Midtown

August 22, 2018

Empire State Building reveals its new Deco-inspired Observatory entrance

There are two things people remember when they visit the top of the Empire State Building, "the views and the line," said Anthony Malkin, CEO and Chairman of Empire State Realty Trust, at an unveiling this morning of the landmark's new Observatory entrance. As phase one of the decade-long Empire State ReBuilding project to modernize the building, the new entrance will greatly increase space and reduce the wait time for the 4.2 million annual Observatory guests. The space includes a "grand staircase which splits around a two-story architectural model of ESB," along with new self-service ticket kiosks, digital screens showing images of the building over its 87 years, and high-tech "airport-style" security.
Take a tour!

Uncategorized

July 31, 2018

LPC landmarks Philip Johnson’s AT&T Building at 550 Madison

By Michelle Cohen

This morning the Landmarks Preservation Commission voted to designate the AT&T building at 550 Madison Avenue as an individual landmark. Designed by Philip Johnson and completed in 1984, the world’s first postmodern skyscraper originally served as the AT&T headquarters. A decade later, Sony moved in and it became known as the Sony Tower. Recently, a growing roster of preservationists and architects have been urging the LPC to landmark the building after plans surfaced showing significant changes to its architecture.
So what happens now?

SHoP Architects reveal ‘vertical tech campus’ at 335 Madison

A new bar/terrace at 335 Madison overlooking Grand Central, © SHoP Architects

July 9, 2018

SHoP Architects reveal ‘vertical tech campus’ at 335 Madison

By Dana Schulz

Since the announcement of One Vanderbilt more than four years ago, much attention has been paid to the controversial Midtown East Rezoning, which was approved last summer. Howard Milstein was one of many developers looking to take advantage of the rezoning, proposing a plan to raze the Grand Central-adjacent office tower 335 Madison and replace it with a modern structure that would expand the building's tech incubator. But he ultimately decided to forego the demo and undertake a $150 million renovation by SHoP Architects that more than doubles the square footage of Grand Central Tech and creates a new lobby and retail/amenity spaces for tenants. Renderings for the new "vertical tech campus" known as Company have now been revealed by Arch Daily.
More details and all the renderings

Architecture And Design

July 6, 2018

City says Trump can’t claim $48K tax break on his NYC apartment

By Michelle Cohen

New York City has said no to a $48,000 break President Trump has been receiving on the annual tax bill for his Trump Tower condo after inquiries by the Daily News into his eligibility. The News reports that the city says the president was set to get $48,834.62 knocked off his condo taxes for the tax year beginning July 1 via the city's condominium abatement, which is available for condo and co-op owners on their primary residence. Tax rules state that only “the dwelling unit in which the owner of the dwelling unit actually resides and maintains a permanent and continuous physical presence” is eligible for the savings, and Trump hasn't kept a “permanent and continuous physical presence” in the Midtown pad since he moved to the White House in January of 2017.
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Policy

July 5, 2018

Live in Al Pacino’s former Central Park South condo for $2.7M

By Annie Doge

Before the stretch became known as Billionaires' Row, Al Pacino called 301 West 57th Street home. The Oscar-winning actor, best known for his roles in "Scarface" and "The Godfather," lived in different units in the building between 1988, when the building was built, and 2013, including a 14-floor corner condo that just hit the market for $2.7 million, reports the Post.
Check it out

Qatari fund closes on $600M Plaza Hotel buy

Photo via Wally Gobetz/Flickr

July 5, 2018

Qatari fund closes on $600M Plaza Hotel buy

By Dana Schulz

In May, the minority owners of the iconic Plaza Hotel, Ashkenazy Acquisition Corporation and Saudi Prince Alwaleed bin Talal, went into contract on the landmarked building, matching the $600 million offer made earlier in the month by a separate group of investors. However, reports out today tell us that the deal closed on Monday, with Katara Hospitality, a subsidiary of Qatar's sovereign wealth fund, buying the minority owners' 25 percent stake, along with Indian business group Sahara's 70 percent stake and hotelier Sant Singh Chatwal's five percent stake. Katara is the Qatar Investment Authority’s hotel division and this is their first foray into the NYC market. According to sources referenced by The Real Deal, the minority group decided to drop its bid because Katara offered greater “certainty” of closing.
The long road to selling the Plaza

