Search Results for: planned residential development

March 24, 2015

Rent Stabilization Demystified: Know the Rules, Your Rights, and if You’re Getting Cheated

In New York City there are currently about one million rent stabilized apartments–about 47 percent of the city’s rental units. So why is it so hard to snag one? What are the benefits of having one (other than affordable rent, of course)? According to the New York City Rent Guidelines Board nearly 250,000 rental units have lost the protections of rent regulation since 1994. Why are we "losing" so many of them?
Find out the facts and how they could affect you

March 23, 2015

NYC Is the Worst State for Rich People; MTA Is Still Short $15B

By Diane Pham

With the state’s new fiscal year looming, there’s still no specific plan in place to close the MTA’s $15B funding gap. [NYDN] Sorry, but there won’t be an Andy Warhol Museum coming to Essex Crossing after all. [BB] The former historic church at 344 West 36th Street slated to come down for a new hotel. […]

Real Estate Trends

REVEALED: ODA’s New Bushwick Rental Project Looks a Lot Like BIG’s 8 Tallet in Copenhagen

ODA’s 10 Montieth Street (L); BIG’s 8 Tallet (R)

March 20, 2015

REVEALED: ODA’s New Bushwick Rental Project Looks a Lot Like BIG’s 8 Tallet in Copenhagen

By Dana Schulz

If imitation is the sincerest form of flattery, then Bjarke Ingels should give himself a big pat on the back. A newly revealed residential design by architectural firm ODA for the Rheingold Brewery site in Bushwick looks a lot like Bjark Ingels Group's (BIG) 8 Tallet in Copenhagen. The Denmark building takes the shape of a figure 8 with a sloping ramp that runs from the base of the building to its roof, creating a large interior courtyard. Similarly, the 400-unit rental building planned for Bushwick at 10 Montieth Street has a subtle bow-tie shape with a sloping, zig-zagging green roof and amenity-laden courtyard. And just as 8 Tallet is the largest private development ever undertaken in Denmark, ODA's 400,000-square-foot building would be the largest residential building ever built in the area if completed.
More details on the proposed project

February 27, 2015

Revealed: AB Architekten’s 29 Clay Street to Bring Manhattan Modernism to Greenpoint

By Ondel Hylton

A proposed 12-story residential building near the mouth of Newtown Creek in Greenpoint may bring some avante-garde design to a neighborhood better known for its low-slung factories, unpretentious row-houses, hearty Polish community, and an immense wastewater treatment plant. Coming from the office of AB Architekten, led by Alexander Blakely, a 70,000-square-foot proposal at 19-29 Clay Street is envisioned to rise directly across from the long-promised Box Street Park, and it may be the first of a multitude of high-rises set to radically transform the neighborhood's waterfront.
More information on the proposed project

February 4, 2015

Why 5 Pointz Couldn’t Be Saved; Construction on Staten Island’s Giant Observation Wheel Starts Soon

By Diane Pham

5 Pointz was once a legendary venue for street art, but today is nothing more than rubble. Why couldn’t the art icon be saved? [Failed Architecture] Construction on Staten Island‘s New York Wheel will start next month. [DNA Info] A duplex penthouse in the celebrity-filled El Dorado has hit the market asking $29 million. The […]

Real Estate Trends

February 3, 2015

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

By Diane Pham

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

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?

By Dana Schulz

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

Real Estate Trends

January 15, 2015

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

By Dana Schulz

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

First Four Essex Crossing Buildings Revealed

Rendering via SHoP Architects

January 15, 2015

First Four Essex Crossing Buildings Revealed

By Dana Schulz

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

January 1, 2015

Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

By Dana Schulz

It's that time of year when we take a look back at the biggest stories of the year and look ahead at what's to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down. This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We'll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.
Check out the year in review and 2015 predictions here

Real Estate Trends

December 31, 2014

REVEALED: 141 Willoughby, 30-Story Mixed-Use Tower to Replace Site Once Slated for Eminent Domain Takeover

By Ondel Hylton

A Downtown Brooklyn school once planned to be seized through eminent domain will sprout a 30-story mixed-use tower by Savanna Partners. Renderings posted on Savanna's website reveal a glass tower at 141 Willoughby Street with a retail base, student housing, and commercial or residential space above. The project will replace the three-story building that's home to the Institute of Design and Construction, a 77-year-old technical college.
More details on the project

December 17, 2014

Vote for 2014’s Building of the Year!

