new york

New York City’s Urban Renaissance: from Offices to Homes, Unveiling the City’s Bold Transformations

By Columbus International,17 August 2023

There has been significant discussion surrounding the transformation of office spaces into residential properties in New York, accompanied by inquiries into the entities successfully executing these endeavors.

An analysis conducted by The Real Deal delved into alteration permits filed between 2022 and 2023, revealing the most substantial office-to-residential conversion projects.

The following are summaries of the five most notable ventures:

25 Water Street

Following the inauguration of Harry Macklowe’s One Wall Street in March, the mantle for the largest office-to-residential conversion in the country shifted to 25 Water Street. This project involves altering over 900,000 square feet of the building’s 1.1 million square feet. Formerly recognized as 4 New York Plaza, this 22-story office edifice previously housed notable occupants like the New York Daily News, American Media, and J.P. Morgan Chase. In the wake of the pandemic, these entities vacated the premises. The property was acquired by GFP Real Estate and Nathan Berman’s Metro Loft Management for $250 million in December. Their vision encompasses adding 10 additional floors and reimagining the interior to create open and well-lit spaces, including courtyards. Anticipated to yield around 1,200 rentals, the apartments will span from studios to four-bedroom units, accommodating approximately 50 residences on each floor. Certain units will feature 10-foot ceilings and dedicated home office spaces.

160 Water Street

The transformation of this 487,000-square-foot former office building in the Financial District is overseen by architecture firm Gensler. The project entails augmenting the existing 24-story structure by five floors. The resulting 586 rental units will enjoy access to shared amenities such as a rooftop terrace, gymnasium, co-working areas, dining spaces, a bowling alley, and a spa. The expansive redesign and expansion have secured financing through a $272.5 million loan from Brookfield Real Estate Financial Partners. Vanbarton Group, the developer, intends to reconfigure the building’s facade as part of the revitalization. Occupants are expected to begin moving in starting September 2024.

55 Broad Street

Located in proximity to the site of Lower Manhattan’s forthcoming tallest residential tower at 45 Broad Street, Silverstein Properties and Metro Loft Management are collaborating on the conversion of 55 Broad Street. This office building will be transformed into 571 market-rate rental units. The acquisition of the property, made in July from Rudin Management at a cost of $172.5 million, involved the former owner retaining a stake in the project. Recent permits filed in August have designated 49 Broad Street as the locus for a construction endeavor encompassing more than 400,000 square feet. This entails the addition of six stories to the existing 30-story structure. Among the amenities planned are a private club, fitness facilities, co-working spaces, and a rooftop pool featuring a landscaped sundeck and grilling area. The construction is slated to commence this month.

650 First Avenue

Acquired by Lalezarian Properties for $33.5 million on March 23, this eight-story office building in Murray Hill received the green light from the Department of Buildings for conversion into residential spaces. Upon completion, the property will encompass 23,000 square feet of commercial area and over 116,000 square feet of housing, according to official filings.

330 West 42nd Street

In Midtown, Resolution Real Estate is embarking on a significant undertaking involving the partial conversion of the McGraw-Hill Building at 330 West 42nd Street. As a designated city landmark with 33 stories and art deco architecture, the tower will witness the transformation of more than 560,000 square feet into 224 rental units. These units will span from studios to two-bedroom residences and will occupy floors 12 through 32. Notably, the renovation, totaling $100 million, will not impact office contracts; corporate lessees will continue to rent space on the lower floors. Prior to this overhaul, the owners expended $40 million to restore the building’s historic appearance, which included the removal of non-historical windows along one of the city’s prominent thoroughfares.

Brooklyn’s Real Estate Renaissance: A Thriving Market Amidst Urban Evolution. Here Is The Outlook For Brooklyn

By Columbus International,8 August 2023

New York’s real estate scene is buzzing with excitement, and the spotlight is firmly on Brooklyn. Recent outlooks reveal a remarkable transformation that has taken the borough by storm. Bed-Stuy is evolving into a modern-day Fort Greene, while Prospect Lefferts Gardens is swiftly becoming the new Park Slope. Venture down Tompkins or Nostrand for dinner, and you’ll witness firsthand the dynamic results of this urban boom. What’s more, Flatbush and East New York are breaking free from decades of stagnation, showcasing early signs of a striking revival.

