acre buy in Bedford, then the $13 million sale of his El Dorado co-op, and now he's purchased a $17 million six-bedroom duplex at 271 Central Park West, just a few blocks away from the El Dorado digs and not too far from the unit he owned before that at Trump Place on Riverside Drive. Clearly Willis likes the Upper West Side, and it looks to us like he's having some fun climbing up the luxury-listing ladder.
Check out Willis's new pad here
Luxe Penthouse at the Carlton House Sells at a Discounted $52 Million
February 3, 2015

Luxe Penthouse at the Carlton House Sells at a Discounted $52 Million

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It's been a couple weeks since we've seen a sale break the $50 million mark, but lo and behold, the penthouse at Extell Development's Carlton House has just sold for $52 million. According to city records filed today, the top unit sold at a markdown, originally listed for $65 million back when it first hit the market in October 2013. The price cut, however, shouldn't discount what's inside. The six-bedroom, six-plus-bathroom, 8,988-square-foot Upper East Side duplex features a private outdoor roof space (there's 5,261 square feet of outdoor space in total), en-suite bathrooms in all the bedrooms and wrap-around terraces. The building itself also boasts quite an interesting backstory. It was originally designed in 1940 by Kenneth B. Norton, but not completed until 1950 as construction was halted during World War II. After purchasing the building in 2010, Extell hired Beyer Blinder Belle to convert the structure into condos. The job cost a reported $350 million and Extell's President Gary Barnett told The New York Times that the decision to preserve the building was “actually more expensive than if we tore the damn building down and built it again.”
Check out the floor plan here
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