Search Results for: penthouse

May 27, 2015

POLL: Is Buying a Private Island a Better Investment Than a NYC Condo?

Yesterday we learned that you can buy an entire island for $11 million, far less than the hundred-million-dollar condos popping up in Manhattan. So, you can spend one-tenth the price of the One57 penthouse, and instead of 10,923 square feet of glass-enclosed space, you’ll get 3.5 acres of land, a private beach, huge swimming pool, a 6,100-square-foot main […]

Real Estate Trends

May 26, 2015

Own a Mansion with Celebrity History on a Private Island Overlooking NYC for $11M

By Dana Schulz

Considering the fact that New York City townhouses go for tens of millions of dollars and luxury condos are climbing into the hundred million range, $11 million for an entire private island and mansion seems like quite the bargain. Tavern Island is a 3.5-acre piece of land located in the Long Island Sound near Rowayton, Connecticut, overlooking NYC. According to the Daily Mail, in the 1950s and '60s, theater impresario and lyricist Billy Rose owned the island and hosted lavish parties for the likes of Marilyn Monroe, Maureen O'Sullivan, and Barbara Streisand. In addition to these epic bragging rights, the new owner of the island will gain a six-bedroom English Colonial mansion dating to 1900, private beach, swimming pool, and a docking area and boat for access the mainland.
Tour this unique island

May 26, 2015

Musicians of Tribeca: The City’s Hottest ‘Hood for Pop Stars

By Heather Cooper Vivares and Amanda Cozens

Though Tribeca has long been considered a haven for artists, this tends to refer to those in the visual arts, thanks to the neighborhood's chill vibes and spacious loft apartments. But over the last two decades, some of the world's most famous pop musicians have been gobbling up real estate on its cobblestone streets. From Katy Perry and Taylor Swift to Chris Martin and Justin Timberlake, the hit makers can't get enough of Tribeca.
Take a celebrity musician tour of Tribeca

May 26, 2015

The Future NYC Skyline of 2030; Urban Blight in the West Village?

By Diane Pham

Why are so many West Village storefronts shuttered? [The New Yorker] Here’s what the NYC skyline will look like in 2030. [Curbed] Russian oligarch Dmitry Rybolovlev’s $88M penthouse has been taken off the market. [NYP] Crown Heights residents saw their rents double last year. [Gothamist] Small biz Brooklyn owners are calling it quits as the borough sees property values […]

Real Estate Trends

May 22, 2015

Fully-Furnished Rentals Launch at One57

By Dana Schulz

In the past when we've talked about the latest occupancies at billionaires' row blockbuster One57 we were referring to the record-breaking $100 million condo sale (the most expensive in the city ever) or Bill Ackman's $91.5 million flip attempt. But now those looking to get in on the city's most expensive condo building can do so without dropping seven figures in one fell swoop. Extell Development, after selling most of the condos at One57, has quietly listed 38 fully-furnished apartments for rent on the building's seven lower residential floors. But don't get too excited if you're not in the billionaires' club; asking prices range from $13,350/month for a one-bedroom unit to $50,366 for a three-bedroom.
More details ahead

Real Estate Trends

May 21, 2015

The Price of History: Looking at NYC’s Biggest Landmark Condo Conversions

By Dana Schulz

This year is full of celebrations for the 50th anniversary of the New York City Landmarks Law, and in marking this milestone we tend to look at all of the historic buildings that have been perfectly preserved in their appearance and function. But what about those that retain their original character, yet have a new use? The folks over at CityRealty have taken a look at this group, focusing on city landmarks that have been converted from commercial spaces into condominiums. Zoning in on the five largest landmarks (by number of units), they found that owning a piece of history will cost you. In fact, the average unit price in these Manhattan landmarks was 45 percent higher than other condos; in Brooklyn, 26 percent.
Check out the full infographic here

Real Estate Trends

May 21, 2015

Actor Benjamin McKenzie Eyes a Glitzy High Line Duplex

By Annie Doge

Star of "Gotham" (or Ryan from "The O.C." for our 20-something readers) Benjamin McKenzie was seen checking out a glitzy duplex at 420 West 25th Street, reports the Post. The $2.5 million pad near the High Line is located in the pre-war Ink Press building and features two bedrooms, double-height ceilings, and a private terrace. It's currently decked out with crystal chandeliers, gold decor, and elegant fabrics, a style we think would well suite the handsome actor.
Take a look around the home here

