Something New, for $1 Million
The New York Times
Brand-new condos tend to have sky-high prices, but with a little sleuthing, you can find something for closer to Manhattan’s median apartment price. For some, only new will do. With fashionable finishes, trendy technology and a cruise ship’s worth of amenities — as well as auras untainted by previous occupants — freshly constructed apartments make the best homes for these buyers.
But with an average sale price that exceeds $4 million in Manhattan, or more than twice the $1.6
million average for previously lived-in units, brand-new condominiums can feel out of reach to all
but a few.
Today’s sluggish market, however, is challenging that assumption. Under pressure, some developers
are scrapping their original plans and switching out ultraexpensive units for smaller, less pricey
versions. At the same time, neighborhoods where condos were once scarce, like Bushwick in Brooklyn
and Rockaway Park in Queens, are now seeing projects with below-average prices.
What that means is that many snazzy new market-rate condos can now be had for less than $1 million,
although that seven-figure cutoff might seem like an only-in-New-York definition of a deal.
“Think about it: We’re talking about $1 million as being affordable. Where else in your life would
you do that?” said Klara Madlin, the broker handling sales at
the Highbridge, a 39-unit condo from HAP Investments in Washington Heights, at 448 West 167th
Street, where every apartment falls in that price range. Eight units remain. (Sales started in
2014, then stopped for several years because of construction issues before resuming about a year
Adam America Real Estate is one developer that adjusted an offering plan for one of its Brooklyn
buildings as the market turned.
In 2015, when Adam America bought a site at 308 North Seventh Street in Williamsburg, the company
envisioned a building with 38 apartments, including 15 three-bedrooms, said Tomer Yogev, Adam
America’s head of development.
But about a year ago Mr. Yogev noticed that buyers were beginning to shy away from pricier
apartments at a different condominium he was marketing in Williamsburg, so he decided to
reconfigure the building at North Seventh Street, also known as N7. He eliminated some
three-bedrooms, shrank the size of the two-bedrooms and increased the number of one-bedrooms.
Today, N7, which is next to the Brooklyn-Queens Expressway, has 45 units: 20 of them
one-bedrooms, 20 two-bedrooms and just five three-bedrooms.
Most critical, Mr. Yogev said, is that 17 of the apartments, which Douglas Elliman Real Estate
began marketing in September, are priced at $1 million or less. “We wanted to let buyers enjoy
something in their price range,” he said.
On the Hunt in Kings County
In general, Brooklyn seems to be a good place to look for the under-$1 million condo. Last month,
Kings County had 197 market-rate condos in that range, according to StreetEasy.
About three dozen of those units are in Bushwick, where midsize modernist developments like 267
Evergreen Avenue, an eight-unit condominium from HomeLand Property Group, coexist with shabbier
buildings, like the shuttered deli the condo faces.
Seven apartments there were listed for under $1 million when the building started sales in August.
By last month, half had sold, said Daniel Fried, an Elliman agent who represents the building,
where vented stoves, sliding wood balcony doors and distant views of Manhattan are highlights.
As Mr. Fried put it, “One million dollars is a psychological threshold.”
It also may be a financial Rubicon: New York slaps a one-percent “mansion tax” on transactions over
$1 million, and that extra $10,000 or more is a fee many buyers try to avoid.
But to stay on the affordable side of that line, they may have to take a chance on a neighborhood
where coffee shops, sit-down restaurants and other mainstays of more
popular neighborhoods are limited.
Studio Gang’s Downtown Brooklyn condo unveils amenities like cinema, music studio
The first New York residential tower by Studio Gang will top out at 660 feet in the spring, giving the Brooklyn skyline another tower of note. The building isn’t short on thoughtful exterior design (as oh-so-many Brooklyn buildings are), and the same kind of design prowess extends to the interiors by Michaelis Boyd Associates. While the September sales launch brought a first look into the building’s residences, it omitted a peek at the building-topping amenities.
The 32nd floor residents’ space, known as the Sky Club, is illustrated in newly revealed renderings that show off some of the building’s more posh amenities, like dining and entertaining spaces, a music studio, a private cinema, and a room to be used for virtual golf and gaming.
