Real Estate Trends

Can Developers Still Make a Profit as Land Prices Reach Record Sums?

What Manhattan will look like in 2018, via CityRealty

January 21, 2015

Can Developers Still Make a Profit as Land Prices Reach Record Sums?

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Most landowners, especially those who have been in the development business for a long time, aren't easily persuaded to sell their holdings, but with sales reaching record sums, that's all starting to change. As Crain's recounts, back in November Jerry Gottesman, who has a property empire worth over $3 billion, sold a parking lot he owned between 17th and 18th Streets near the High Line for $800 million. He bought the site in the early '80s for $2.4 million. Influenced by the sale, other landowners are also looking to get in on the action; just last week three large residential development sites hit the market asking $1,000 or more per buildable square foot–a 50 percent increase in the price of Manhattan land from last year. And if the parcels fetch these sums, it will be the first time values per buildable square foot reach four figures. With these record sale sums, Manhattan condo builders would have to sell units at sky-high prices to make a profit. For example, a 1,000-square-foot apartment would need to sell for $3 million or more just to break even.
More on the trend here
Goldilocks Blocks: Lowry Triangle in Prospect Heights, Where the Gritty Meets the Gentrified

Between hyper-developed hotspots, main drags in up-and-comers, and those genuinely avoidable areas, there can often be found a city’s “just-right” zones. They aren’t commonly known, but these micro-neighborhoods often hide within them real estate gems coupled with perfectly offbeat vibes. Continuing our Goldilocks Blocks series, this week we look at Lowry Triangle in Prospect Heights, Brooklyn.

January 20, 2015

Goldilocks Blocks: Lowry Triangle in Prospect Heights, Where the Gritty Meets the Gentrified

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It’s...gritty. But it’s Prospect Heights. Anchoring an oddly magical Brooklyn crossroads where Prospect Heights, Crown Heights and Clinton Hill meet, bisected by noisy, gritty Atlantic Avenue, Lowry Triangle and its surrounding blocks form a literal mashup of three neighborhoods, all of which began hitting their gentrification strides at slightly different times. On a map it’s legitimately Prospect Heights, whose border is a block to the east at Grand Avenue. It’s a small but decidedly cool zone, open and semi-industrial, where old brick buildings share space with a growing number of sleek, modern boutique condos, compact cubes fronted by vast expanses of glass; a fascinating juxtaposition of old and new.
What you might not notice if you're just passing through
NYC Real Estate Firms Cater to Chinese Investors

The Oosten condos in Williamsburg, Brooklyn, overseen by Xin Development Group of China

January 20, 2015

NYC Real Estate Firms Cater to Chinese Investors

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It's no surprise that Chinese investors, who feel that New York City condos and other properties are a safe place for their money, are making major waves in the real estate market, so it makes perfect sense that high-profile real estate firms are tapping Chinese brokers to cater to this growing clientele. These international deals come with many complexities in addition to the traditions and language of the buyer, and having a broker who can easily navigate the process makes closing the deal that much more certain.
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Russian Billionaire Roman Abramovich Buys Up Three UES Townhouses to Build a Makeshift Mansion
January 19, 2015

Russian Billionaire Roman Abramovich Buys Up Three UES Townhouses to Build a Makeshift Mansion

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While some billionaires are busy eyeing the glass penthouses of the city's up-and-coming and ultra-luxe towers, others are taking a more DIY approach to realizing their dream home. The latest to join the building-your-own-mansion trend is billionaire Roman Abramovich, who according to the  NY Post has just "secretly" purchased a 9,495-square-foot townhouse at 11 East 75th Street for $29.7 million from developer Larry Gluck. The buy follows Abramovich's December purchase of another 7,286-square-foot townhouse two doors down for $18.3 million, and word on the street is that he's in contract for the townhouse wedged right in between.
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Construction Resumes at 432 Park; The Case Against Supertalls and Their Super-Long Shadows
January 19, 2015

