Financial District

November 1, 2016

FiDi Birkinstock penthouse on the rental market for $20K, international antiquities included

This 3,500-square-foot penthouse atop the Setai Wall Street at 40 Broad Street in the Financial District is a stunning home by NYC standards, but the condominium also includes a world tour's worth of collected fixtures. The two-bedroom penthouse belongs to Alex Birkenstock–scion of the trendy-crunchy European sandal family–who bought the posh pad in 2011 for just under $6 million. An attempt was made in 2104 to sell the apartment for $13 million as 6sqft previously reported. But even after being eventually chopped to $9 million, the pad still doesn't appear to have changed hands. Now it's for rent for $19,995 a month, amazing spin-the-compass collections and all. For starters, there's a 1,000-pound steel and brass safe bought from the Bank of France...
Take the tour

October 24, 2016

Trinity Church reveals plans for $300M Pelli Clarke Pelli-designed tower to rise behind historic church

By Dana Schulz

Trinity Church Wall Street was built in 1846 by Richard Upjohn and is considered one of the first and best examples of Neo-Gothic architecture in the entire country. But behind its historic steeple, which made it the city's tallest building until 1890, will soon rise a modern, 26-story, mixed-use tower. The Wall Street Journal reports that Trinity has revealed its design for a Pelli Clarke Pelli-designed building, which will be linked to the church by a foot bridge over Trinity Place. The new 310,000-square-foot structure will house the Trinity Church Parish Center at its base, along with a cafe, gymnasium, flexible space for classrooms or art/music studios, and church offices. Above the Center, on floors 10 through 26, will be commercial office space
More details ahead

October 21, 2016

Renderings revealed for Gensler’s communal sky lobby at One World Trade Center

By Dana Schulz

Tenants at One World Trade Center who occupy floors above 65 are required to change elevators at the 64th floor. When the building opened its doors two summers ago, the Durst Organization noticed that these elevator banks became a natural mingling area, and so decided to forego plans to make the space into offices and instead keep it open as an open sky lobby. Commercial Observer got a first look at renderings of the commons designed by Gensler, whose principal and design director Tom Vecchione referred to it as "a shared piazza for the entire building." In addition to a cafe, it will offer a game room and a 180-person meeting room that can be split into two or host fitness and yoga classes.
More renderings and details ahead

Architecture And Design

October 11, 2016

Young singles make up 60 percent of lower Manhattan, but they’re spending their cash elsewhere

By Michelle Cohen

A report released Monday by the Downtown Alliance shows that the area south of Chambers Street in lower Manhattan is chock full of young New Yorkers with plenty of disposable income; the development advocacy group hopes the news will result in the creation of more options for them to spend it. Crains reports on the survey, which found that 60 percent of apartments in a growing residential sector that includes the Financial District, Battery Park City and the South Street Seaport are home to single tenants and roommates with no children, one of the highest concentrations of young singles–defined as 18- to 44-year-olds, in the city. This spendy demo hits the town every other night on average, blowing about $1,000 a month, adding up to $356 million a year. But according to the report, half of that is spent in other neighborhoods due to a lack of "appealing options" in the area.
Tap a keg, stat

City Living

October 10, 2016

New renderings revealed for Richard Rogers’ glassy ‘Pearl on the Park’ at One Beekman

By Michelle Cohen

CityRealty.com offers new renderings via Urban Muse that reveal architect Richard Rogers' 25-story mixed-use Financial District residential development, One Beekman at 1 Beekman Street. The 95,000-square-foot building, known as “Pearl on the Park,” the first New York City residential building for Rogers Stirk Harbour + Partners, will have a glassy facade and utilize a glazing system at its base that lends a greater transparency to the building's lobby and street-level retail establishments. Included will be three commercial units of about 4,500 square feet each and one retail unit of approximately 3,200 square feet.
See the renderings

New Developments

October 3, 2016

Flood regulations may thwart plan to convert Lower Manhattan public spaces to retail

By Dana Schulz

When plans surfaced last March for a rezoning of the Financial District that would allow property owners to bring in retail tenants to the underutilized public plazas and walkways at the base of their buildings, it was met with mixed reviews. While some felt it would increase foot traffic and create a more vibrant street presence, others thoughts it would result in a loss of public space, but a gain for developers. These concerns may be a moot point, however, as Crain's brings news today that the plan could be "upended by federal flood regulations being applied to more areas of the city since Superstorm Sandy."
What's the deal?