May 18, 2015

Developer Scott Resnick Takes Us Inside Norman Foster’s 551W21

By Carter B. Horsley

How do you follow up managing the building of the city’s newest and most exciting museum, the Whitney Museum of American Art on the Hudson River waterfront in the West Village, that kicks off the city’s most popular architectural extravaganza, the High Line elevated park? You commission Sir Norman Foster, one of the world’s master architects to rise to the starchitect challenge of the High Line, the city’s seemingly overnight sensation that is a phenomenal explosion of really interesting designs in a city too long mired in architectural mediocrity and bogged down mightily by the burden of rampant NIMBYism, the well-intentioned but dreaded Not In My Back Yard syndrome. Scott Resnick, the head of SR Capital, has asked Foster to design a 19-story residential condominium building at 551 West 21st Street, half a block west of the High Line. “We’ve got the Hudson River,” Resnick retorts, casually destroying the real estate myth of “location, location, location.” This, of course, is the back story to the supertall onslaught of the south end of Central Park. How can mere 250-footers at best compete with the 1,000-foot-plus stompin’ boots of oligarchs in and around the city’s platinum core of double-height retailing, grand hoteling and horse-and-buggy bashing? Talk about 76 trombones! Still, in a metropolis of more than eight-million yarns, there is eternal hope for the spunky “little guys,” “da bums.”
Inside Foster's new building in progress this way

May 18, 2015

$4M Loft in Greenwich Village Will Make You Think You’re in Paris

By Aisha Carter

The charm of Greenwich Village is undeniable. You have tree-lined streets, shops and celebrities. Well this $3.995 million full-floor pad at 54 East 11th Street is not to be outdone. We'll put it this way, If this loft were the setting of an episode of "Sex and the City" it would be called "An American Girl in Paris Without Actually Leaving New York."
More pics inside

Distinctive Homes

May 18, 2015

Gorgeous Gramercy Park Chateau Looks Fit for Royalty

By Emily Nonko

Paging "Downton Abbey" fans. This Gramercy Park apartment looks more like an English estate than a New York co-op. Located at 44 Gramercy Park North (h/t Curbed), each room is decked out with extravagant features that manage to outdo the others. Elaborate wood carvings, soaring ceilings, stained glass windows, fireplace mantels with sculpture work, the list goes on and on. The listing says, "There is no other place like this." We think they're absolutely right.
See more of the interior here

VIDEO: Preview the Interiors of Jean Nouvel’s MoMA Tower Ahead of This Week’s Sales Launch

Image: Bloomberg

May 18, 2015

VIDEO: Preview the Interiors of Jean Nouvel’s MoMA Tower Ahead of This Week’s Sales Launch

By Michelle Cohen

Since it started making news in 2006, the starchitect-designed condominium tower at 53 West 53rd Street, officially known as 53W53 along Manhattan's "Billionaire's Row," has progressed slowly, stalled until last September when developers were able to obtain 240,000 square feet of development rights from MoMA and the St. Thomas Episcopal Church for $85.3 million and secure a $860 million construction loan. The Jean Nouvel-designed 1,050-foot asymmetrical tower, often called MoMA Tower, is adjacent to the museum and will occupy three of its lower floors. Now Bloomberg brings us a video interview with Nouvel and interior designer Thierry Despont from the building's sales gallery that opens the door on the building's interiors–or at least those of the building's furnished model unit, which is more than we've gotten so far. We also get to behold a sleek model of the tower's facade surrounded by its neighbors. The architect says that there are "...almost no two similar apartments in the building because on every floor the shape and the layouts are different."
Check out the interiors and the video this way

May 15, 2015

What’s Your Favorite Building in NYC? 6sqft’s Writers and Friends Square Off

By Stephanie Hoina

Once upon a time, when 6sqft was not yet launched, a group of writers were asked for their thoughts on their favorite building in New York City. Their choices, some easily recognizable and others a little further from the beaten path, were mixed together with those of a few folks a lot like our readers—interested in and passionate about all things New York. The result? A wonderful blend of what makes this city great: its diversity, not simply demographically but also in the opinions of those eight million souls who weave together the fabric of all five boroughs to create the most interesting city in the world. And it stands to reason the most interesting city in the world is home to quite a few interesting buildings. As one might expect, there was barely a duplicate in the bunch. Some weren't even on our radar! Is your favorite on the list? If not, we’d love to know what you think in the comments.
Read on to see if you agree with our selections