Construction Resumes at 432 Park; The Case Against Supertalls and Their Super-Long Shadows

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Work has resumed on 432 Park. This follows last week’s stop work order issued after an eight-foot pole fell from tower and crashed into the street below. [Dezeen] Critics of supertalls blast NYC’s “as of right” development policy and what little has been done to protect the urbanscape from the shadows cast by these massive buildings. [The Guardian] A window washer […]

January 19, 2015

VIDEO: Santiago Calatrava Explains the Design of His Ground Zero Church

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Back in October, we revealed renderings for Santiago Calatrava’s Ground Zero Church, which will overlook the 9/11 Memorial. Now we have a BBC video that features Calatrava explaining his vision for Saint Nicholas Church. ArchDaily, who spotted the feature, writes that “the building, which broke ground last year, has been described by Calatrava as a ‘tiny jewel’ for lower […]

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever
January 16, 2015

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever

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Expect another blockbuster year for the super-luxury tower that launched a slew of other wannabe developments across the city. A palatial unit occupying the 89th and 90th floor of One57 has just sold for a record-breaking $100,471,452.77—the most expensive condo purchase ever recorded Manhattan. The buyer of the massive 10,923-square-foot penthouse apartment remains a mystery—city records simply show an […]

City Exceeds 2014 Affordable Housing Goals, but Few Apartments Are Below 96th Street

Photo via Pexels

January 16, 2015

City Exceeds 2014 Affordable Housing Goals, but Few Apartments Are Below 96th Street

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Photo via Pexels The Mayor announced yesterday that the city had exceeded its affordable housing goal for 2014 by 1,300 apartments, building or preserving 17,300 affordable units. This represents 8.6 percent of de Blasio's larger goal of 200,000 units over 10 years. But on the heels of the announcement, a report by New York University's Furman Center shows that only 6 percent of new subsidized affordable rental units have been built below 96th Street since 2000, compared with 16 percent in the '70s. The city says it's ramping up its building and preservation efforts to 20,000 affordable units per year, but this likely won't do much to sway the numbers above 96th Street.
More on the affordable housing news here
Patrick Stewart Wants a “Stroller Lane” in Park Slope; Harlem’s Renaissance Ballroom is Unsalvageable
January 16, 2015

Patrick Stewart Wants a “Stroller Lane” in Park Slope; Harlem’s Renaissance Ballroom is Unsalvageable

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Patrick Stewart wants a “stroller lane” in Park Slope and is willing to back a bill to make it happen. [NYO] It’s curtains for Harlem’s renaissance ballroom. To many’s dismay, the building’s owners have deemed it “unsalvageable”. [NYDN] A massive 40-story mixed-use building is coming to Coney Island. [TRD] It might have great views from the […]

Sportscaster Marv Albert’s Lincoln Square Penthouse Sells for $13M, $2M Less Than Initial Reports
January 16, 2015

Sportscaster Marv Albert’s Lincoln Square Penthouse Sells for $13M, $2M Less Than Initial Reports

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Though it was originally reported that famed sportscaster Marv Albert sold his sprawling penthouse at 150 Columbus Avenue for $15 million, city records released today show that the 3,553-square-foot pad actually sold for $13 million after being listed in May. Marv and his wife, former ESPN producer Heather Albert, originally purchased the home in 1996 for $2.39 million, turning a pretty impressive profit in time for their move downtown to Tribeca.
Take a look inside here
Last Low-Rise Buildings Along Delancey Street Will Likely Be Razed for Condos
January 16, 2015

Last Low-Rise Buildings Along Delancey Street Will Likely Be Razed for Condos

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It looks like the home of Get Set, Happy Wok, Taj Gold, and Sneaktip will soon be no more. Bowery Boogie reports that Ashkenazy Investments, the owner of the commercial stretch, has just listed their site at 156-164 Delancey Street for $7.5 million. Ashkenazy purchased the property two years ago simply leasing the units out, but as one would expect, they've just been waiting for the right moment to make a flip. With this week's reveal of the SHoP/Handel Architects/Beyer Blinder Belle/Dattner Architects-designed mega-development Essex Crossing just across the street, the timing couldn't be better.
Find out more here
111 West 57th Street: The World’s Skinniest Tower Will Rise to 1,421 Feet
January 15, 2015

