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Developers SJP Properties and Mitsui Fudosan America may be forced, under a recent New York State Supreme Court ruling, to tear down the top 20 stories of a nearly-completed 56-story luxury residential skyscraper in New York City designed by Elkus Manfredi Architects. The New... View full entry
Amazon Chief Executive Jeff Bezos, the world’s wealthiest person, has purchased a Beverly Hills mansion known as the Warner Estate from media mogul David Geffen for $165 million, a source familiar with the deal said on Wednesday. — Reuters
The hefty price tag of the new abode for Bezos and his girlfriend Lauren Sánchez is believed to be the highest amount ever paid for a home in the Los Angeles area — even beating the recent record-setting transaction of Bel Air's Chartwell mansion which sold for a meager $150 million. The... View full entry
Chinese investors sold off billions more in U.S. commercial property last year than they bought, as other foreigners start to sour on the U.S. market as well.
Foreign investors were net sellers of U.S. commercial real estate last year for the first time since 2012, posing a fresh setback for a market that is already showing signs of strain.
— The Wall Street Journal
The Wall Street Journal reports that foreign investors sold $20 billion more in real estate than they bought last year as a number of international economic trends, including Brexit and an ongoing effort by the Chinese government to bring investment back home, converge to make the American real... View full entry
One Thousand Museum, first-and-only residential tower designed by the late Zaha Hadid in the Western Hemisphere, makes its debut in Miami's Museum Park this week. The residential tower stands prominently alongside neighboring condo towers and other notable Miami structures like the... View full entry
Manhattan is glutted with even more luxury condos than most apartment-shoppers realize. [...]
The secret supply is a heavy weight on a market in which sales, especially of higher-end properties, have slowed to a crawl. It would take take 74 months -- more than 6 years -- to clear all of Manhattan’s unsold units at the pace of contracts in 2019, the report shows.
— Bloomberg
Bloomberg on how a vast "shadow inventory" of nearly 6,000 recently completed units puts added stress on Manhattan's slowing real estate market, especially in the higher-end segment. Related: Condo-boom hangover: More than a quarter of NYC's new units remain unsold View full entry
[...] sobering reality of selling a “starchitect”-designed home: They might have gotten what they paid for in their house’s dramatic lines, luxurious materials, and prestigious pedigree, but when it comes time to sell, the market is often unforgiving. — Bloomberg
Bloomberg on the challenging business of selling luxury homes, custom-designed for their initial owners by famous architects, including a few properties in the U.S. by Rafael Viñoly, Steven Holl, Annabelle Selldorf, and Pritzker Prize laureate Tadao Ando. Related: Does owning a Frank Lloyd Wright... View full entry
There were highs and lows for New York real estate this year. Sales records were broken, but the overall market hit the brakes, even as mortgage rates stayed low. Design took center stage in many new developments, and Hudson Yards opened to great fanfare. — The New York Times
The New York Times takes a look back at the 2019 real estate highlights in the nation's biggest city. The roundup features a number of property stories that were also published (and some hotly debated) on Archinect, including the recently opened, Robert A.M. Stern-designed 220 Central Park... View full entry
Some know it as “The Beverly Hillbillies” mansion, others as Chartwell. Now, it has a new name: California’s chart-topper.
The Bel-Air residence of late media mogul A. Jerrold Perenchio has sold for the highest price in California history, about $150 million. The buyer is Lachlan Murdoch, son of Rupert Murdoch and co-chairman of publishing company News Corp., The Times has confirmed.
— Los Angeles Times
The spacious estate at 875 Nimes Road in Bel Air, also known as "The Beverly Hillbillies" mansion from the 1960s TV show, finally changed owners for an undisclosed amount, which sources familiar with the deal told the LA Times, was around $150 million. While the deal would easily beat the previous... View full entry
Debuting his first residential building in the U.S., the London-based designer has released more visuals for the site-specific sculptural glass lobby pavilion within the Lantern House. Aimed at merging sculptural forms with a homely appeal, Heatherwick and his team intend for the lobby of... View full entry
Los Angeles city prosecutors are calling for an unfinished mega-mansion in Bel-Air to be torn down to its foundation, the latest twist in the saga over a colossal building at the center of criminal charges, court battles and an FBI investigation.