The Sky Club makes up just one portion of the building’s 28,000 square feet of indoor amenities, the rest of which can be found at the Park Club on its third floor. The latter space will feature direct access to the building’s 27,000-square-foot private park, by Hollander Design, as well as a gym with a 75-foot saltwater pool and squash court, a game room, a maker’s studio, a kids playroom, and a co-working lounge with coffee service. Access to the building’s amenities comes without an additional cost to 11 Hoyt residents.
The 481 studios to four-bedrooms of 11 Hoyt hit the market in September with asking prices between the $600,000’s and the high $3 millions. Condos currently up for grabs in the building range from a 454-square-foot
studio asking $675,000 and a 1,956-square-foot four-bedroom on the market for $3.75 million.
Another Condo Tower Sprouts in Downtown Brooklyn
The New York Times
Tishman Speyer builds its first condo on the site of a Macy’s parking garage. The Downtown Brooklyn skyline has been redefined by the cluster of high-rises that has sprouted in recent years. And while 11 Hoyt, a new condominium being built on the site of a Macy’s parking garage, will certainly be tall at 57 stories, its development team hopes its design will help it stand out from the crowd.
The building, on the corner of Hoyt and Livingston Streets, will have 481 residences, priced between $600,000 for studios to about $3.4 million for four-bedroom units. Already several stories high, it is expected to be finished in 2020. Sales, conducted by Corcoran Sunshine Marketing Group, began this month.
Designed by Jeanne Gang, the founding principal of Chicago-based Studio Gang Architects, 11 Hoyt has a scalloped exterior made of cast concrete that, from a distance, resembles small waves lapping in the sky. But the waved exterior isn’t just decorative, Ms. Gang said. The undulating facade also pulls the interior borders outward, providing a little extra space for residents in many units.
Ms. Gang, an architect and a MacArthur Fellow, said she got the idea for the interior nooks after noticing all the protruding bay windows in brownstone Brooklyn. The extra space can be used to house plants, books, ornaments, or be turned into window seats. The complex geometry of these contemporary oriel windows and the resulting lack of right angles create about 190 different floor plans in the building.
“You might not see it at first, but once the building is done, you’ll get the sense of order the facade has,” she said, adding that the scalloped exterior has an organized, algorithmic pattern.
Her inspiration for the patterns came from natural settings, like the growth lines on a shell, or the seed spirals of a sunflower. Depending on the time of day, Ms. Gang said, the exterior waves will create moving shadows on the exterior, adding a design element to the facade.
The building marks a first for many on the development team. It is the first condominium built in the city by Tishman Speyer, one of New York’s largest and oldest commercial landlords. The firm is also converting and expanding the Macy’s department store across the street into an office building called the Wheeler. (The department store will continue to occupy the lower floors.)
It is also the first residential building that Ms. Gang and Michaelis Boyd Associates, the firm in charge of interior designs, have designed in New York City.
“With the incredible transportation options here, as well as all the new retail and other rental buildings that have now appeared, we believe this area is turning into a 24-hour city,” said Erik Rose, a Tishman managing director. There are 11 subway lines within a five-minute walk from the building.
More stories about Brooklyn development
A 27,000-square-foot landscaped private park will be built atop a two-story base that is designed to house about 40,000 square feet of retail space, half of which will be below ground. Possible tenants include health and wellness, food and beverage, and children-related businesses, Mr. Rose said.
The outdoor space includes lawn areas for both quiet and loud activities (read: space for children to run around), a sun deck with a hot tub, a forested walking path, a communal garden, barbecue pods and spaces to eat and drink.
Edmund Hollander, founding principal of Hollander Design, the firm responsible for designing the park, said they may grow milkweed and other plants that are attractive to monarch butterflies, because the building sits in the insect’s migratory path.
“This space is not just an amenity deck,” he said. “It’s an experiential park.”
The park will be adjacent to the building’s indoor club area, which will include a fitness center, a 75-foot saltwater pool, a squash court, a children’s playroom and a maker’s studio. The indoor club space will work together with the outdoor park, said Mr. Hollander, who worked with Alex Michaelis, the London-based architect and interior designer.
“We’ve designed it so you can throw open the yoga room doors on a sunny day and look onto all the greenery,” Mr. Hollander said.
Known for his bold, contrasting style, Mr. Michaelis said he saw a shift in the public’s appetite for “braver” home designs, noting that residents will be able to choose between light or dark interior finishes. The “Classic” will feature light wood and color palettes, while the “Heritage” will combine darker wood with metalwork, brass and bronze accents.