September 16, 2016

Skyline blights: New York’s ugliest building finally gets its glassy update

By Diane Pham

The former Verizon Building at 375 Pearl Street has long been considered one of New York City's ugliest buildings. The oppressive structure was erected in 1975 and climbs 540 feet into the sky. While the height is almost negligible compared to some of the supertalls rising today, the tower's prime skyline positioning amongst some of the world's most celebrated architectural creations has done nothing to help shroud its banal facade. In fact, when the telephone switching center opened its doors for the first time more than 40 years ago, New York Times architecture critic Paul Goldberger described it as the Verizon's "most disturbing" addition to the city (though in defense of the architects Rose, Beaton & Rose, it was built to withstand severe weather and attacks and protect the critical telecommunications infrastructure within). But all of that is changing now, as the building's fortress-like facade is in the midst of receiving a long due makeover.
More photos of the progress that's been made here

September 16, 2016

One World Trade Center not for sale after all (at least not yet)

By Dana Schulz

Last week, 6sqft reported that the Port Authority would sell One World Trade Center for up to $5 billion due in part to vacancy issues and the fact that the tower only brought in $13 million in revenue last year, a mere 0.35 percent return on the agency's investment. But Authority chairman John Degnan said yesterday to Politico that "It’s certainly not on the block. We’re not talking to any brokers about it." This doesn't however, mean that the agency has changed its stance that it will one day "divest and monetize in non-transportation-related holdings."
Find out more

Uncategorized

September 14, 2016

Interview: Time Equities’ Francis Greenburger, a Renaissance man in NYC

By 6sqft

Francis Greenburger is the definition of a Renaissance man. Beyond running the full-service real estate firm Time Equities, Inc., he also helms the Greenburger Center for Social and Criminal Justice, he serves as Chairman of the literary agency Sanford J. Greenburger Associates, Inc., and he is also deeply involved with the OMI International Arts Center—and this is on top of the numerous non-profits […]

September 8, 2016

REVEALED: World Trade Center Performing Arts Center will be a translucent marble cube

By Dana Schulz

After stalling for years, the $243 million World Trade Center Performing Arts Center started to make headway in recent months, first with a decision to go with REX as the designers and then with a $75 million gift from Billionaire businessman and philanthropist Ronald O. Perelman (who is gaining naming rights). And finally, the official renderings have been revealed, and they showcase a nearly 90,000-square-foot, translucent veined marble cube that both stands out as an impressive piece of cultural architecture and co-exists with the other structures on the WTC complex such as the 9/11 Museum and transportation hub. According to a press release from developer Silverstein Properties, "The Perelman Center is inspired by the Center’s mission to defy experiential expectations. Its design cues were taken from [an] aim to foster artistic risk, incubate original productions, provide unparalleled flexibility, and deliver the most technologically advanced and digitally connected spaces for creative performance."
See all the renderings

September 6, 2016

Port Authority plans to sell One World Trade Center for up to $5B

By Dana Schulz

It's been almost two years since Condé Nast's 3,400 employees moved into One World Trade Center. At the time, only 58 percent of its 3 million square feet of space was leased, but the hope was that the media company's presence and perceived confidence in the $3.8 billion tower would attract more tenants. This didn't quite pan out, as it's still one third empty, and the Port Authority continues to drop $3 million a month to cover Condé Nast's old lease (this amounted to $47.6 million in 2015 alone). Due to these issues, along with the fact that the tower only brought in $13 million in revenue last year-- a mere 0.35 percent return on its investment--the cash-strapped Port Authority has made plans to sell One World Trade Center for as much as $5 billion. As Crain's notes, this would be the highest price ever paid for an office building in the country.
More details ahead

Uncategorized

August 29, 2016

$2.3M Financial District pad has been completely remodeled into an open-concept loft

