Real Estate Trends

NYC’s first wave of office-to-residential conversions could create over 17,000 new homes, report says

Pfizer World Headquarters is becoming 1,500 apartments. Photo via WikiCommons

July 17, 2025

NYC’s first wave of office-to-residential conversions could create over 17,000 new homes, report says

New York City’s first wave of office-to-residential conversions could yield over 17,000 new apartments, highlighting the potential for such projects to help ease the city’s housing shortage, according to a new report. Published on Thursday by City Comptroller Brad Lander, the report finds that 44 office conversions initiated after the pandemic could transform 15.2 million square feet of office space into as many as 17,400 homes over the coming years. However, the report warns that the city’s new 467-m tax break may be overly generous, potentially costing $5.1 billion in lost property tax revenue over 37 years.
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Paul Newman’s Fifth Avenue co-op sells for $4M above asking price

All photos courtesy of Evan Joseph Studios

July 11, 2025

Paul Newman’s Fifth Avenue co-op sells for $4M above asking price

By Aaron Ginsburg

A Fifth Avenue co-op once owned by Hollywood legends Paul Newman and Joanne Woodward just sold for 40 percent above its asking price following a bidding war. As first reported by the Wall Street Journal, the classic six at 1120 Fifth Avenue sold for roughly $14 million after it was listed for $9,950,000 in December. More than 50 prospective buyers toured the home, resulting in nearly a dozen offers, including one above $14 million that the Newman family declined because the buyer intended to use it as a pied-a-terre—something the co-op board was unlikely to approve.
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July 10, 2025

Former home of New York Stock Exchange in FiDi to become nearly 400 apartments

By Aaron Ginsburg

Plans were filed this week for another office-to-residential conversion in the Financial District. GFP Real Estate on Wednesday filed a permit application to convert the 20-story building at 40 Exchange Place into a mixed-use development with 382 apartments and retail space, as first reported by The Real Deal. The project is GFP’s latest conversion effort, following a $288 million construction loan secured in January for a similar project at 222 Broadway.
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Real Estate Trends

This map shows where rent increased the most by NYC subway stop

Photo of Franklin Avenue Station © 6sqft

July 9, 2025

This map shows where rent increased the most by NYC subway stop

By Aaron Ginsburg

It's not just your neighborhood. Rent prices have increased at 87 percent of New York City's subway stations this year. RentHop on Wednesday released its annual subway rent map, which highlights the median rent and the year-over-year rent increases of one-bedroom apartments by subway stop. According to the analysis, rent jumped by 14 percent near subway stations across Brooklyn, Queens, and the Bronx, particularly in areas with new developments.
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July 3, 2025

What $1 million gets you in 2025: A borough-by-borough breakdown

By Dana Schulz

Remember the days when owning a $1 million apartment signified that someone was “rich?” Now, it’s hard to find a decent condo for much less, especially if you need multiple bedrooms or want to be in a desirable neighborhood. But there are hidden gems if you know where to look, and are perhaps willing to sacrifice a few items on your wishlist. Ahead, we’ve found $1 million listings in each borough that might surprise you.
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Silverstein adds 2,000 apartments to sweeten casino proposal for Manhattan’s west side

Renderings courtesy of Silverstein Properties / Binyan Studios

June 26, 2025

Silverstein adds 2,000 apartments to sweeten casino proposal for Manhattan’s west side

By Aaron Ginsburg

Silverstein Properties said it would develop more than 2,000 apartments through office-to-residential conversions on Manhattan's west side if its casino bid is awarded a license. The developer on Thursday announced a partnership with MetroLoft to develop the apartments, which would include 500 permanently affordable units, a day before casino proposals are due. The addition of housing sweetens Silverstein's $7 billion bid, The Avenir, which calls for a 1,000-room luxury hotel, restaurants, a food hall, and a gaming facility near the Javits Center. The previous plans had proposed 100 affordable apartments located off-site.
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$80M penthouse at 80 Clarkson could break downtown Manhattan sales record

Credit: DBOX

June 23, 2025

$80M penthouse at 80 Clarkson could break downtown Manhattan sales record

By Aaron Ginsburg

A duplex penthouse at a new two-tower complex next to Google’s Hudson Square headquarters could set a record for downtown Manhattan. Located in Zeckendorf Development and Atlas Capital Group's 80 Clarkson Street, the penthouse is asking $80 million, or more than $11,235 per square foot, according to The Real Deal. The 113-unit building, which topped out last week, has released 83 residential units so far, alongside 18 accessory suites, storage lockers, wine cellars, and parking, with an estimated sellout exceeding $2 billion.
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One Domino Square penthouse sells for $7.45M, a new sponsor sale record for Williamsburg