The building will also have a motor court and a porte-cochere entryway, as well as a coffee lounge and an outdoor dog run. The 32nd floor will house another common area, with a catering kitchen, library, cinema, gaming room, card room, study area and music studio.
Tishman Speyer Launches Condominium Sales At 11 Hoyt
Luxury Residential Tower in Downtown Brooklyn with Star-Studded Design Team features a Private Park and over 55,000 Square Feet of combined Indoor and Outdoor Amenities
Tishman Speyer, one of the world’s leading developers, owners, operators and fund managers of first-class real estate, announces today the launch of sales at 11 Hoyt, its new 57-story luxury residential tower in Downtown Brooklyn, which features over 480 condominium residences and 11 Hoyt raises the bar in the Downtown Brooklyn residential marketplace,” said Erik Rose, Managing Director for Tishman Speyer. “We are incredibly proud to be launching sales for this unmatched residential product and we know it presents a tremendous opportunity for discerning buyers.”
The project features interiors designed by renowned London-based firm Michaelis Boyd Associates, notable for their work associated with the Soho House clubs in Los Angeles, Berlin and the UK. For the 11 Hoyt residences, the firm created two distinct interior finish palettes: ‘Classic,’ featuring fresh, light tones, colors and materials, and ‘Heritage,’ which references Brooklyn’s past through a rich combination of darker hues, tactile finishes, and hand-wrought appeal.
Each residence features smart-home enabled door locks and thermostats, 7-inch wide plank white oak floors and in-residence washers and dryers. Kitchens include custom Michaelis Boyd designed cabinetry, a premium Bosch appliance package, Italian stone countertops, garbage disposal and fully vented range hood. Bathrooms feature marble floors and tub surrounds, glazed crackled ceramic wall tiles, custom Michaelis Boyd designed vanities and radiant heat flooring (in master bathrooms).
A major highlight of the project is its nearly 27,000 square foot private park, an amenity unlike anything else in Brooklyn, which was designed by AD100 recipient, Hollander Design. The park was designed to reflect how the landscape would naturally develop in the region, and features a mix of active and quiet spaces – including lawns for both tranquil and athletic activities; a sun deck with adjoining hot tub; a fitness deck; interactive children’s play area; BBQ pods; a meandering forest walk; and gathering spaces with integrated seating.
Alongside the park, residents can access the Park Club, an extensive amenity program that includes a 75-foot indoor saltwater pool, as well as a state-of-the-art fitness center designed by The Wright Fit. This generous private fitness club includes designated spaces for weight and cardio training, as well as a yoga and group fitness studio, squash court, massage treatment and relaxation rooms, and luxurious men’s and women’s locker rooms with saunas and steam showers. The remainder of the second floor is dedicated to a co-working space and salon lounge, imaginative children’s playroom with whimsical hanging pods and dramatic playscape, a game room, and a mess-friendly maker’s studio.
A separate amenity floor, the Sky Club perched on 11 Hoyt’s 32nd floor, includes entertainment and leisure focused amenities centered on an expansive sky lounge that includes a private dining area with demonstration and catering kitchens, fireplace, billiards table, library and panoramic views in all directions; a cinema and performance space; a virtual gaming room with a golf simulator; a sound-insulated music studio; cozy study area; and intimate card room and cocktail lounge.
Additional amenities flank 11 Hoyt’s sweeping double height lobby – including a chic coffee lounge with lush leather banquette seating, a pet spa, an outdoor dog run, and the property’s distinctive motor court and porte-cochere entryway. The building will also include below grade attended parking and resident storage. 11 Hoyt is located within a 5-minute walk to the 2, 3, A, C, F, G, R, B, Q, 4 and 5 trains offering convenient access to Manhattan and beyond.
11 Hoyt offers a broad variety of residences and is the only luxury residential development in Downtown Brooklyn that features over 190 different floorplans to choose from, offering a rare opportunity for residents to own a one-of-a-kind home along with a host of luxury amenities and services at their fingertips. Homes range in size from studios to four-bedrooms, with pricing starting from the $600,000’s for studios, $800,000’s for one-bedrooms, $1,200,000 for two-bedrooms, $1,900,000 for three-bedrooms and $3,400,000 for four-bedrooms.