By Emily Nonko

This three-bedroom, two-bathroom apartment at the Financial District condo 54 Pine Street has been totally remodeled into an open-concept loft. The owners moved the kitchen (and then outfitted it with new appliances) to create the third bedroom/office space. The open kitchen now looks out onto a long, open living and dining room that's anchored by exposed brick and arched ceilings. The entire apartment, in fact, boasts lots of lofty details, and it's now on the market for $2.285 million.
Take a look around

Distinctive Homes

August 12, 2016

Triarch Uses Lipstick Hues and Gallery Walls to Meld Two Downtown Apartments

By Michelle Cohen

At this Beekman Street residence, two small apartments had been combined into one large one by a previous owner. Architecture and design firm Triarch reworked the floor plan to better connect the apartment's series of separate rooms. The end result combines candy-coated pops of pink, red and purple, eye-popping art and contemporary finishes to make the home feel playful and creative, as well as livable.
See more of the interiors this way

Friday Five: 5 Upscale Manhattan Buildings Offering Free Rent and Gift Cards

Every Friday 6sqft is rounding up five of the best rental deals showcased on CityRealty’s newly launched no-fee rentals page, a space where house hunters can find the best concessions being offered by landlords across the city.

July 15, 2016

Friday Five: 5 Upscale Manhattan Buildings Offering Free Rent and Gift Cards

By Annie Doge

A new week means a slew of new rental deals being offered across the city. Today we're focusing on upscale rentals in Manhattan, scanning the island from top to bottom, from the Upper East Side to FiDi, for the most generous of rental concessions. Standouts ahead include one month’s free rent and a $1,000 MasterCard gift card at a Robert A.M. Stern-designed Tribeca tower, and two months of free rent on beautiful new rentals in Yorkville.
5 of the Best deals here

Uncategorized

World Trade Center Performing Arts Complex Gets $75M Gift From Billionaire Ronald Perelman

Image pointing to the site of the Performing Arts Center at the World Trade Center. Rendering by DBOX

June 30, 2016

World Trade Center Performing Arts Complex Gets $75M Gift From Billionaire Ronald Perelman

By Dana Schulz

Billionaire businessman and philanthropist Ronald O. Perelman has made a $75 million gift towards the Performing Arts Center at the World Trade Center (PACWTC) reports the New York Times. The donation will finally make one of the last unfinished projects at the site a reality, and the Center will therefore be named for Perelman. "I think that this is a project that must happen. It is more than just a pure artistic center to serve a community. It is that, but at the same time it’s much more than that," he said. This is not Perelman's first time donating to the World Trade Center site. Under the Bloomberg administration he gave $5 million for the National September 11 Memorial and Museum and said then that he was interested in making the lead gift for a performing arts center at the site.
Find out more this way

Real Estate Trends

June 29, 2016

25 Feet Above Street Level, World Trade Center’s Liberty Park Opens Today

By Michelle Cohen

The World Trade Center's Liberty Park, the new one-acre public park at 25 feet above ground level spanning Liberty Street between West and Greenwich Streets, opens today. NYYimby reports that the park is getting the last few finishing touches in preparation for its grand opening dedication ceremony. As part of the landscape design by Joseph E. Brown of architectural and engineering firm Aecom, a 300-foot-long "living wall" composed of 826 panels of varying plant types is a highlight of the new park, which also functions as a pleasant disguise for the entrance to the WTC’s security hub that sits beneath.
More of what you'll find in the new park

June 27, 2016

New Renderings Show Supertall Status for Rafael Viñoly’s 125 Greenwich Street

By Michelle Cohen

The new mixed-use tower to rise at 125 Greenwich Street will indeed be adding another supertall to the Financial District’s skyline. New renderings confirm a final height exceeding 1,000 feet, inching the tower above the the 977-foot 4 World Trade Center nearby at 150 Greenwich Street, according to YIMBY. 6sqft previously reported on the progress of the slender tower-to-be, designed by Rafael Viñoly Architects and developed by a joint venture comprised of Michael Shvo, Bizzi + Partners Development, and Howard Lorber’s Vector Group that will offer a limited collection of condominium residences with unparalleled views of the lower Manhattan skyline and beyond.
Check out the new renderings

