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


View from the private terrace of 150 Charles Street, #8AN View from the private terrace of 150 Charles Street, #8AN
New York City is reducing the spread of the coronavirus, but Mayor de Blasio says the improved numbers are still “not what we’re looking for.” To help them get there, traffic will be banned from nearly 12 more miles of streets starting today, and more bike lanes will be created to allow for safe commutes and social distancing. This is excellent timing given the warming weather, which would make it easier to put another plan into action: The mayor and the Department of Transportation alike have embraced the idea of allowing restaurants to use street space for seating, a move that would allow restaurants to reopen and ease diners’ minds.

Indeed, New York will look quite different when it opens, a statement that doesn't even take new renderings, developments, and building trends into account. See the latest news below.

The future is bright for affordable housing construction

2155 Caton Avenue Rendering of 2155 Caton Avenue in Flatbush (ZArchitecture)
It is unclear what effect the COVID-19 pandemic will have on multifamily housing, but one developer thinks affordable housing construction has nowhere to go but up. In a Multi-Housing News article, Richard Lama, founder and president of RAAM Construction, points to a number of factors.

While a large number of apartment-dwellers didn't pay their rent in April 2020, the affordable housing sector is expected to experience fewer rent defaults than market-rate units, which is good news for landlords and investors. Demand has consistently outpaced supply, and the need for affordable housing will continue to rise in this economic environment. It also helps that cities are placing an emphasis on affordable housing in the interest of public health - see all the affordable housing sites that have been deemed essential construction.

Shortly after the post went live, so too did new affordable lotteries at 2338 Second Avenue in East Harlem and 2155 Caton Avenue in Flatbush. See all ongoing affordable housing lotteries here.

Featured Listing: Chelsea penthouse with sunset views of Hudson Yards debuts

Kheel Tower, 315 Seventh Avenue, #PHD Kheel Tower, 315 Seventh Avenue, #PHD (Compass)
Chic charm meets eternal views in this stunning penthouse duplex overlooking West Chelsea and Hudson Yards. #PHD at Kheel Tower is much more than just a NYC apartment, it is truly a home. The entire space has been custom renovated to create warmth and seclusion.

The oversized windows and 11-foot ceilings welcome light in all day creating a unique atmosphere for the discerning buyer. In these times outdoor space is must, and this home offers exactly that as a cherry on top. With over 1,000sqft of interior space and a private terrace, there is ample room in this home to spread out and relax. Whether it is a morning coffee on the window sill, or a sunset cocktail on the terrace, the feeling of home here is a diamond in the rough in this bustling city. Full listing here.

Naftali Group files plans for second Upper East Side condominium

1045-Madison-Avenue-01 Site for a new 210-foot tall residential tower at 1165 Madison Avenue
Some are using the city's shutdown as a time to take it slow, but not Naftali Group. Shortly after new renderings for The Benson were revealed, the developer filed permits for a new 13-story building at 1165 Madison Avenue ( aka 48 East 86th Street).

The designer of record of the new builing will beSLCE Architects. It will have 3,750 square feet of retail space on the ground floor and 12 condos, three of them duplexes, above. Amenities are said to include a rooftop terrace, gym, squash court, children's playroom, and screening room. The Real Deal reports that Naftali Group filed demolition permits for the two vacant buildings on-site in January, and acquired the site last year from Vornado Realty Trust for $71 million.

Facebook's Hudson Yards headquarters gets clad amidst uncertain future for Manhattan office market

Hudson-Yards-02 Rendering via Related Companies/Oxford Property Group
The longer the "unexpected global work-from-home experiment" (pandemic description via Forbes) lasts, the more some companies throughout Manhattan are starting to wonder how physically safe and financially feasible it is to continue to crowd workers into offices. If more employers pull back and reduce their office space, it could have a detrimental effect on everything from the fate of corner bodegas to the city's tax coffers.

However, the dire predictions were not enough to put a stop to work at 55 Hudson Yards, the second-largest office building in the country's largest mixed-use complex. The glass facade is on its way up on the nearly fully leased office tower, which counts Facebook among its incoming tenants. Incidentally, the social network used to have a share of its employees work remotely, but the practice was phased out for being less than efficient.
Hudson-Yards-01 Construction progress circa May 2020 via CityRealty
May 2020 (CityRealty)
Hudson Yards Facades via New Hudson Facades

With Jarmulowsky Bank hotel conversion underway, dome graces Lower East Side skyline

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A short time after the Beaux-Arts building housing the Jarmulowsky Bank was complete, there was a run on the bank as German investors withdrew funds to send to relatives at the onset of World War I. The building long outlasted the bank, and developer DLJ Real Estate Capital bought it in 2011, later announcing plans to transform it into a luxury hotel. It is unknown which hotel it will house, or when this will open given the state of the market, but we are happy to see its graceful cupola restored. Bowery Boogie called it "one of the more tasteful additions to the Lower East Side skyline in recent memory."
9-Orchard-Street-01 Skyline view circa May 2020 via CityRealty

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Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
Luxury Homes in Midtown | Newly Renovated Studio-2BR Homes View Property
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