Corcoran Sunshine Marketing Group is managing all sales and marketing efforts for 11 Hoyt. For more information, please visit www.11hoytbrooklyn.com.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 28 key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio of over 167 million square feet with a total value of approximately US $88 billion spread over 406 assets. Signature assets include New York City’s Rockefeller Center, São Paulo’s Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Brasília, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office property portfolios in Berlin, Chicago and London.
Tishman Speyer’s 11 Hoyt Launches Sales In Downtown Brooklyn
New York Yimby
Located in Downtown Brooklyn, sales have officially launched for 11 Hoyt Street, an upcoming 770,000 square foot residential tower designed by Studio Gang Architects, under the direction of Jeanne Gang. Tishman Speyer is the developer of the 57-story, ground-up residential structure, which will rise on a full block. Hill West is the architect of record, while Corcoran Sunshine Marketing Group is managing sales for the 480 units.
Every window on the facade will be individually framed within precast concrete. When reading the profile of the building as a whole, multiple sections consist of laterally extruded bay windows. Each section is two to three stories tall, and creates a consistent diagonal wave pattern that breaks apart the rigid grid of square windows across the height of the tower from the street to the flat roof parapet.
The sun will create a unique play of shadows that highlight this architectural quality of 11 Hoyt Street that separates itself from a typical glass facade. Another subtle feature is how each extruded section curves slightly inwards towards the middle, adding a secondary sculptural element to the precast concrete that can only be seen when looking directly upwards.
The project site, bound by Hoyt Street, Elm Place, Livingston Street and Fulton street, is conveniently located among an abundant number of subway lines that include the A, B, C, F, G , H, N, Q, R, 2, 3, 4 and 5 trains, all just a short walk away from the main lobby. Residents approaching the building by car or by foot come through the outdoor landscaped port-cochere and will walk through the double-height lobby space that includes a coffee lounge, a pet spa and an outdoor dog run. Going upstairs, the second floor includes co-working space, a salon lounge, a children’s playroom and a game room.
There are a total of 480 units, with interiors designed by London-based Michaelis Boyd Associates. Studios start in the $600,000’s, one-bedrooms in the $800,000’s, two-bedrooms at $1,200,000, three-bedrooms for $1,900,000, and $3,400,000 for a four-bedroom unit. In total, residents can select from 190 varying floor plans.
Each unit has ten-foot ceilings and eight-foot tall windows with seating found along the edge, providing enough room to sit and enjoy the views of the Lower Manhattan skyline to the west, the Verrazzano Narrows Bridge in the distance to the south, and the rest of Brooklyn and Queens to the north and east.
Each unit will have smart-home enabled door locks and thermostats, seven-inch wide plank white oak floors, and washers and dryers. The kitchens will have cabinetry designed by Michaelis Boyd Associates, a Bosch appliance package, Italian stone countertops, a garbage disposal, and a fully vented range with a hood. Bathrooms will be covered with marble, glazed crackled ceramic wall tiles, and custom vanities. Radiant heat flooring will also be found in the master bathrooms. Two colors patterns are given for each unit labeled “Classic,” which focuses on light materials and tones, and “Heritage,” which pays attention to Brooklyn’s past using darker hues, tactile finishes, and hand-wrought appeal.
Spread across the lower floors and the middle of the skyscraper, there will be 55,000 square feet of indoor amenities including a private dining area with a kitchen, a billiards table, a library, a cinema and performance space, a virtual gaming room with a golf simulator, a sound-insulated music studio, a study lounge, a card room, and a cocktail lounge. A separate amenity floor will be located on the 32nd floor called the “Sky Lounge.”
Aa 27,000 square foot private elevated park can be found outdoors atop the second floor, which will become the largest in Brooklyn and most likely the largest in New York City for any residential building. It will have a sun deck and a fitness deck, a hot tub, a children’s play area, barbecue pods, and lounge spaces among the landscapes for residents. The landscaping for the park is being designed by Edmund Hollander Design.
Next to the private residential park will be the “Park Club” that will house a saltwater 75-foot swimming pool and a private fitness center designed by the Wright Fit. Also found inside the fitness center will be designated spaces for weight and cardio training, yoga and group fitness rooms, a squash court, a massage treatment and relaxation rooms, and men and womens’ locker rooms with saunas and steam showers.