New Developments

June 27, 2016

Financial District Loft Rental Comes With Its Own 800-Square-Foot Patio

By Emily Nonko

Located in the Financial District, just one block from the South Street Seaport, is this 1,800-square-foot pre-war duplex with a very cool private patio. The building at 324 Pearl Street was built in 1888 as a warehouse, so the apartment now boasts 14-foot ceilings, exposed brick and lots of open space. Even the patio has a lofty vibe, surrounded by greenery against more brick. Although this is a condo, you can now rent it for $6,495 a month.
See the entire pad

June 22, 2016

City Will Allow Landlords to Convert Lower Manhattan Public Spaces to Retail

By Michelle Cohen

6sqft recently covered the controversial proposal by the Alliance for Downtown New York (ADNY), the Department of City Planning (DCP), and the New York City Economic Development Corporation (EDC), to change zoning laws to allow property owners in the Water Street Subdistrict of lower Manhattan–at One New York Plaza, for example–to bring in retail tenants like restaurants and clothing stores in exchange for making improvements and upgrades to the public plazas and arcades adjacent to their buildings. Crains reports that the City Council passed a bill Tuesday that would allow the Financial District landlords to convert the public corridors in front of 20 buildings in the Water Street corridor to retail shops. The public corridors, which cover ten blocks, were created when the Water Street buildings that abut them were built. Building developers agreed to create the public arcades and walkways in exchange for more buildable square footage.
Read more

June 21, 2016

The King of FiDi: Developer Nathan Berman Talks Transforming Downtown and 443 Greenwich

By Annie Doge

He’s been called the King of FiDi with over 2200 apartments under his management. The founder and principal of Metro Loft Management, Nathan Berman specializes in transforming landmark office buildings into luxury rentals. He recently acquired the leasehold for 20 Broad Street, the former New York Stock Exchange building, and plans to convert it to white-glove rental […]

June 6, 2016

A Giant Musical Swing Set Is Coming to Brookfield Place This Friday!

By Diane Pham

If you work downtown or are just looking for a break from the weekday hustle, head to Brookfield Place starting this Friday and channel your inner-child by hopping on one of the many swings of "The Swings: An Exercise in Musical Cooperation" installation. The traveling public artwork is debuting in Manhattan for the first time ever and will be on display for a month for New Yorkers to play on. Designed by studio Daily tous les jours, this interactive work consists of 21 swings, each representing a musical instrument (a harp, vibraphone, guitar or piano) and different notes. The cooperative element of the work requires that participants adjust their movements with respect to one another in order to unlock the perfect melody—a musical work that has been pre-composed by Radwan Ghazi Moumneh.
more on the swings here

June 5, 2016

Art-Deco Masterpiece 70 Pine Street Opens, Offering Two Months Free Rent

By Ondel Hylton

It's not everyday that one has the chance to live in one of the world's finest skyscrapers. Details of The Pinnacle at The Woolworth Tower Residences have yet to be revealed, but for those of us still saving to buy a piece of history, the rentals at 70 Pine Street await. Soaring to a cloud-popping height of 66 stories and 952 feet, the building is essentially downtown's Empire State Building and was the world's third tallest building upon completion in 1932. Designed by Clinton & Russell, Holton & George for the utilities conglomerate Cities Service company (later known as CITGO), the tower was sold to the American International Group (AIG) in 1976, where they held their offices until the last recession. Breathing new life into the landmarked building, Rose Associates is re-conceiving the commercial icon into 644 rental apartments, a 137-room extended stay hotel, and 35,000 square feet of retail space. And for a limited time, Rose is offering two months free rent or one month free rent and paid broker's fee for newly-signed leases. The homes are divided into the city, tower, and penthouse collections and as we await construction to fully wrap up, 17 apartments are currently available throughout its mid-level city collection floors.
Find out more this way

May 27, 2016

All Engines SHVO at Three New Manhattan Condo Developments

By Ondel Hylton

Earlier this month, the Wall Street Journal profiled broker-turned-developer Michael Shvo and revealed his development company SHVO now has more than $4 billion dollars worth of projects in the works for the city. While many are still in planning stages and have yet to be released to the public, construction is moving ahead on a trio of condominium developments along Manhattan's western spine -- the Getty, 125 Greenwich Street, and 565 Broome SoHo (as a development partner). While varied in neighborhood and scale, they all enlist high-caliber architects and will bring Shvo's characteristic high level of attention to detail and "pursuit of perfection."
Get the rundown on all three developments