By Diane Pham

There is no shortage of towers on the rise in Manhattan, but amongst these glass and stone beauties are a handful that stand head and shoulders (and several hundred feet) above the rest. A red hot real estate market and cutting edge building technology have paved the way for towers of both unprecedented heights and prices. But worthy of equal credit are the visionary developers and architects who dare to change the NYC skyline. Here we've handpicked 12 of the most newsworthy buildings of 2014; these towers boast groundbreaking designs and record-breaking (or soon to be record-breaking) prices. But we ask you: Out of the dozen, which deserves the title "Building of the Year?" Cast a vote above to help us decide which is 2014's most important tower! Extended by popular demand… Voting ends TODAY, December 12th at 11:59 PM WEDNESDAY, December 17th at 11:59 PM and we’ll reveal the winner on Friday, December 19th. And if you’re still torn between two (or all), jump ahead for the low-down on each, from height to 2014 news highlights.
More on each of the buildings here

<b>Forest Hills Gardens: A Hidden NYC Haven of Historic Modernity</b>

Forest Hills Gardens via Joe Shlabotnik via photopin cc

November 20, 2014

Forest Hills Gardens: A Hidden NYC Haven of Historic Modernity

By Michelle Cohen

This unique sheltered enclave might be the perfect spot for residents who can handle the rules; just don't call it FoHiGa. Occupying a 175-acre wedge just south of the Forest Hills LIRR station and within the greater Queens neighborhood of Forest Hills, Forest Hills Gardens is one of America’s oldest planned communities. Modeled after England’s “garden cities,” originally intended to create an ideal environment that incorporated shared green space with urban convenience for the working classes, the Gardens (as it's known) is home to about 4,500 residents. The private community is managed by the Forest Hills Gardens Corporation, an organization made up of property owners. This unique community consisting of over 800 free-standing and attached houses and 11 apartment buildings as well as churches, parks and storefronts, dates from 1909, when architect Grosvenor Atterbury and landscape architect Frederick Law Olmsted Jr.–-son of Frederick Law Olmsted, landscape architect who helped design Central Park–-were commissioned to plan a new town. Though the community lies within the boundaries of one of the world’s most modern and populous cities, it has retained much of its co-operative, idyllic nature.
Find out more about this unique community

Hudson Yards Cost Taxpayers $650 Million So Far, and It’s Not Over

Hudson Yards rendering

November 19, 2014

Hudson Yards Cost Taxpayers $650 Million So Far, and It’s Not Over

By Dana Schulz

Just yesterday, the city hailed the completion of the platform built over the west side rail yards that will support the Brookfield West development, a major component of Hudson Yards, the 26-acre development rising on the far west side. And while Brookfield will boast a two-acre park plaza, two 60-plus-story high rises and other public commercial space, it's important to note that $7 million was spent just on designing and producing a special machine called "The Launcher" to lift the 56,000-ton concrete slabs to build the platform. This is just one of many substantial costs in the mammoth Hudson Yards project, for which the city will have paid nearly $650 million in subsides by the end of this fiscal year, money that, over the past ten years, has come straight from the pockets of taxpayers. And that's not all; according to a review by the city's Independent Budget Office, even more will be needed through 2019 to complete the "next great commercial district."
More on the subsidies and Hudson Yards

November 13, 2014

Even More Skyscrapers Set for NYC: Living in the Sky Part III

By Ondel Hylton

We recently brought you parts one and two of our tallest residential skyscrapers series, which totaled 63 projects poised to scrape the sky. But this list doesn't even take into consideration the development boom occurring in Jersey City, unreleased plans on the drawing board, and the numerous office and hotel projects also rising throughout the city. So here you have it, part three of the series to complete our look at NYC skyscrapers.
Check out the list here

<b>Quooklyn: The Rise of Ridgewood and Why Your Friends Will be Moving There</b>

Photo © Cameron Baylock

November 10, 2014

Quooklyn: The Rise of Ridgewood and Why Your Friends Will be Moving There

By Michelle Cohen

Among neighborhoods primed to be the next untapped frontier, Ridgewood isn’t a newcomer. This low-key community on the western border of Queens has seen a steady migration of L-train riders, including the young and restless fleeing Williamsburg and professionals looking for a safe, accessible, quiet ‘hood to call home. In New York City, where every square foot vies for “next big thing” status, Ridgewood is a smart alternative to its headline-stealing North Brooklyn neighbors, Bushwick and Williamsburg, for anyone looking to invest in an up-and-coming residential area.
More on the rise of Ridgewood this way

September 23, 2014

Real Estate Wire: Atlantic Yards Modular Tower Contract Terminated; New Colors for HAP 5?