Erik Rose, Managing Director of Tishman Speyer, had this to say about 11 Hoyt:
“From the world-class design and extraordinary, unique amenity offering to the vast, elevated private park, 11 Hoyt raises the bar in the Downtown Brooklyn residential marketplace. We are incredibly proud to be launching sales for this unmatched residential product and we know it presents a tremendous opportunity for discerning buyers.”
The project is expected to be complete sometime in 2020.
Sales have launched at Tishman Speyer’s 11 Hoyt. Here’s a look inside
The Real Deal
The Downtown Brooklyn project is slated for completion in 2020.
Tishman Speyer is launching sales at its 57-story tower at 11 Hoyt Street.
The 481-unit project — which is rising on the site of a Macy’s parking garage — is expected to be completed in 2020. Corcoran Sunshine Marketing Group is handling sales, and prices range from $600,000 for studios to about $3.4 million for four-bedroom units.
Amenities include a 75-foot saltwater pool, a gym with a squash court and a sauna, and a 27,000-square-foot private park.
Designed by Jeanne Gang, of Chicago-based Studio Gang Architects, 11 Hoyt has a scalloped exterior made of cast concrete and glass. The design allows for bay windows in some of the units, providing extra space, according to a release from the developer. And there are roughly 190 different floor plans in the building.
Developers are increasingly trying to differentiate units in an oversupplied market. Strategic Capital, for example, commissioned an artist for its marketing campaign for Greenwich West. And the Naftali Group did unique staging for each of the remaining units at The Shephard.
Michaelis Boyd Associates, a London-based firm which worked on different Soho House clubs, designed the interiors of 11 Hoyt.
Tishman secured a $380 million construction financing package earlier this year from JPMorgan Chase, Starwood Property Trust and iStar Financial.
Studio Gang’s Downtown Brooklyn condo near Macy’s launches sales
The 57-story condo will bring 481 apartments to the neighborhood. The Jeanne Gang-designed condo rising next to Downtown Brooklyn’s Macy’s has now launched sales on its 481 condos with apartments asking from the $600,000s. The New York Times first reported on the sales launch of the building that’s set to be the latest addition to the Downtown Brooklyn skyline and market.
Apartments at the Studio Gang Architects-designed building will come in studios through four-bedroom variants; one-bedrooms will start in the $800,000s, two-bedrooms at $1.2 million, three-bedrooms at $1.9 million, and four-bedrooms from $3.4 million.
The 57-story condo will feature interiors by Michaelis Boyd Associates, which has designed two distinct color palettes for the apartments: the “classic,” which features light tones, and “heritage,” which has more darker hues. Other elements of the apartments include white oak floors, marble bathrooms, and a Bosch appliance package in the kitchen.
One of the standout features of the building will be a 27,000-square-foot private park designed by Hollander Design. Situated two floors above ground, atop the building’s motor court and retail space, the park will have a sun deck with a hot tub, a children’s play area, barbecue pods, and a nature walk.
The building’s exhaustive list of amenities are spread out between two floors; one set of amenities are adjacent to the park, and the other are perched on the 32nd floor of the building.
On the second floor, residents will be able to access the Park Club, which will come with a 75-foot indoor saltwater pool, and a fitness center; also on this floor are a children’s playroom, a co-working space, and a game room.
The 32nd-floor amenities include a private dining area with a demonstration kitchen, a billiards table, a library, a virtual game room, and a cocktail lounge, among many other features.
11 Hoyt’s wavy-facade is not just a design element that sets it apartment in the crowded Downtown Brooklyn skyline, but it also acts to maximize space in each of the apartments. Gang explained to the New York Times that this particular design feature has helped create lots of cozy nooks in each of the apartments, as can be seen in one of the renderings of the development. In fact, the design has helped create 190 unique apartment layouts, which will probably make the condo more marketable.
The developer behind the project, Tishman Speyer, is also developing the nearby Downtown Brooklyn Macy’s building into an office complex. Macy’s will continue to operate from the lower floors of the building, and the Wheeler, as this creative office hub will be known, will take up 10 floors above the department store.
Construction on 11 Hoyt—which is Tishman Speyer and Studio Gang’s first NYC condo—is expected to wrap sometime in 2020.