May 19, 2016

Madison Equities Files Permit for 1,115-Foot Supertall Condo in the Financial District

By Ondel Hylton

Madison Equities and Pizzarotti Group filed a new building application yesterday to construct a 1,115-foot supertall skyscraper at 45 Broad Street in the heart of the Financial District. When finished, reportedly in 2018 (good luck with that), the tower will be the second tallest building in lower Manhattan after 1 WTC, and the sixth tallest in the city. As detailed by the application, the tower will comprise 371,634 gross square-feet of floor area spread across 66 floors. Listed are 150 units, a bit less than the 245 condo-residences Pizzarotti CEO, Rance MacFarland said there would be earlier this year. Supposedly, the building will cater to "entry- and mid-level buyers" with relatively conservative prices of below $2,000 per square foot on average. To afford the maximum amount of residences with coveted views of the harbor and the skyline, apartments will begin on the 15th floor where they are configured at four-units per floor up to the 33rd level. Floors 35-51, 53,55 and 57 will have three units per floor and floors 52, 54, and 58 just two units. Floors 61 and 62 will host two duplex aeries and the uppermost residential floor, 62, will house a single full floor penthouse that will be the highest residence in hemisphere outside of Billionaires' Row. Amenities on the lower, view-deprived floors will include a 60-foot indoor lap pool, a gym, a garden, a pet spa, a game room, bike room and other entertainment areas.
find out more here

Rendering of 45 Park Place via Williams New York (L); Aerial view of 45 Park Place in the downtown skyline created by CityRealty

May 19, 2016

45 Park Place Condos on ‘Ground Zero Mosque’ Site Will Move Forward With $219M Loan

By Michelle Cohen

Soho Properties has received $219 million in construction loans for a $174 million luxury condominium project at 45 Park Place in Tribeca, according to a statement from Manhattan developer Sharif El-Gamal, The Real Deal reports. The deal was funded by the London branch of Malayan Banking Berhad (Maybank) and Kuwait-based Warba Bank, with Saudi investment firm MASIC providing a $45 million mezzanine loan and Italian bank Intesa Sanpaolo serving as documentation agent. The developer had previously secured $33 million in financing from Madison Realty Capital in 2014. The funding will be used for the residential tower and an Islamic cultural museum to be built next door at 51 Park Place. The condo project, to be designed by SOMA Architects, will be a 665-foot, 43-story tower with 50 high-end apartments, including two penthouses on the top four floors. Ismael Leyva Architects is listed as the architect of record.
Find out more

The World Trade Center’s Elevated Liberty Park Will Open This Summer

Construction image via Port Authority

May 18, 2016

The World Trade Center’s Elevated Liberty Park Will Open This Summer

By Diane Pham

The city will cut the ribbon on another landscaped elevated this park this summer with the opening of the World Trade Center's Liberty Park—although no exact opening date has been pinned down, reports DNA Info. The park, which will measure just over an acre and rise 25 feet, is sited next to the Santiago Calatrava-designed St. Nicholas National Shrine (still under construction) and will provide an overhead view of the 9/11 Memorial and a leafy pocket of respite for FiDi workers, dwellers and tourists alike. But more practically, the park will give way to a pleasant pedestrian connection across West Street, on top of hiding the entrance to the WTC's security hub that sits beneath.
See more here

Architecture And Design

May 9, 2016

Off the Beaten Path, This $1.8M Seaport Loft Keeps It Real

By Michelle Cohen

Though the appliances and fixtures are state-of-the-art, and lots of consideration has been given to comfort and daily life, this 1,000-square-foot lower Manhattan loft at 330 Pearl Street is no "loft." It's just the sort of authentic downtown space your cool friends lived in when they moved to the city back in the late '80s, with its flexible open spaces (or lack of actual rooms, depending on how you look at it), industrial finishes, big windows, beams, brick, white, and custom-built almost-everything. And though it's less common to find a loft like this on the market in the places you might have back then (Soho, Noho, Tribeca), the Seaport comprises a rare corner of the city that's geared up for growth but still a bit undefined–perhaps the perfect spot for an authentic loft.
READ MORE

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