Uncategorized

June 21, 2018

PHOTOS: See Moynihan Train Hall’s massive skylight being installed

By Michelle Sinclair Colman

After starting construction last summer, Skidmore Owings & Merrill (SOM)'s reimagined Moynihan Train Hall is now beginning to take shape. Part of Governor Cuomo's Empire Station Complex revamp of Penn Station, the old James A. Farley Post Office will be transformed into a crystal palace-esque boarding concourse with a 92-foot high skylight atop the 1913 building's original steel trusses. CityRealty recently got an exclusive aerial look at how construction is progressing on the glass skylights ahead of the Train Hall's anticipated 2020 opening.
See more construction shots

Grand Central Terminal Lobby via Wikipedia

June 21, 2018

How preservationists and Jackie O got the supreme court to save Grand Central Terminal in 1978

By Emily Nonko

On June 26th, 1978, the U.S. Supreme Court handed down a momentous decision that wouldn't just save a cherished New York landmark, it would establish the NYC Landmarks Law for years to come. This drawn-out court battle was the result of a plan, introduced in the late 1960s, to demolish a significant portion of Grand Central Terminal and erect a 50-story office tower. Though the proposal may seem unthinkable now, it wasn't at the time. Pennsylvania Station had been demolished a few years earlier, with the owners citing rising costs to upkeep the building as train ridership sharply declined. The NYC Landmarks Law was only established in 1965, the idea of preservation still novel in a city practicing wide-scale urban renewal. Finally, Grand Central wasn't in good shape itself, falling apart, covered in grime, and home to one of the highest homeless populations in New York City. But a dedicated group of preservationists--aided by Jacqueline Kennedy Onassis--took the fight to the highest levels of the court. Keep reading to find out how, as well as learn about the celebrations planned by the MTA surrounding the anniversary.
Here's how Grand Central was saved

June 20, 2018

Preservationists, architects urge LPC to landmark Philip Johnson’s AT&T Building

By Devin Gannon

During a nearly two-hour public hearing on Tuesday, passionate preservationists, architects, and community groups testified in front of the Landmarks Preservation Commission in support of designating the postmodern skyscraper at 550 Madison Avenue as an individual landmark. Best known as the AT&T Building, the 37-story tower was designed by Philip Johnson, along with his partner John Burgee, and completed in 1984. As postmodernism's first skyscraper, 550 Madison has stood out for its pink-gray granite facade, arched entryway and Chippendale-inspired crown. A wide range of people on Tuesday voiced support for giving 550 Madison landmark designation, including architectural critic Paul Goldberger. In his testimony, Goldberger cited his own 1978 New York Times review of the building, before it was built, when he called the AT&T Building "a major monument" of postmodernism and "the most provocative and daring skyscraper to be proposed for New York since the Chrysler Building."
More this way

Policy

June 5, 2018

Lord & Taylor is closing its 104-year-old Fifth Avenue flagship store

By Devin Gannon

Photo courtesy of Lord & Taylor Lord & Taylor's iconic New York City flagship store will close its doors next year, after occupying the Fifth Avenue building for 104 years. In an attempt to keep afloat last year, Hudson's Bay, owner of the department store, sold the 676,000-square-foot building for $850 million to WeWork, who planned to make the landmark its new global headquarters. While Lord & Taylor was left with roughly 150,000 square feet of space at 424 Fifth Avenue, the company struggled to maintain profitability after the turnover of the building to WeWork. Including the iconic flagship, the company will also close as many as 10 Lord & Taylor stores total (h/t Bloomberg). In a first-quarter report, Hudson's Bay said: "Exiting this iconic space reflects Lord & Taylor's increasing focus on its digital opportunity and HBC's commitment to improving profitability."
More here

Real Estate Trends

City unveils plan to keep fashion industry in the Garment District

Photo via via Alexandra Ferguson

June 5, 2018

City unveils plan to keep fashion industry in the Garment District

By Devin Gannon

The city released on Monday a plan to preserve at least 300,000 square feet of production space in the Garment District for the fashion industry by providing tax breaks for owners who lease manufacturing space. While the district, bound by 35th and 40th Streets and Broadway and Ninth Avenue, was once home to hundreds of thousands of fashion jobs, it has lost 85 percent of firms in the last three decades. In addition to the tax incentives, the plan creates a new zoning rule that would help limit the construction of hotels by introducing a special permit. The Garment Center IDA program, backed by City Hall, the city's Economic Development Corporation, Manhattan Borough President Gale Brewer and industry leaders, also includes lifting previous protections from a 1987 mandate that preserves millions of square feet of apparel-production space on certain side streets. According to the Wall Street Journal, if the plan is approved by the city council, owners would be allowed to convert buildings to other uses, like offices.
More here