Contrary to the headlines that often focus on New York’s upscale retail market challenges, Brooklyn is spearheading a retail revolution. A decade of transformative changes has left many neighborhoods craving more commercial options, igniting a wave of opportunity for local entrepreneurs. Their retail concepts are flourishing, driving them to establish multiple thriving locations in quick succession.

With commercial spaces available for as little as $5,000 to $10,000 per month on attractive avenues, the borough is fostering a bold entrepreneurial spirit that’s redefining its landscape.

Surprisingly, residential rents and prices have surged upward, defying expectations. Several factors fuel this ascent. Building new homes has become an uphill battle since the pandemic hit. Inflation has driven costs to unprecedented heights, straining budgets. Skilled labor and construction workers are in short supply, causing delays. Obtaining construction permits from local governments has turned into a lengthy process.

Moreover, New York State discontinued the critical tax abatement program known as 421A, a lifeline for developers and investors aiming to create market-rate rental housing. This absence has caused a virtual halt in new construction, contributing to a scarcity of available units.

Another factor lies in the transformation of New York City’s rental landscape. Historically, approximately 60,000 new rental units were added annually, a paltry figure for a global hub with nearly 9 million residents. However, a 2019 legislative decision eliminated the conversion of regulated properties into free-market housing, wiping out a significant chunk of supply virtually overnight.

This shift dramatically decreased investment demand, eroding values and exacerbating the dearth of free-market properties, ultimately making them more coveted and valuable.

As the city rebounds from the population exodus triggered by Covid-19, New York is on the path to recovery. Brooklyn’s allure is undeniable, attracting a wave of returning individuals, making it an attractive destination for investors. And while interest rates climb, they are outpaced by rising rents, painting a rosy picture for those considering long-term investment opportunities.

Despite a temporary dip from March 2022 to February 2023, largely due to the steepest interest rate surge in four decades, Brooklyn’s market remains steadfast. Multifamily properties are experiencing a renaissance, hitting all-time pricing highs in many neighborhoods. The allure of a 15% rent hike since February 2020 has enticed investors back into the fold, especially as higher interest rates become more justifiable. In the grand scheme, one thing is crystal clear: the need for increased housing development is undeniable. There’s a glimmer of hope on the horizon, with changing mindsets among city leaders. Governor Kathy Hochul, in particular, has unveiled an ambitious housing plan targeting the construction of 800,000 new residential units over a decade.

Despite initial setbacks, this signals a promising shift in policy. But it’s time for unity, not division. To ensure the Big Apple’s ongoing growth, it’s imperative that stakeholders and local communities unite in a harmonious dialogue. Only through collective effort can we realize the true potential of New York City’s real estate landscape, a hallmark of a civilized and world-class metropolis. If Brooklyn wishes to hold its winning streak, the State of New York must play its part. Supporting the borough’s vibrancy and inclusivity is paramount, echoing the sentiment that resonates throughout the entire city and across the nation. As Forbes aptly states, in the end, it’s a win-win for everyone.

Rub Shoulders with Nicole Kidman and Domenico Dolce in this New York City Home. The price? Just $9 Million!

By Columbus International,28 July 2023

Get ready for a luxury and glamorous adventure in the heart of Chelsea!