Photo courtesy of Evan Joseph

June 17, 2025

One Domino Square penthouse sells for $7.45M, a new sponsor sale record for Williamsburg

By Devin Gannon

There's a new sponsor sale record for Williamsburg. A duplex penthouse at the new waterfront development One Domino Square is under contract for $7,450,000, developer Two Trees Management announced on Monday. The deal takes the priciest sponsor sale title from neighboring project One Williamsburg Wharf, which had a penthouse asking $7,200,000 enter contract in December.
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June 11, 2025

Priced out of NYC? These are the best commuter suburbs, according to real estate experts

By Dana Schulz

Since the pandemic, it’s become increasingly expensive to put down roots in New York City. According to data from CityRealty, condo prices are the highest they've ever been, increasing 16 percent since July 2020, while co-ops have jumped 6.4 percent over the same period. Many people are even being priced out of rentals; Douglas Elliman's Jonathan Miller reported earlier this year that the average monthly rent in New York City is now roughly $5,194—more than a mortgage payment in many places. And it’s this financial conundrum that often becomes the impetus for many young professionals and families to relocate to the suburbs. They can get more space and a yard, access to beaches and hiking trails, and send their kids to public schools without a second thought. But what’s the best place to achieve this small-town fantasy? For that answer, we turned to the pros. Ahead, hear from real estate experts about the best commuter suburbs outside New York City.
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Bethenny Frankel sells historic Greenwich estate for $7.8M

Photos courtesy of Mike Cinelli of Jump Visual

June 11, 2025

Bethenny Frankel sells historic Greenwich estate for $7.8M

By Aaron Ginsburg

Reality TV star and entrepreneur Bethenny Frankel has sold her historic Greenwich, Connecticut estate for $7,825,000, almost double the $4.25 million she paid in 2021. The "Real Housewives of New York" alum sold the three-acre property, known as Applejack Farm, in an off-market deal following her move to Florida. Built in 1743, the estate, one of the oldest properties in Greenwich, includes a 6,500-square-foot main house with five bedrooms and eight bathrooms, plus a two-bedroom guest house with a separate studio, a three-bay garage, and a “party barn."
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Brooklyn Tower relaunches sales, with studios from $965K

By Devin Gannon

Nearly a year after Silverstein Properties took control, Brooklyn Tower has relaunched sales, with a new marketing team and a new address. The supertall skyscraper at 85 Fleet Street (formerly 9 Dekalb Avenue) first launched sales in 2022 but struggled to make much headway, with just 23 of the 143 condos sold to date. Now, with Corcoran Sunshine leading sales efforts, listings at the tower are once again live, with condos priced from $965,000 for a studio.
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Andy Cohen’s colorful West Village penthouse finds a buyer

Photos courtesy of Eytan Stern Weber, Evan Joseph Images

June 3, 2025

Andy Cohen’s colorful West Village penthouse finds a buyer

By Aaron Ginsburg

Andy Cohen’s vibrant West Village penthouse found a buyer, and it's an Emmy Award-winning playwright. As first reported by the New York Post, actor and writer Danny Strong, known for his writing on "Empire" and "Dopesick" and roles in "Buffy the Vampire Slayer" and "Mad Men," bought the apartment at 2 Horatio Street with his partner Caitlin Mehner. The home, which is a combination of four units, first hit the market in September for $14 million and was relisted for $12 million earlier this year. The final sales price has not been made public yet.
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June 3, 2025

Brooklyn Heights’ iconic Hotel Bossert sells for $100M, to become apartments

By Aaron Ginsburg

A historic Brooklyn Heights hotel once dubbed the "Waldorf-Astoria of Brooklyn" has sold for $100 million, with plans to convert the storied property into residences. The iconic Hotel Bossert, located at 98 Montague Street, was acquired by real estate investment and development firm SomeraRoad, according to city records registered Wednesday and first reported by Crain's. In a statement to the Brooklyn Daily Eagle, the firm said it "plans to honor the property’s rich history and to restore and reopen the building as residences."
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Real Estate Trends

The bank of mom and dad: How parental co-buying is affecting NYC real estate

Photo © Jose Luis Stephens / Adobe Stock

May 28, 2025

The bank of mom and dad: How parental co-buying is affecting NYC real estate

By Dana Schulz

It’s not uncommon for today’s younger generations to rely more heavily on their parents for financial support than in the past. Perhaps they move back home after college to save, or they need a guarantor to rent their first apartment. Some are even fortunate enough to get help with the down payment on their first home through parental co-buying, a trend that realtors are seeing in New York City more and more.
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Silverstein unveils new wavy design for 785-foot-tall casino complex across from Javits Center

