Affordable NYC luxury market heats up

200 East 94 street, 52nd and 8, 325 Lex…Several new buildings are catering to an underserved market. With prices for some of these buildings starting in the low’s 700’s or 800’s, Manhattan buyers have a chance to get a foothold in the market and in a building with luxury amenities like pools, roof decks and so on.

361 CPW- 96 street side of church where developer will add more windows. This is a church that will be converted to condos.
361 CPW- 96 street side of church where developer will add more windows. This is a church that will be converted to condos.
According to Streeteasy, this ground up condo has 18 contracts out with 10 available units. $825k to $8.25mm
According to Streeteasy, this ground up condo has 18 contracts out with 10 available units. $825k to $8.25mm

Several of these buildings are not ground up construction but are conversions of existing rental buildings as is the case with Carnegie Park (200 E 94street). Since the developers do not need to pay the high cost of land coupled with the costs of ground up construction they are able to make viable projects for an underserved market. This is a smart move and 2015 will see 15 conversions in Manhattan alone which is the most in many years.

 

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