111 West 57th Street: The World’s Skinniest Tower Will Rise to 1,421 Feet

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That's a lot of accolades for one building, but the SHoP Architects-designed tower at 111 West 57th Street is looking to sweep the supertall competition. Originally planned to rise 1,397 feet, the tower will now soar to 1,421 feet, surpassing 432 Park Avenue (the current tallest residential building in the Western Hemisphere) by 24 feet, according to city records uncovered by Crain's. It will also retain its title as the world’s slenderest tower.
More details ahead
Real Estate Wire: 432 Park Slapped with a Stop Work Order; Inside Hillary Duff’s Brooklyn Home
January 15, 2015

Real Estate Wire: 432 Park Slapped with a Stop Work Order; Inside Hillary Duff’s Brooklyn Home

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Construction on 432 Park Avenue has come to a halt after an eight-foot-long pipe fell from the 81st floor and crashed in the street down below. No injuries have been reported. [Curbed] Did you know Hillary Duff lives in Brooklyn? Take a peek inside her home, which looks like it might be in Park Slope. [Elle] Adrian Grenier was spotted […]

First Four Essex Crossing Buildings Revealed

Rendering via SHoP Architects

January 15, 2015

First Four Essex Crossing Buildings Revealed

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After 45 years of sitting vacant on the Lower East Side, the failed SPURA (Seward Park Urban Renewal Area) project site is being transformed to a $1.1 billion, 1.65 million-square-foot, mixed-use mega-development anchored by 1,000 residential units and a mix of cultural, community, and retail facilities. We've gotten snippets here and there on what the Essex Crossing project will look like–such as the Andy Warhol Museum and a 14-screen movie theater–but now Curbed has revealed renderings of the development's first four buildings. Construction on phase one of the project, which will occupy sites one, two, five and six (there are nine sites in total), is expected to commence this spring, and the notable architects who will spearhead the charge are SHoP, Handel Architects, Beyer Blinder Belle and Dattner Architects.
See what these architects have planned for Essex Crossing
Real Estate Wire: Historic Home up for Sale for the First Time in 40 Years; Richard Meier Beauty Asks $10.5M
January 14, 2015

Real Estate Wire: Historic Home up for Sale for the First Time in 40 Years; Richard Meier Beauty Asks $10.5M

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A once-in-a-lifetime opportunity has emerged: A two-floor home in the former Lodging House/Children’s Aid Society in the East Village is for sale. The home hasn’t been available for sale in nearly 40 years. [EV Grieve] A lofty full-floor apartment in Richard Meier’s 165 Charles Street hits the market for $10.5 M. [Curbed] Work has resumed on the B2 […]

Affordable Brooklyn Fading: Last Chance to Buy a Home Under $1M in Areas Like Bed-Stuy and Bushwick
January 14, 2015

Affordable Brooklyn Fading: Last Chance to Buy a Home Under $1M in Areas Like Bed-Stuy and Bushwick

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If you've been looking to buy a home in Brooklyn, you'd better do it now–because townhouses under $1 million are going fast as investors and house hunters turn to the likes of Bushwick, Bed-Stuy, Prospect-Lefferts Gardens and Crown Heights for cheap buys after being priced out of other areas in the borough. The news, which comes via DNA Info, isn't all that surprising, as we reported just yesterday that $3 million-plus townhouses are becoming the norm in already-gentrified neighborhoods like Boerum Hill, Brooklyn Heights and Park Slope. But those mulling over whether or not to close on a home in an up-and-coming neighborhood had better make the move, because affordable townhouse listings are increasingly becoming few and far between.
Find out more here
Is Jamaica, Queens NYC’s Hot New Tourist Spot?

