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A blog from CityRealty (Links below will take you to the 6sqft site)
 
 

Features

555-West-22nd-4 Related Compaies' West Chelsea development site; CityRealty
Related Companies filed demolition permits on Friday for a massive, old school chunk of West Chelsea. The development site long-owned by U-Haul is at the southwestern corner of Eleventh Avenue and West 23rd Street, overlooking Hudson River Park. The Real Deal reported last summer that the super-active developers are in contract to purchase a portion of U-Haul's parcels and will ultimately build a 22-story, 140-unit mixed-use building spanning 288,000 square feet.

The buildings to be razed run from 166-180 Eleventh Avenue, 555-557 West 22nd Street and 548-554 West 23rd Street. A demolition permit was not filed for the large, 10-floor Art Deco-styled warehouse at 524-534 West 23rd Street or 536-546 West 23rd Street. Rather, 70,000 square feet of air rights will be transferred from the warehouses to Related’s development.

Related is understandably bullish on Manhattan's west side of Manhattan given that the developer, in partnership with Oxford Properties Group, is building Hudson Yards --the largest private real estate development ever undertaken in the country. In West Chelsea, Related is building 520 West 28th Street designed by the late Zaha Hadid and a 22-story condo at 501 West 18th Street adjacent to the High Line.

 

 

The Power of Views at DUMBO's One John Street

1-john-Street-98 1 John Street Interior; Image via Sothebys Intl Realty
One John Street’s penthouse captured the top sale in Brooklyn last year for $8.1 million of 3,657 ft² proving the irresistibility of views, even if sweeps of floor-to-ceiling-windows aren't provided. Now finished, Curbed via photoblogger Field Condition took a tour around the building giving us a batch of stunning shots.

Including the penthouse, eight of Brooklyn’s top twenty sales last year were in the building. The gray-colored tower fronts the northernmost section of Brooklyn Bridge Park and nearly all the building’s 42-units have views of the skyline and East River bridges. #PHA is the building’s only remaining unit, now priced at $7.1 million.

 

East Village is Parched for New Pads

East-VIllage-8943 The average closing prices of East Village condos is now $1,961 per square foot; CityRealty
The East Village is thirsty for new condos. Magnum’s 100 Avenue A has just 4 units available after opening this past fall. Just a few other reasonably-sized condos are in the works for the trendy area. At 500 East 14th Street, Extell Development is building a three-winged complex with a Target at its ground floor and at East 12th Street and Avenue A, Steiner East Village is nearly 50% sold with average prices hovering around $2,100 per ft².

Per our listing data, there are just 90 condos currently for sale in the East Village priced at a median of $1,925,000 ($1,769 / ft²).
100-Avenue-A 100 Avenue A; CityRealty
100-Avenue-A-4 CityRealty
100-Avenue-A874 100 Avenue A's #Unit #2B on the market for $1,150,000
Steiner-East-Village-34 Steiner East Village's Unit #4B now available for $2.195 million; Douglas Elliman

 

Next Ring of Brooklyn Neighborhoods Show Run-up in Prices

Brooklyn-data-2 Map and table courtesy of PropertyShark
As a surprise to few, gentrification is pushing into the next ring of Brooklyn neighborhoods. A new report from PropertyShark shows that Bushwick, Bed-Stuy and Prospect-Lefferts Gardens have seen the fastest growth in home prices. Check this. For Prospect Lefferts Gardens, the median sale price in 2012 was $314,340, now it’s $780,000– that’s a $465,660 increase in just 5 years. Wow.

 

Bed-Stuy's Cascade Linen Condos will be $1M to $2M a Pop

Cascade-Linen-45 Just to show you where this is; CityRealty
In relation to that above, The Real Deal reported on Friday that the developers of the Cascade Linen factory site in Bed-Stuy have switched gears from rentals to condos, and get this, the majority of the 301 units will ask between $1M and $2M. Woah Nelly.

The former linen supplier and laundry factory was in business for over a century, providing linens to many of the citys restaurants and hospitals. Now done away with all that, construction has begun on the new, roughly 340,000 square-foot complex that will comprise of several adjoining buildings ranging from 6 to 10 stories in height. We unveiled the first rendering of the development earlier this year. It appears since then, the architects have switched to red brick. I guess that’s an improvement.
Cascade-Linen-2 Cascade Linen Redevelopment; rendering via Samuel Weider Associates
835-Myrtle-2 New Rendering of Cascade Linen at 835 Myrtle via The Real Deal
Cascade-3 Axonometric drawing via NYC DOB

 

New 3-Bed Home in The Bryant Could be Yours for $6.715M

The-Bryant-53 The Bryant (left-hand sde) from Bryant Park; CityRealty
Another condo unit at The Bryant (16 West 40th Street) came online today. It’s a 3-bed/ 3-bath unit on the 30th floor for $6.715 million.

The building is approaching 50% sold and will open later this year. While the Chipperfield design is somewhat plain, don’t miss our recent construction update on the building, capturing views from Bryant Park and the New York Public Library across the street.

 

Well, That’s Rather Abysmal…

308-West-40-34 New rendering of new hotel to rise at 306-308 West 40th Street; CityRealty
306-West-40th-3 Google Earth view of site looking south; CityRealty
Just when you thought the area around the Port Authority Bus Terminal couldn’t get any worse, Gene Kaufman Architect surprises us with a new extruded pile of hotel lodgings. The development site at 306-308 West 40th Street, at the ass of the bus terminal, is slated to be the twelfth budget hotel to come to the beleaguered block. Never-approved permits were filed back in 2015 calling for a 21-story, 60-key hotel, but per a rendering posted on the storefront on one of the doomed building, it seems that plans have been expanded to a roughly 35-floor building. Directly next door at 310 West 40th Street, a 42-story, 287-room hotel is nearing completion.
308-West-40th-1 So long Weng???s Palace Chinese restaurant and two nondescript buildings; Google Streetview

 

Downtown's Conversion Mania Continues

49-Chambers-489 Ongoing downtown conversions: L to R: 49 Chambers, 70 Pine Street, 108 Leonard, Woolworth Building
It seems like all of downtown’s grand dames of commerce are going residential. Late last week we gave you your first look at the Emigrant Industrial Savings Bank conversion at 49 Chambers Street, across from City Hall Park. The Chetrit Group bought the building for $89 million in 2013 and are carving out 81 lavish condos. The Gabellini Sheppard-designed interiors are thoroughly modern but a quiet palette of rich materials whisper the Beaux-Arts building’s monumentality.

Nearby, Rose is wrapping up the conversion of 70 Pine Street (former home of AIG) into rentals, Witkoff is transforming the upper aeries of the Woolworth Building into 33 fairy-tale residences and Don Peebles is turning the former New York Life Insurance building at 108 Leonard Street into 110 condos. Are all these residential conversions a good thing for downtown? The district is one of the best served by public transportation in the country –and God knows we won’t be building any similar hubs anytime soon.
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