Located at 200 11th Ave, a building renowned for housing celebrities like Nicole Kidman, Domenico Dolce, and Diana Widmaier Picasso, it is now capturing attention with a new real estate offer. This extraordinary paparazzi-proof Chelsea duplex even had its moment in the spotlight during a Vogue photoshoot back in 2015. The Chelsea duplex, spanning an impressive 2,364 square feet, offers ample and sophisticated space, but what truly sets it apart is the private sky garage situated at the same level as the apartment. You can park your car in style without having to descend into an underground parking lot. And all of this can be yours for the price of $9 million, nearly double what it was purchased for in 2010 when it was acquired through the Perdita Real Estate LLC for $5.52 million. The sellers, David Levy and Amanda Bowman, are well-known for hosting numerous charity events in their residence. However, their generosity extends beyond that. In 2015, the same year they were featured in Vogue, they decided to donate a custom-built mansion from 1996, located in Sloatsburg, NY, to the Archdiocese of New York. Initially listed for $8 million in 2009, they later lowered the price to $3.5 million, but still had no takers. Ultimately, their altruistic spirit led them to donate the residence.

The West Chelsea home boasts towering 24-foot-tall ceilings, creating an atmosphere of elegance and grandeur. The panoramic view of the Hudson River adds a touch of enchantment to the overall picture. The design of the residence is truly a sight to behold, with window walls and French doors overlooking the splendid Hudson River panorama. These features have not only caught the attention of Vogue but have also been featured in prestigious design magazines like Casa Vogue and New York Design Magazine. The interior is equally stunning, with folding teak doors that open up to a chef’s kitchen, making it a haven for even the most discerning cooks. The main bedroom suite, situated on the top floor, ensures the utmost comfort and privacy. The spa-like bathroom is a true oasis of relaxation, while a sliding pocket door leads to a third bedroom suite with its own private bathroom. This real estate gem is a testament to the luxury and extraordinary lifestyle of its inhabitants. It presents a unique opportunity to immerse yourself in the elegance and prestige of one of the most coveted areas of New York City. If you’ve ever dreamt of living like a celebrity, don’t miss out on this opportunity, as time is precious, and this dream residence could soon become your exclusive retreat!

Source: New York Post

Manhattan’s Mega Condo Boom: Unveiling the Towering Gems Redefining the Skyline! (New York Post)

By Columbus International,19 July 202319 July 2023

Manhattan’s real estate market is witnessing a mix of boutique and larger-scale properties hitting the scene. Let’s take a look at some of the notable developments:

Eastlight (501 Third Ave.): Eastlight is the tallest building in Kips Bay, soaring 34 stories high. The condominium, designed by CetraRuddy, offers 144 units ranging from studios to two-bedroom apartments, with prices starting at $780,000. Notably, 17 of these residences feature “flex spaces” that can serve as home offices, gyms, or creative studios. On the 34th floor, residents can enjoy amenities like a terrace lounge with a dining area, a game room, and a fitness center.

212 W. 72nd St.: CetraRuddy is also involved in the conversion of 212 W. 72nd St., a former luxury rental building. The property now offers 126 units ranging from one to five-bedroom layouts. Prices start at $1.25 million for a 714-square-foot one-bedroom and go up to $8.3 million for a spacious 2,534-square-foot four-bedroom apartment. The apartments feature open living and dining areas, floor-to-ceiling windows, and master bathrooms with custom-designed vanities. The building provides various amenities, including a residents’ lounge, children’s playroom, fitness center with outdoor space for yoga, and a rooftop deck with lounges and grills. Sales are being handled by Corcoran Sunshine.

200 Amsterdam: Anticipated to open this summer, 200 Amsterdam on the Upper West Side offers 112 units. Prices start at approximately $2.62 million for one-bedroom units and go up to $17 million for full-floor penthouses. The architecture was handled by Elkus Manfredi, and the interiors were designed by CetraRuddy. The kitchens feature waterfall edge islands, and the living and dining areas are wrapped with floor-to-ceiling windows. Amenities include a 75-foot saltwater pool, infrared sauna, gym, dog spa, and a music practice room. Sales are managed by Brown Harris Stevens Development Marketing.