Sutphin Avenue in Jamaica via Panoramio

January 14, 2015

Is Jamaica, Queens NYC’s Hot New Tourist Spot?

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Not yet, but that's just what the new head of the neighborhood's Business Improvement District (BID) is planning. To realize her goal of turning Jamaica into one of NYC's hot tourist spots, Rhonda Binda is organizing neighborhood tours and launching a series of pop-up installations that would focus on the community's history and culture, as well as local artists. In partnership with the Queens Tourism Council, she hopes these offerings will attract both locals and visitors alike, especially those who have layovers at JFK airport.
More details ahead
To Ski or Not to Ski? That Is the Question in This Adorable Thorndale Condo
January 14, 2015

To Ski or Not to Ski? That Is the Question in This Adorable Thorndale Condo

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We dare you to look at this home and not want to make a cup of hot cocoa, sit down in front of the gas-burning fireplace, wrap yourself up in a blanket and lose yourself in a good book. This 1,209-square-foot Thorndale pad charms with ski lodge appeal, making the cold winter months an experience–and it’s available for rent, asking $8,500 per month.
Hold on while we grab some cocoa, then let’s take a look inside
“Who’s Buying New York?” WNYC’s Week-Long Series Spotlighting the Wealthy Changing the City
January 13, 2015

“Who’s Buying New York?” WNYC’s Week-Long Series Spotlighting the Wealthy Changing the City

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As industry buffs release their year-end reports full of charts and stats, WNYC is taking a different approach, getting an insider's look with the actual people wheeling and dealing real estate across the city. Launched Monday, "Who's Buying New York?" is a week-long series that takes a look at the current real estate boom taking New York by storm. The podcast series investigates the financial muscle behind the supertalls changing our skyline, who's buying those units in those buildings, and what this all means for the rest of us. Reporters also chat with some high-earning Chinese investors buying apartments in New York they never plan on living in, and they take a look at all the extra moves property owners take to hide their identities.
Find out where to listen to the podcasts here
Real Estate Wire: 2014 Was the Tallest Year for Skyscrapers; Karim Rashid Design Blasted Again
January 13, 2015

Real Estate Wire: 2014 Was the Tallest Year for Skyscrapers; Karim Rashid Design Blasted Again

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Karim Rashid just can’t seem to win. The city has—again—asked the architect to redesign his East Harlem building’s balconies due to building code violations. [DNA Info] 2014 was the tallest year for skyscrapers. [Archinect] Renderings of “The Ark”—a privately-owned animal handling cargo terminal–coming to JFK. [Curbed] Gloomy 380 Madison is getting a makeover with sky-high green space […]

Paying $3 Million-Plus for a Brooklyn Townhouse Is Now the Norm
January 13, 2015

Paying $3 Million-Plus for a Brooklyn Townhouse Is Now the Norm

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Brooklyn's real estate market is hot, but the market for historic townhouses is searing. Today, the NY Post cites Ideal Properties' latest report which reveals that $3 million-plus townhouse sales in Brownstone Brooklyn and North Brooklyn increased 579 percent in the last five years, and accounted for 9.5 percent of the 1,035 townhouses sold just last year. Record-breaking sales in the last quarter gave the segment its biggest boost, and rising inventory is expected to swell this number even further over the coming year.
Find out more here
Chetrit Group Plans $1.8B Sellout for 96 Condos in the Sony Tower
January 13, 2015

Chetrit Group Plans $1.8B Sellout for 96 Condos in the Sony Tower

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Back in June, we learned that the Chetrit Group was planning to partially convert the Philip Johnson-designed Sony Tower at 550 Madison Avenue to high-end condos. And it has now been revealed that the 96 condo units will amount to a jaw-dropping $1.8 billion sellout, according to plans the developer filed with the Attorney General's office. By comparison, the initial total sellout at One57 was $2 billion, and at 432 Park Avenue it was $2.4 billion.
More on the luxury conversion
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