By Diane Pham

Skanska has terminated its contract with Forest City Ratner to construct a prefab modular tower at the Atlantic Yards. The news brings a close to the seemingly never-ending dispute between builder and the developer. [NYDN] Red Apple Group is building a 32-story residential tower on Myrtle Avenue at Fleet Place. [MyrtleAvenue.Org] A new Pierhouse addition has preservationists up in […]

Real Estate Trends

September 17, 2014

Sunset Park: How Creativity and Commerce are Transforming This Waterfront Neighborhood

By Michelle Cohen

With plans in place that call for a public waterfront bustling with creative industry and commerce rather than luxury residential developments, Sunset Park is not on its way to becoming the next hip NYC residential neighborhood–and that’s a good thing. Located on Brooklyn's western waterfront flank, there are really two sides to Sunset Park. The neighborhood, generally defined as the area between 65th Street, the Prospect Expressway, Eighth Avenue and the East River, has long been a thriving residential community. Sunset Park is also home to about 15 million square feet of warehouse and light industrial space. The key to the neighborhood’s future may be the point at which the two meet.
Find Out How Fashion May Give Sunset Park a Chance to Shine As the New Garment District

City Living

August 13, 2014

Live in the Plywood Version of Philip Johnson’s Glass House for $1.6M

By Diane Pham

Philip Johnson is best known for his use of glass, and his iconic Glass House in New Canaan, Connecticut, is without question his most famous work. But did you know that Johnson also dabbled in plywood construction? In fact, the architect designed several wood homes in the forestlands of Connecticut, including the Wiley Speculative House. The home was the first (and ultimately, only) of Johnson's "speculative houses" planned for a large scale residential development headed by the Wiley Development Corporation in 1954. Though built without a hitch, and despite Wiley's willingness to replicate the home for anyone, anywhere in Connecticut's Fairfield County, Wiley's hope for a Johnson-designed development flopped as nobody wanted to pay $45,000 to live in one of the houses. As a result, the Wiley Speculative House saw a somewhat sad fate and remained under the ownership of Wiley's trust until it was sold off a year later. Since then, the home has changed hands at least nine times, and now nearly 60 years later it's for grabs again, this time for $1.575 million.
More on the lesser-known Johnson house here

August 5, 2014

Real Estate Wire: Ismael Leyva’s Design for a High Line Condo; Bed-Stuy Real Estate is Red Hot

By Diane Pham

First look at the Ismael Leyva-designed, Related Companies-developed condominium planned for West 30th Street between Tenth and Eleventh Avenues, a site that overlooks the High Line Park. [Curbed] Jonathan Miller pinpoints two new records for NYC: The average sales price for NYC residential real estate (co-ops, condos and 1-3 family sales) reached a record $975,441 for 2Q 2014; […]

Real Estate Trends

July 31, 2014

New Renderings of What Will Replace Graffiti Art Mecca 5Pointz Emerge

By Diane Pham

If you loved 5Pointz, grab a box of tissues because you aren't going to be happy with what's planned for the soon to be demolished building. NY YIMBY has gotten his hands on new renderings of what will replace the former art mecca, and unsurprisingly, the towers are as ho hum residential as they come. The new design is the work of New York-based HTO Architect, and once complete, will hold 1,000 apartments within two towers of 41 and 47 stories each.
More images this way

New Developments

July 10, 2014

New York vs. London: A Real Estate Challenge on Both Sides of the Pond

By Dana Schulz

While we're all still in the patriotic mood after the July 4th festivities, we thought it appropriate to put together a friendly little challenge between New York City and her cross-pond ally and sometimes rival, (what are the kids calling it these days, a frenemy?). In the left corner is NYC, global hub of finance and media, weighing in with a population of 8,405,837. And in the right corner we have London, the world's most-visited city, population 8,416,535. According to British real estate website Zoopla, the average price of a Central London home over the past year is £1.1 million or $2 million in U.S. dollars, topping the $1.6 million average selling price of residences in the core of Manhattan.
See how the cities battle it out in our three-round real-estate showdown

Distinctive Homes

July 9, 2014

Real Estate Wire: A Bushwick Factory to Get New Life as Condos; A Peek Inside Norman Foster’s 425 Park Ave. Design

By Diane Pham

Our wrap-up of today’s real estate news highlights: Williamsburg-based development firm ASH NYC is planning to turn a longtime Bushwick glass factory into 80 apartments with ground floor commercial space. [Wyckoff Heights] Freddie and Fannie are warding off any “vultures” eyeing Stuy Town. The two mortgage giants say that they won’t provide funds to buyers who […]

Real Estate Trends

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