Renderings courtesy of Silverstein Properties / Binyan Studios

May 28, 2025

Silverstein unveils new wavy design for 785-foot-tall casino complex across from Javits Center

By Aaron Ginsburg

Silverstein Properties this week unveiled a new design for its casino project proposed for an empty lot across from the Javits Center. The Avenir would rise 785 feet at 41st Street and 11th Avenue and include a 1,000-room luxury hotel, restaurants, a food hall, and a gaming facility, if the developer secures one of the three downstate casino licenses expected to be awarded this year. Designed by CetraRuddy Architecture and Steelman Partners, the project includes a podium with a facade of "gentle harmonious waves" topped by a sculpted 45-story tower. The design revises the original proposal, which called for two 46-story towers, following community feedback.
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The Chrysler Building is now on the market

Credit: Mitch Hodiono on Unsplash

May 21, 2025

The Chrysler Building is now on the market

By Aaron Ginsburg

The Chrysler Building is officially up for sale after a drawn-out legal battle between RFR Holding and Cooper Union. As first reported by The Promote, the leasehold for the iconic Art Deco skyscraper is on the market for the first time since 2019, after a judge terminated RFR’s lease in January and evicted the firm for falling more than $21 million behind on rent owed to Cooper Union, which owns the land beneath the tower. Cooper Union has since tapped real estate firm Savills to find a new operator to take over the lease.
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Real Estate Trends

NYC’s earliest concrete building in Gowanus back on market for $3M

Photos by Vanessa DeGarcia, courtesy of The Corcoran Group

May 15, 2025

NYC’s earliest concrete building in Gowanus back on market for $3M

By Aaron Ginsburg

The Coignet Stone Building, the earliest known concrete building in New York City, is back on the market for $2,995,000. Located at 360 3rd Avenue in Gowanus, the landmarked structure was built in 1873 as both a showroom and a physical advertisement for Francois Coignet's concrete construction company, marking the first documented use of concrete for a building in the city. Whole Foods purchased the property in 2005 and completed a $1.3 million restoration in 2016 before listing it for $6 million. The building returned to the market in 2019 as a proposed residential townhouse, asking $6.5 million.
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May 7, 2025

Largest building in Gowanus moves ahead after $174.5M in financing

By Aaron Ginsburg

Plans for the largest building in Gowanus are moving forward after developers secured $174.5 million in financing. Last week, Charney Companies and Tavros obtained funding for 175 Third Street, a roughly one-million-square-foot project that will add 1,000 new apartments to the neighborhood as part of their larger Gowanus Wharf development. Once complete, the building will make Charney and Tavros the largest property owners in the area, with over two million square feet and 2,200 residences across Gowanus.
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Real Estate Trends

Rosie O’Donnell sells Midtown East penthouse for $4.75M

Photos represent a previous listing. Courtesy of Brown Harris Stevens

May 6, 2025

Rosie O’Donnell sells Midtown East penthouse for $4.75M

By Devin Gannon

Rosie O'Donnell has found a buyer for her Manhattan penthouse, two years after first listing it and a few months after moving to Ireland. The comedian first put her home at 255 East 49th Street on the market for $8,300,000 in 2023; it entered contract for $4,750,000 earlier this spring.
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432 Park owners sue again over alleged facade crack cover-up

Photo by Sebastiandoe5 via WikiCommons

April 30, 2025

432 Park owners sue again over alleged facade crack cover-up

By Aaron Ginsburg

Owners at the supertall condo 432 Park Avenue are suing the building's developers again. The Midtown East tower's condo board on Friday filed a lawsuit against developers Harry Macklowe and CIM Group, alleging they knowingly concealed widespread cracking in the building's concrete facade from buyers and inspectors as part of a "deliberate and far-reaching fraud," as first reported by Crain's. The board is seeking $165 million in damages, along with punitive damages and compensation for losses tied to declining property values caused by flooding and erosion from the cracks.
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Real Estate Trends

Frank Lloyd Wright’s corner apartment at the Plaza finds a buyer

Photo credit: The Charlie Attias Team / Compass

April 23, 2025

Frank Lloyd Wright’s corner apartment at the Plaza finds a buyer

By Devin Gannon

Frank Lloyd Wright's former apartment at the Plaza Hotel has found a buyer. Listed for $18,900,000 in February, the 4,000-square-foot home entered contract on Tuesday, as first spotted by the New York Post. The architect lived in the corner residence at 1 Central Park South from 1954 to 1959 while he was working on the Guggenheim Museum.
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Real Estate Trends