Architecture And Design

May 15, 2015

Bradley Cooper Scopes Out an $8.5M Three-Bedroom in Tribeca’s Hubert

By Annie Doge

It looks like Hollywood hunk and newly single Bradley Cooper is looking for some New York digs. The Post reports that the actor was spotted checking out a sprawling three-bedroom at The Hubert, located in none other than celeb haven, Tribeca. The picture perfect pad is a seventh-floor unit that's been designed a renovated by Moka Home, described by the brokers as a "rare one-of-a-kind offering will take your breath away from the moment you enter."
Have a peek inside

Extell Shoots for a $4.4B Sellout with the Nordstrom Tower, the Most Expensive Ever

Image: the Nordstrom Tower penthouse

May 14, 2015

Extell Shoots for a $4.4B Sellout with the Nordstrom Tower, the Most Expensive Ever

By Diane Pham

Extell has plenty to brag about, from claiming fame to the city's top two most expensive sales to being credited with starting the whole superluxury supertall tower boom. But according to the Wall Street Journal, the development company's head honcho and mastermind Gary Barnett is vying for another record, aiming to make his next skyscraping creation, the Nordstrom Tower, the most expensive building ever sold at $4.4 billion.
more details here

May 11, 2015

Charting the Property Taxes of the City’s 10 Most Expensive Apartments

By Dana Schulz

Back in March, we learned that the owner of the $100 million apartment at One57 (the most expensive sale ever in the city) pays only $17,268 in annual property taxes– "or 0.017 percent of its sale price, as if it were worth only $6.5 million," as we noted. "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." Why does this happen? It's in part due to the 421-a program, which offers tax breaks for the inclusion of affordable housing and "lowers the billable-assessed value of a property to incentivize real-estate development," according to CityLab. It's also thanks to the city's haphazard system for assessing market values of condos and co-ops. In response to this growing issue of inequality, Mayor de Blasio announced just last week that he hopes to end 421-a for condos, as well as implement an even stricter mansion tax. To make the issue a bit more black-and-white, CityLab has put together two charts that show just how disproportionate the actual value of the city's ten most-expensive apartments is compared with their property taxes. As they note, "In NYC, billionaires pay 1/100th the average property-tax rate."
Find out more here

To Increase Affordability, Mayor de Blasio Wants to End 421-a for Condos and Up the Mansion Tax

Mayor de Blasio via @KevinCase via photopin cc; One57 © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

May 7, 2015

To Increase Affordability, Mayor de Blasio Wants to End 421-a for Condos and Up the Mansion Tax

By Dana Schulz

From the onset, Mayor de Blasio has been extremely vocal about his plan to add 200,000 units of affordable housing over 10 years, 80,000 of which will be new construction. Though many feel this is an arbitrary number, backed up by no data as to where the units will be, the Mayor seems committed to reforming current policies to reach his goal. And after months of speculation, he has revealed his planned changes to the city's 421-a tax incentive program, which is set to expire in June. According to the Times, under his proposal, the controversial tax would no longer apply to condo projects (to understand the logic behind this decision just look at the $100 million sale at One57 that received the tax abatement). But it would apply to new rental projects, which would have to have apartments for poor and working-class residents make up 20 to 30 percent of the building in order to qualify for city tax breaks. It would also extend the abatement from 25 years to 35 years. Another part of the overhaul is to eliminate so-called poor doors. De Blasio also wants to up the city's mansion tax. Currently, home sales over $1 million are subject to a 1 percent tax, but de Blasio proposes adding an additional 1 percent tax for sales over $1.75 million, as well as a third 1.5 percent tax for sales over $5 million. He estimates this will bring in an extra $200 million a year in tax revenue, money that would be allocated to affordable housing programs.
More details ahead

May 5, 2015

The Former Upper West Side Mansion of Charles Schwab Is Asking $20 Million

By Emily Nonko

It doesn't get any grander than this 11,500-square-foot, six-story mansion on the Upper West Side. Located at 323 West 74th Street, this home has an interesting history, to say the least: It was designed by the famous architect C. P. H. Gilbert as part of a larger row of residences off Riverside Drive to rival the mansions of Fifth Avenue. The infamous moneyman and steel magnate Charles Schwab lived here from 1914 to 1917, then, according to Daytonian in Manhttan, it was used as the "scandalous love nest" for the mistress of industrialist George Gould. Today, it's been configured as an owner's triplex with an apartment below. The asking price comes in at $19.995 million.
See more interior photos here