VU New York (368 Third Ave.): VU New York, located in Kips Bay, offers 100 units with starting prices at $829,000 for a studio. The 36-story building, designed by Paris Forino (interiors) and SLCE (exteriors), showcases stunning views of the Manhattan skyline. The units include three-bedroom layouts and two duplex penthouses with outdoor terraces. Sales are handled by Brown Harris Stevens Development Marketing, and closings are expected to begin in the fall.

Essex Crossing (202 Broome St.): One Essex Crossing, situated in the Lower East Side’s Essex Crossing development, houses 83 units with prices ranging from $890,000 for a studio to $6.68 million for a penthouse. The building features a 9,000-plus-square-foot landscaped “Garden” with lounge seating and grills, a playroom, and a gym. The Market Line food hall is conveniently located below, offering various vendors. Sales are being managed by Corcoran Sunshine.

Bloom on Forty Fifth (500 W. 45th St.): Located in Hell’s Kitchen, the Bloom on Forty Fifth condo launched with studios starting at $750,000 and three-bedrooms at $2.87 million. The eight-story building features 92 residences, some with private terraces, all boasting oversized windows, open kitchens, and spacious bathrooms. Residents can enjoy shared amenities, including an 8,000-square-foot landscaped courtyard and a fitness center. Sales are handled by Compass Development Marketing Group.

208 Delancey: For downtown living, the ODA-designed 208 Delancey condo offers 85 units ranging from studios to three-bedroom apartments, with prices starting from $630,000. Most homes come with private outdoor spaces, and all feature custom-crafted kitchens. The building’s amenities include a fitness center with a meditation terrace and yoga room, as well as a landscaped rooftop with grills and dining space. The development is represented by Compass.

The Solaire (20 River Terrace, Battery Park City): The Solaire is undergoing a co-op conversion, featuring 291 units with prices starting around $800,000 for studios to three-bedroom apartments. Notably, the co-op rules will be akin to condo rules, meaning no board interviews will be required for prospective homeowners. The property offers amenities like a doorman, live-in manager, fitness center, bike storage, and a landscaped roof terrace with lounge and dining areas. Additional parking and storage come at an extra cost. Sales are expected to launch in the spring.

Source: New York Post

Half-Empty Haven: The Elite’s Luxury Tower in New York Struggles to Fill Up (Wall Street Journal)

By Columbus International,17 July 20239 November 2024

Hudson Yards has always been an ambitious real estate project, spanning approximately 28 acres, located on the west side of Manhattan and developed by the Related Companies. The goal was to transform a windswept railyard into a new luxury destination for the global elite, creating a new residential area with skyscrapers, luxury stores, restaurants, and exclusive services. However, almost a decade after its inception, the project has faced difficulties in achieving this goal. At 35 Hudson Yards, one of the residential towers in the project, approximately 50% of the units remained unsold by the end of June, more than four years after sales began – according to the WSJ.

To stimulate sales, Related has had to reduce prices and offer incentives such as covering taxes and closing costs for buyers. Recorded sales at 35 Hudson Yards show an average price decrease of 30% compared to the initial listed prices. Some units have been sold at discounts of over 40%. Additionally, the project has faced competition from a wide range of luxury condominiums in Manhattan, with greater discounts offered compared to other areas of the city. In contrast, another residential tower in the project, 15 Hudson Yards, initially fared better and is nearly sold out after almost seven years of marketing. Despite efforts to promote the new neighborhood, reception to Hudson Yards has been mixed. While some appreciate the luxury stores, restaurants, and tourist attractions, others describe it as a place lacking authentic personality, characterized by soulless glass skyscrapers.

Furthermore, the proposal to introduce a casino at Hudson Yards has raised concerns among potential buyers, who worry about attracting large crowds and tarnishing the area’s upscale image. Related has responded by stating that if they are fortunate enough to obtain a gaming license, they will create a tasteful world-class resort that enhances the offerings at Hudson Yards. Currently, Related still has over a billion dollars worth of condos to sell at Hudson Yards. Despite the challenges, the company remains optimistic about future sales and has been sending out contracts for many units at 35 Hudson Yards. However, luxury property prices in Manhattan are experiencing a decline in sales, and many buyers are seeking to resell their units at prices lower than their initial purchase, preparing for potential financial losses.