Next phase of affordable Far Rockaway development breaks ground

Rendering by Aufgang Architects

April 2, 2025

Next phase of affordable Far Rockaway development breaks ground

By Aaron Ginsburg

Construction is set to begin on an affordable residential building within a new development in Far Rockaway. As first reported by Commercial Observer, Tishman Speyer's TS Communities announced it secured financing and will break ground this month on Edgemere Commons A2, a 100 percent affordable building at 337 Beach 52nd Street and the second all-affordable development within the larger Edgemere Commons complex. The building will rise 18 stories and deliver 244 affordable apartments ranging from studios to three bedrooms, for households earning between 40 and 80 percent of the area median income.
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March 31, 2025

Scarlett Johansson and Colin Jost buy $13M Park Ave penthouse

By Devin Gannon

Actress Scarlett Johansson and SNL staff writer Colin Jost are moving to a Park Avenue penthouse. As first reported by the Wall Street Journal, the A-list couple paid $13,000,000 for a 14-room triplex at 1220 Park Avenue, a Rosario Candela-designed co-op in Carnegie Hill. The magnificent residence measures 6,000 square feet across three levels and includes six bedrooms, five terraces, and eight balconies.
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Vacant and overrun by feral cats, Trump’s childhood home in Queens sells at huge discount

All photos courtesy of Paramount Realty USA

March 28, 2025

Vacant and overrun by feral cats, Trump’s childhood home in Queens sells at huge discount

By Aaron Ginsburg

President Donald Trump's childhood home in Jamaica Estates has traded hands for significantly less than its previous sales price after falling into disrepair and becoming overrun by feral cats. As first reported by the New York Post, the Tudor-style residence at 85-15 Wareham Place sold for $835,000 on March 3—less than half of its 2017 sale price of $2.14 million, according to the deed.
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Real Estate Trends

March 18, 2025

350 Park Avenue supertall office tower officially enters public review

By Aaron Ginsburg

A proposed 1,600-foot-tall office tower set to reshape the New York City skyline officially entered public review this week. The Department of City Planning on Monday certified an application for 350 Park Avenue, a proposed 62-story building in Midtown East led by Vornado Realty Trust, Citadel, and Rudin Management, kicking off the seven-month uniform land use review procedure (ULURP). Designed by Foster + Partners, the project—the first new office building presented to the City Planning Commission in five years—calls for 1.8 million square feet of office space and a new public concourse, with Ken Griffin's Citadel and Citadel Securities as anchor tenants.
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Real Estate Trends

NYC’s first wave of office-to-residential conversions could create over 17,000 new homes, report says

Paul Newman’s Fifth Avenue co-op sells for $4M above asking price

Former home of New York Stock Exchange in FiDi to become nearly 400 apartments

This map shows where rent increased the most by NYC subway stop

What $1 million gets you in 2025: A borough-by-borough breakdown

Silverstein adds 2,000 apartments to sweeten casino proposal for Manhattan’s west side

$80M penthouse at 80 Clarkson could break downtown Manhattan sales record

One Domino Square penthouse sells for $7.45M, a new sponsor sale record for Williamsburg

Priced out of NYC? These are the best commuter suburbs, according to real estate experts

Bethenny Frankel sells historic Greenwich estate for $7.8M

Brooklyn Tower relaunches sales, with studios from $965K

Andy Cohen’s colorful West Village penthouse finds a buyer

Brooklyn Heights’ iconic Hotel Bossert sells for $100M, to become apartments

The bank of mom and dad: How parental co-buying is affecting NYC real estate

Silverstein unveils new wavy design for 785-foot-tall casino complex across from Javits Center

Layers of texture and moody hues make this $20M Chelsea townhouse a design maximalist's dream

The Chrysler Building is now on the market

NYC’s earliest concrete building in Gowanus back on market for $3M

Largest building in Gowanus moves ahead after $174.5M in financing

Rosie O’Donnell sells Midtown East penthouse for $4.75M

432 Park owners sue again over alleged facade crack cover-up

Frank Lloyd Wright’s corner apartment at the Plaza finds a buyer

Next phase of affordable Far Rockaway development breaks ground

Scarlett Johansson and Colin Jost buy $13M Park Ave penthouse

Vacant and overrun by feral cats, Trump’s childhood home in Queens sells at huge discount

350 Park Avenue supertall office tower officially enters public review

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