Policy

Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

Google Street View of 666 Fifth Avenue

June 4, 2018

Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

By Devin Gannon

Kushner Companies has agreed to purchase the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust for $120 million, nearly wrapping up the drawn-out saga of the problem-plagued condo tower. According to the Wall Street Journal, Vornado said the contract with Kushner is expected to close in the third quarter of this year and is conditional and "there can be no assurance that this transaction will be completed." Kushner Cos. first purchased the 41-story building in 2007 for a record $1.8 billion, but the economic recession created enormous financial strain for the company. To help restructure the building's major debt, they brought in Vornado, which purchased the stake in the building for $80 million and the assumption of half the property's $1.2 billion mortgage in 2011.
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Policy

Daniel Libeskind will redesign a new star for the Rockefeller Center Christmas Tree

Image via Swarovski

May 18, 2018

Daniel Libeskind will redesign a new star for the Rockefeller Center Christmas Tree

By Devin Gannon

Swarovski has tapped architect Daniel Libeskind to redesign a new star to top the Rockefeller Center Christmas Tree, the first time it will be replaced in 14 years. Libeskind, who is best known for designing the master site plan for the rebuilding of the World Trade Center site, called the star "a symbol that represents our greatest ambitions for hope, unity and peace." According to Architectural Digest, Libeskind's geometric, angular designs made him an easy choice as the new topper's designer.
Get the sparkling details

Michael Cohen puts up $9M Trump Park Avenue apartment as collateral against bank debt

Photo of Michael Cohen via Wikimedia; image of Trump Park Avenue via Google Earth

May 9, 2018

Michael Cohen puts up $9M Trump Park Avenue apartment as collateral against bank debt

By Devin Gannon

Michael Cohen, the longtime attorney for President Donald Trump, has put up his family's Park Avenue apartment as collateral against a bank loan worth millions of dollars. The bank valued Cohen's condo, fittingly at Trump Park Avenue in Lenox Hill, for $9 million. The financially troubled lawyer is putting his apartment against $12.8 million in loans he took out for his taxi business in 2014. Cohen secured these loans by New York City taxi medallions, which have dropped in value by 80 percent due to the growth of ride-sharing services, according to Bloomberg.
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Policy

A Saudi prince and NYC real estate company will buy iconic Plaza Hotel for $600M

Photo via Creative Commons

May 4, 2018

A Saudi prince and NYC real estate company will buy iconic Plaza Hotel for $600M

By Devin Gannon

Update 5/8/18: Saudi Prince Al-Waleed Bin Talal and Ashkenazy Acquisition Corp. will buy the Plaza Hotel for $600 million, besting a previous offer made less than a week ago, according to the New York Post. While it was reported White City Ventures and the Kamran Organization were in contract to buy the iconic building, the prince and Ashkenazy, as the minority owner, had the option to acquire the hotel if they matched the $600 million offer. The deal is expected to close this summer. A deal to sell the historic, 111-year-old Plaza Hotel has finally been reached, after the New York City landmark sat on and off the market for years and changed hands numerous times. As the Real Deal reported, a group of investors including Shahal Kahan of White City Ventures and Kamran Hakim of the Hakim Organization, are in contract to buy a majority share of the hotel for $600 million. While reports in March said the group was considering paying for part of the purchase with cryptocurrency, the deal instead is being made up of equity from investors and a $415 million loan from a pair of British billionaires, David and Simon Reuben.
More details here

Real Estate Trends

Trump once lobbied against legislation that required sprinklers in NYC high-rises

Via Krystal T’s Flickr

April 9, 2018

Trump once lobbied against legislation that required sprinklers in NYC high-rises

By Devin Gannon

Following back-to-back fatal fires in 1998 at two New York City buildings that lacked working sprinklers, public officials advocated for new regulations requiring sprinklers in all buildings. Mayor Rudy Giuliani's administration that year pushed for legislation to address the lack of sprinklers in high-rise towers. But real estate developers, including President Donald Trump, fought against the proposals, citing the high expense of retrofitting existing buildings with them, as the Washington Post reported. After fierce lobbying from developers, including Trump who personally called a dozen council members, the city enacted a law in 1999 that would require sprinklers in new construction but not existing buildings, exempting the president's Trump Tower. On Saturday, a fire ripped through a 50th-floor apartment at Trump Tower, killing a 67-year-old art dealer. Sprinklers were never installed at the Fifth Avenue property.
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Uncategorized

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Google Street View of 666 Fifth Avenue