[...] last week, City Atty. Mike Feuer and his prosecutors stepped up their demands, saying that a structural engineer had found that key structures supporting the building were deficient.
— Los Angeles Times
"Hadid pleaded no contest two years ago to criminal charges tied to the mammoth, unfinished building, which prosecutors said was much bigger than city rules allowed and included bedrooms, decks and even an IMAX theater that the city said were never approved," reports the Los Angeles Times. Calls... View full entry
After an incredible publicity blitz and well over a year on the market, Frank Lloyd Wright’s world-renowned Ennis House — tucked into the foothills of Los Feliz [...] — has sold for $18 million to an as-yet-unidentified buyer. That number, while significantly below the $23 million ask, ranks it as the priciest Wright-designed home ever sold, easily eclipsing the previous high-water mark set by the Storer House in nearby Hollywood Hills, which was purchased in 2013 for $6.8 million [...] — Variety
More than one Frank Lloyd Wright-designed home has changed owners this week: after learning about the successful auction of his mid-century modern Norman Lykes House in Phoenix on Wednesday, Variety now reports that the spectacular Mayan Revival-style Ennis House in LA's Los Feliz hills just sold... View full entry
An Arizona house that was the last home designed by the architect Frank Lloyd Wright before his death sold on Wednesday for nearly $1.7m.
Out of nearly 20 bids at a public auction for the Norman Lykes House, the winning bid came from a man who lives out of state, Heritage Auctions told the Associated Press.
— The Guardian
Commissioned by Norman and Aimee Lykes, this Phoenix home known as the "Circular Sun House," was Frank Lloyd Wright's last residential design before his death in April 1959. The structure was completed nearly ten years later by Taliesin architect John Rattenbury. Image: Heritage Auctions In case... View full entry
The Related Companies has released new renderings and a new name for Thomas Heatherwick’s High Line project at 515 West 18th Street: Lantern House. The pair of residential structures is located along Tenth Avenue between West 18th Street and West 19th Street and flanks both sides of the High Line [...]. The development is Heatherwick’s first residential project in New York City and in the United States. SLCE Architects is the architect of record. — New York YIMBY
Thomas Heatherwick is expanding his foothold in New York City: after creating quite a stir with the Vessel at Hudson Yards and the under-construction floating Pier 55 park, the London-based studio is teaming up with developers Related Companies again for the practice's first residential project on... View full entry
“[Parking is] sort of becoming an expected amenity for a high-end condo,” said Andrew Bradfield, a principal of Orange Management, a developer that has installed automated garages in two Brooklyn condos: Waverly Brooklyn in Clinton Hill and the Symon in Downtown Brooklyn. “To not have parking hampers marketing.” — The New York Times
Despite having one of the best public transportation systems in the world, New York City's developers have taken to embracing bespoke and automated parking options as luxury building amenities in recent years. The spots can cost upwards of $200,000 per stall to rent, depending on the development... View full entry
Among the more than 16,200 condo units across 682 new buildings completed in New York City since 2013, one in four remain unsold, or roughly 4,100 apartments — most of them in luxury buildings, according to a new analysis by the listing website StreetEasy. [...]
Already the prices at several new towers have been reduced, either directly or through concessions like waived common charges and transfer taxes, and some may soon be forced to cut deeper.
— The New York Times
Despite record-breaking residential construction in New York City, sales of apartments have slowed steadily in recent years. NYT real estate reporter Stefanos Chen has analyzed the latest numbers of unsold units, especially in the higher price ranges, following a glut of inventory in newly... View full entry