May 5, 2015

Greenwich Village Townhouse from Infamous 1970 Explosion Gets a Price Cut and New Look

By Aisha Carter

Justin Korsant's unique Greenwich Village townhouse that so famously suffered from an accidental explosion in 1970 has lowered its price from $13.5 million to $12.95 million. All eyes have been on the unique split level home with a slanted facade since word got out that Korsant had plans to overhaul the local landmark, which was redesigned by Hugh Hardy post-explosion. Instead, Korsant tabbed Hardy's own modern-day firm, H3 Hardy Collaboration Architecture, to come up with Landmarks-approved plans, which include six floors, a penthouse, and an elevator. Now all you have to do is grab your contractor and make it happen.
More pics inside

May 4, 2015

Westward Ho! More and More New Yorkers Are Moving to Los Angeles

By Diane Pham

New York and Los Angeles have long been rivals, but while New York has historically emerged as the center of all things cool, the tides seem to be turning. The Times reports that more and more of the city's creatives are turning to Los Angeles as a place to call home, spurring a renaissance in a town once considered a cultural wasteland. No longer is L.A. a sun-soaked land littered with dejected actors and models, but instead it's emerging as a haven for those looking to experiment with their art without struggling to make ends meet. Read: The rents are cheap!
Find out more here

May 4, 2015

Shoes Are the Star at This SoHo Loft Redesign by Aa Studio

By Emily Nonko

Anyone who appreciates good design as much as a good pair of shoes will love this project by Aa Studio. The New York-based architecture firm focuses on space, proportion and light in home design. So given the task of a bedroom redesign that would also accommodate a large designer shoe collection, it's no surprise that the result feels so spacious. The gorgeous, bright master bedroom, located inside of a Soho penthouse, comes with sleek, grown-up cubby spaces that show off the impressive footwear display.
See more interior photos here

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

The possible skyline in 2018, via CityRealty

May 4, 2015

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

By Dana Schulz

In the past, it was street names like Park Avenue and Central Park West that signaled a building's wealth and prestige, but these days it's gotten confined to a much shorter thoroughfare, 57th Street. Appropriately dubbed Billionaires' Row, the stretch has gotten much heat lately for its influx of supertall towers casting shadows on Central Park just to the north. Three of the towers in this sky-high lineup belong to Extell Development: the under-construction Nordstrom Tower at 217 West 57th Street, which will be the tallest residential building in the world when completed; 111 West 57th Street; and everyone's favorite One57. But now, as Crain's reveals, Extell is looking to expand its 57th Street portfolio with the site of the current Calvary Baptist Church and the Salisbury Hotel at 123 West 57th Street, on the same block as 111 West 57th and One57. As the paper reports, the church "will soon decide whether it will sell its sanctuary and 197-room hotel" to the developer.
More on the possible project here

May 1, 2015

Michelle Obama Loves the New Whitney; BIG’s West 57th Street Pyramid Gets a Name

By Diane Pham

A cement mason worker is suing Tishman Construction, Silverstein Properties, the Durst Organization and the Port Authority after getting seriously injured while working at 1 World Trade Center. [CO] BIG’s West Side Highway pyramid/tetrahedron will be named “Via.” Huh? Read the explanation at the Times. [NYT] First lady Michelle Obama is “in love” with the new Whitney Museum, […]

Real Estate Trends

Norman Foster’s 551W21 under construction

April 30, 2015

A Record $11.9B Has Gone into Building New Condos, but Few Apartments Actually Produced

By Diane Pham

The NYC luxury real estate market is as hot as ever and developers are scrambling to get in on the action. The Daily News reports that a record breaking $11.9 billion was poured into new developments last year, a 73 percent jump over the last 12 months, and up $5 billion over the previous record (source: New York Building Congress). While this rise may seem like great news in a city facing a serious housing crisis, the bounty going towards new construction isn't doing much to remedy it. The paper adds that though spending is way up, the bulk of the cash is being funneled "into delivering only a few massive high-end pads with luxe finishes targeted at the global elite."
Find out more here

April 30, 2015

$100M Homes on the Rise All Over the World; Will NYC Look as Good with a Dimmer Skyline?

By Diane Pham

New York is not alone, a record number of properties around the world are commanding prices topping $100 million. [Bloomberg] The city’s first crowd-funded condo project has just launched sales. [NYDN] LES community activists are calling Extell’s new tower planned for 250 South Street “racist.” [DNA Info] New York’s plan to save energy may mean a […]

Real Estate Trends

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