April 9, 2018

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

By Devin Gannon

Update 4/9/18: Vornado announced on Friday that it reached a "handshake" deal to sell its stake at 666 Fifth Avenue back to the Kushner Cos, according to the New York Times. It remains unclear if the Kushners have found a new partner. Steven Roth, chairman of Vornado, in the filing, said the payment would cover the company's investment: "The existing loan will be repaid including payment to us of the portion of the debt we hold." Kushner Cos. said this week it is in talks to buy the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust, furthering the drama at the 41-story Midtown Manhattan office building, according to the Wall Street Journal. The tower has remained one of Kushner Cos. most financially troubled projects. In addition to its debt and high rates of vacancy, the building has been mired in controversy, mostly due to Jared Kushner's role as a senior adviser and son-in-law to President Donald Trump. While Jared divested in the property to avoid conflicts of interest, investors have been reluctant from entering a deal with Kushner Cos.
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Policy

An eco-conscious pavilion made of scaffolding and moss could bloom in Times Square

Rendering via Sam Biroscak/ Design Pavilion 2018

April 6, 2018

An eco-conscious pavilion made of scaffolding and moss could bloom in Times Square

By Devin Gannon

New York City has 280 miles of scaffolding, totaling more than 7,700 sidewalk sheds in front of 7,752 buildings. Described as pervasive eyesores and sunlight-blockers, scaffolding has an unflattering reputation in the city. Artist Sam Biroscak is looking to change the public perception of these sidewalk sheds, by highlighting it as an "under-appreciated" urban element in his conceptual design. Dubbed Mossgrove, Biroscak's project would create an architectural pavilion in Times Square made of two materials seen as nuisances: moss and scaffolding. The proposal calls for the installation be built during NYCxDESIGN, a nine-day event featuring interactive installations and talks. The theme of this year's Design Pavilion will be "From This Day Forward" (h/t Untapped Cities).
See the design

Jennifer Lopez and A-Rod pick up $15M apartment at 432 Park Avenue

432 via DBOX; Alex Rodriguez via Wiki Commons; Jennifer Lopez via Wiki Commons

March 28, 2018

Jennifer Lopez and A-Rod pick up $15M apartment at 432 Park Avenue

By Annie Doge

Update 4/2/18: The pair picked up a three-bedroom, 4.5-bathroom that takes up half of the 36th floor of 432 Park, according to Observer. The apartment measures just over 4,000 square feet and features its own elevator, oak floorings, a library and custom-designed eat-in kitchen. Power-couple Jennifer Lopez and Alex Rodriguez, affectionately known as J-Rod, have purchased an apartment for $15.316 million at 432 Park Avenue, the tallest residential building in the Western Hempishere. As Mansion Global reported, the duo picked up a 4,000-square-foot unit with three bedrooms and four and a half baths. The deal, which closed in February, turned out to be less expensive than expected, as the couple in October reportedly checked out a $40.5 million three-bedroom and an $82 million penthouse.
More details here

Celebrities

Investor group may create its own cryptocurrency to fund purchase of the Plaza

Photo via Wally Gobetz/Flickr

March 28, 2018

Investor group may create its own cryptocurrency to fund purchase of the Plaza

By Michelle Sinclair Colman

Photo via Wally Gobetz/Flickr Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.
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March 21, 2018

One of only two condos with private terraces at One57 lists for $28.5M

By Dana Schulz

Sure, Michael Dell has bragging rights to buying One57's $100 million penthouse, the most expensive home ever sold in New York City, but Bill Ackman's $91.5 million buy a few floors down came with a coveted terrace. Only two units in the Billionaires' Row building claim "private outdoor space on the park," and the second has just come on the market for the first time, asking $28.5 million. Dubbed the Spring Garden Residence (as opposed to Ackman's "Winter Garden Penthouse," as Curbed notes), the 41st- and 42nd-floor duplex boasts a 43-foot-long great room wrapped in floor-to-ceiling windows that lead to a 671-foot solarium and a terrace with views of the park and skyline.
Take a tour

Distinctive Homes

Empire State Building gets a new, nightly sparkling light show

Via Empire State Realty Trust

March 20, 2018

Empire State Building gets a new, nightly sparkling light show

By Michelle Cohen

Via Empire State Realty Trust If you're lucky enough to be blessed with Empire State Building sightlines, your views will, as of this week, include a five-minute sparkling light show every hour, on the hour, between sunset and 2 AM nightly. As Time Out New York reports, this latest addition to the iconic spire's light show repertoire joins a lighting tradition that began in 1932 and includes holiday flair–red, white, and blue lights on the Fourth of July, the green and orange of the Irish flag on St. Patrick’s Day–music-enhanced light shows, and color changes to salute occasions and organizations every night of the year.
See the skyline sparkle