Luxury Real Estate Market in Manhattan Heats Up: Here’s Why, According to Wall Street Journal Analysis

By Columbus International,13 July 2023

Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.

Reconstruction of Penn Station in New York City is moving forward, with an Italian company leading the proposals

By Columbus International,13 July 2023

The reconstruction of the heavily criticized entrance of Penn Station is set to proceed despite the presence of controversial new skyscrapers. With a project value totaling $7 billion, Governor Kathy Hochul announced that the construction of the skyscrapers may be delayed for several years. As per the New York Post, state authorities have already allocated $1.3 billion towards the project, but additional substantial federal funding is needed to bridge the remaining gap, particularly due to the economic threat posed by remote work in the wake of the Covid-19 pandemic. Governor Kathy Hochul expressed her determination to see the project through, stating, “My focus right now is on completing this project.” Hochul and MTA officials have also revealed plans to accept proposals from architects and external firms to develop a more detailed vision for enhancing the main level of Penn Station. The vision includes merging two levels of the station into a unified entrance level, with a goal of doubling or even increasing the ceiling heights throughout the station, which have long been a subject of complaints.

Additionally, an eye-catching new railway atrium is set to be constructed between 7th and 8th Avenue, where the currently unused Madison Square Garden runway is located. This design aims to allow sunlight to reach the new entrance level, a feat not achieved since the original complex was demolished. The MTA’s vision also entails building two new main entrances at the corners of 8th Avenue. The owners of Madison Square Garden have strongly opposed the railways’ current proposal, expressing concerns over potential interference with their operations and sporting events. Meanwhile, an Italian company, with former MTA President Pat Foye serving as a high-level executive, has put forth its own plan, which involves demolishing the Hulu Theater—an auxiliary structure of Madison Square Garden—to create a new railway atrium on 8th Avenue within the complex.

L’attore Mike Myers mette in vendita un attico a New York per 20 milioni di dollari. Qui i dettagli

By Columbus International,11 May 202311 May 2023

Mike Myers, noto attore e comico canadese, ha messo in vendita il suo attico a New York City per una cifra di 20 milioni di dollari. Situato in una delle aree più prestigiose della città, l’attico offre una vista mozzafiato sulla skyline di Manhattan. Lo riporta il New York Post.

L’attico, che si trova nel quartiere di Tribeca, è stato di proprietà di Myers per diversi anni ed è conosciuto per essere uno dei luoghi più esclusivi della città. Con una superficie di oltre 400 metri quadrati, l’abitazione offre spazio sufficiente per ospitare una famiglia numerosa. L’interno è stato progettato con cura e presenta un design moderno e lussuoso. I dettagli di alta qualità, i pavimenti in legno pregiato e i soffitti alti creano un’atmosfera elegante e raffinata. L’ampio salone vanta una grande vetrata che consente una vista panoramica sulla città.

La proprietà dispone anche di una cucina di lusso completamente attrezzata con elettrodomestici di alta gamma e una sala da pranzo separata per intrattenere gli ospiti. Le camere da letto sono spaziose e confortevoli, ognuna con il proprio bagno privato. Inoltre, l’attico offre una serie di servizi esclusivi per i residenti, tra cui una palestra completamente attrezzata, una piscina interna e un garage privato.

Tribeca è conosciuto per essere uno dei quartieri più alla moda di New York, con una vasta selezione di ristoranti di lusso, boutique di alta moda e gallerie d’arte. È anche apprezzato per la sua atmosfera tranquilla e la vicinanza al centro della città. La decisione di Mike Myers di vendere la sua proprietà potrebbe essere dovuta a motivi personali o semplicemente a un cambio di residenza. In ogni caso, l’attico offre un’opportunità unica di vivere nel cuore di New York City, circondati da lusso e comfort.