NYC Real Estate News

NYC Real Estate News

From professional athletes purchasing real estate in NYC to the financial woes of the Kushners, here is a look at some of the real estate news currently happening in New York City.

Mets Pitcher Purchases Apartment in Sky Development

Billed as the largest rental building in the city and a popular hotspot for New York athletes, the Sky development is now welcoming Noah Syndergaard among its residents. Affectionately known as Thor, the Mets pitcher reportedly purchased a two-bedroom, two-bathroom apartment. The corner unit is built in such a way that it maximizes views of the city. Building amenities include a garden with a Yoyoi Kusama sculpture, an enormous pool, several infinity pools, a pet spa, an NBA regulation-sized basketball court, a valet, a private motor court and room service with complimentary breakfast.

Planned Hotel Faces Opposition from Preservationists

The City Planning Commission will soon decide whether or not a planned eight-story hotel next to the Merchant’s House Museum will get the green light. The battle for the development dates back to 2012, at which time the developer first proposed building the 100-foot-tall brick hotel at 27 East Fourth Street. In 2014, the Landmarks Preservation Commission approved the design along with the plans to replace a one-story garage already located on the plot. Preservationists, however, are concerned that the structure could harm the 186-year-old historic house that the planned hotel will sit next to.

In response to concerns about possibly damaging the Merchant’s House Museum, the developers have held multiple hearings at which they have described the measures they will take to prevent the city landmark from being harmed. The executive director of the Merchant’s House Museum, Margaret Halsey Gardiner, has shared in these concerns. Gardiner has even gone so far as to publish her opposition for the planned hotel on the museum’s website, claiming it is “in violation of the City’s Zoning Resolution” and that the waivers put in place for the development “benefit the developer alone”.

The proposed eight-story hotel will tower over the 4 ½-story Merchant’s House, thereby blocking sunlight to the museum’s rear garden. The building itself will also be vastly different in appearance from the surrounding buildings within the Noho Historic District. Work on the site will not begin until the City Planning Commission gives the project its final approval.

Kushners Still Considering Options for Midtown Property

Kushner Companies’ flagship property at 666 Fifth Avenue has been under a great deal of scrutiny, with the company still being slow to decide on how to move forward with the property. While Vornado Realty Trust recently announced that it made a “handshake deal” to sell its 49.6 percent stake in the office tower back to Kushner Companies, the company itself has stated there is a great deal of uncertainty regarding the sell.

With a $1.4 billion mortgage that is nearly due, the skyscraper has created a great deal of tension between Vornado and Kushner Companies. While Vornado reportedly wants to keep the building as an office tower, Kushner Companies is interested in replacing the tower with a luxury condo and hotel designed by Zaha Hadid. The companies have also been reportedly seeking an investor to take over part of the mortgage, but Jared Kushner’s role in the White House has created extra obstacles witin the search.

Meanwhile, the building itself is now 30 percent vacant. While renovations are still a possibility, analysts maintain that investing millions of dollars into such a project is not a wise choice since the building may already be worth less than its mortgage. The Kushners purchased the building in 2007 for $1.8 billion, with the payment due next February.