City Living

March 2, 2018

How COOKFOX Architects outfitted their Midtown office with wellness technology and outdoor space

By Dana Schulz

6sqft’s series “Where I Work” takes us into the studios, offices, and off-beat workspaces of New Yorkers across the city. In this installment, we’re touring the Midtown offices of architecture firm COOKFOX. Want to see your business featured here? Get in touch! When COOKFOX Architects started looking for a new office space three years ago, it was a no-brainer that they'd incorporate their signature biophilic tools, but their one non-negotiable requirement was outdoor space to connect employees directly with nature. And though the firm has come to be associated with so many contemporary projects, they found their ideal space on the 17th floor of the 1921, Carèrre and Hastings-designed Fisk Tire Building on 57th Street. Not only did it offer three terraces (that the team has since landscaped with everything from beehives to kale), but the large, open floorplan allowed the firm to create their dream wellness office. 6sqft recently took a tour of the space to see how employees utilize the space day-to-day and learn more about how COOKFOX achieved LEED Platinum and WELL Gold status by incorporating natural materials for finishings and furniture, temperature control systems, lighting that supports healthy circadian rhythms, and, of course, plenty of connections to nature despite being in the middle of Midtown Manhattan.
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March 2, 2018

A 17-year-old artist created a model of Midtown out of recycled motherboards and hot glue sticks

By Devin Gannon

Zimbabwe-based artist Zayd Menk spent three months working on this 165 by 80 centimeter model of Midtown Manhattan. The 17-year-old student, who built the piece of art for a school project, used a plethora of electronic bits and pieces to build the reduced model: 263 hot glue sticks, 11 CPUs, 27 motherboards, 10 CRT motherboards, 15 batteries, 2 clocks, 4 watches, 3 hard drives, 3 graphics cards, 4 audio cards, 7 power supplies and 13 floppy disk readers (h/t designboom). The used electronics, plus lots of math and scouring of the internet, come together in Menk's project in an art form he refers to as "recyclism."
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Events & Things To Do

February 27, 2018

Finalists for Park Avenue design contest propose an artificial mountain and a river for kayak commutes

By Devin Gannon

Fisher Brothers unveiled on Tuesday the 17 finalists chosen for its "Beyond the Centerline" design competition after receiving more than 150 submissions. Participants were asked to think of creative and ambitious ideas to transform the traffic medians along Park Avenue between 46th and 57th Streets. The finalists did not disappoint. Proposals call for an Alpine mountain, a massive aquarium, floating gardens, mini-golf, an elevated walkway and more. Although a jury will select the grand prize winner, all 17 proposals will be on display for public voting at Park Avenue Plaza, located at 55 East 52nd Street, from March 5 to March 9 for the second-place prize. Below, check out all of the unique projects.
See the ambitious ideas

Architecture And Design

Design competition proposals call for fish tanks and mini-golf in the middle of Park Avenue

Rendering courtesy of Eric Spencer

February 26, 2018

Design competition proposals call for fish tanks and mini-golf in the middle of Park Avenue

By Devin Gannon

In November, Fisher Brothers first launched a design competition to bring life to the boring traffic medians along Park Avenue, between East 46th and East 57th Streets. The privately-funded contest, dubbed "Beyond the Centerline," aims to spur creative thinking and unique ideas never before considered for the traffic medians. After the developer received more than 150 submissions from landscape architects and urban planners, the list has been narrowed to 17 finalists (h/t New York Times). Stand out proposals from the finalists include a mini-golf course, a glass aquarium and a curvy, elevated park.
More details here

Architecture And Design

More than half of NYC’s 20 most expensive sales were at One57 and 432 Park

432 Park Avenue via CIM Group/Macklowe Properties

February 26, 2018

More than half of NYC’s 20 most expensive sales were at One57 and 432 Park

By Devin Gannon

The buyer of One57's $100 million penthouse was unveiled as Michael Dell last week, finally solving the mystery of which billionaire set New York City's record for the most expensive home ever sold. The reveal sparked CityRealty's interest in finding out where other costly buildings fall in comparison. Unsurprisingly, Midtown's One57 and 432 Park make up 12 out of the city's 20 priciest homes ever sold with single units going for $100.47 million and $91.5 million, respectively. While those two buildings on Billionaires' Row easily take the top three spots, 15 Central Park West ranks fourth, with its $88 million penthouse sold in 2012.
More this way

Real Estate Trends

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