Category Archives: New Developments

What amenities generate the most buyer interest in Manhattan?

There are a variety of different amenities that you will see in Manhattan new developments ranging from movie theaters, and golf simulators to swimming pools, catering kitchens and shared outdoor spaces and even an occasional tennis court.

This swimming pool is a new construction condo in West Chelsea

According to Jonathan Miller or Miller Samuel Inc. there is a perception that more is better. From my experience, buyers look for what makes sense for their lifestyle. In a larger projects, you have more room for amenities. For example in Waterline Square on the West side of Manhattan, you have a shared amenity space called the Waterline club which includes a soccer pitch and a tennis court among the many amenities.

This is the gym in the Zaha Hadid West Chelsea new development

Within an apartment or townhouse, you look at the condition of the apartment including the finishes in the kitchens and bathrooms but also the details.

A renovated bathroom in a Harlem brownstone including a claw-foot bath
Having space to entertain is crucial for the most discerning buyer and having that space be usable.

What amenities do you think are most important to have in a building and within the individual apartment or townhouse?

Mansion Global coverage

As Manhattan new development sales slow, developers offer incentives

Developers do not like to lower prices in their Manhattan offerings so when sales slow, they offer incentives. A TriBeCa condo with an unsold penthouse is offering a free parking space to go along with their nearly 5000 sqft penthouse. At 71 Laight street, the only unsold unit is offering a 12 by 24 spot below the lobby as an enticement.

At 1 West end avenue (1WEA) 80% of the units are sold and the developers is offering $25,000 in custom closets for potential buyers on the remaining units to entice buyers. 1 WEA launched about 1 year or so ahead of the Waterline Square development just to it’s west which has a shared amenity space called the Waterline Club, a starchitect pedigree, and better views of the Hudson due to it’s location.

At the Beekman Residences downtown, the condo connected to the famed Beekman Hotel, the sponsor is offering $10,000 towards services in the adjacent hotel.

Developers in buildings with unsold units prefer to offer these incentives (instead of reducing prices) which are not recorded on a deed so that it will not affect the future sales of other units in the building.

Read the NYT article

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

 

Are you ready for elevators that go sideways?

As Manhattan buildings continue to go up and up, elevator companies are racing to provide the technology for these supertalls. Among the features are elevators that not only go up and down at a max velocity but also go sideways. Click on the link below to read the full story from the Real Deal.

Full coverage from The Real Deal

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

 

Dell founder revealed as purchaser of most expensive Manhattan pad

Michael Dell, the founder of Dell Computers was revealed as the buyer of the most expensive Manhattan residential apartment which he purchased in 2014. The condo at 157 West 57th street on Billionaire’s Row is an 11,000 sqft duplex penthouse that cost him $100.47 million. The building has seen its ups and downs and recent values have not supported the price per square foot that was attained back in 2014. In 2014, there was little competition for the One57 but in the last few years the super luxury market has become a buyer’s market as inventory has risen and days on the market has exceeded at times 2 years!

NY Post coverage

The Real Deal coverage

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

Bruce Willis purchases at 1 West end avenue

1 WEA one of the final pieces of the Riverside Center project is apparently going to be the home of Bruce Willis and family. He is in contract to buy a 3000 sqft pad at the new condo building.

Streeteasy.com is showing 85 listings in the building with 74 in contract. The building is full of amenities including a 75 foot pool, 12,000 sqft outdoor terrace with cabanas and fitness center.

Full coverage here

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

Tall and Skinny (skyscrapers) in fashion in Manhattan real estate

With the cost of land increasing and assembling of multiple parcels of land more and more difficult, Manhattan skyscrapers on Billionaire’s Row and throughout have continued to go up but are now getting skinnier. Typically, developers will buy a site but then also buy the air rights from neighboring buildings which allows them as of right to go into the stratosphere. Success of buildings like One57 which is home to most expensive sale for a residential apartment at just over $100mm are buoying this trend.

111 west 57th street is one of the newest entrants to this field with a width to height ratio of 1:24 according to engineers for the project. Developers get more more money for helicopter views so this trend figures to continue.

Full story here

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

Waterline Square 20% sold

by  Brian Silvestry

The final phase of the Riverside South project that started in 1974 is due to complete construction in late 2019. The 3 buildings will be a mix of rentals and condos with an amenity space that includes a tennis court, and a swimming pool. The developers have a food hall by the Cipriani Group that will take up a portion of the retail and a park in between the starchitect designed buildings known as 1,2 and 3 Waterline Square. Prices start at $1.83 million.

Bloomberg Coverage

1 Seaport looking for inventory financing

by  Brian Silvestry

1 Seaport developer, Fortis Group is looking to finance $270 million for the 1 Seaport condo project and also the first phase of their redevelopment of the LICH site in Brooklyn.

The 1 Seaport condo is the Financial District is 76% sold and closings were to begin in June but construction was delayed several months due to a construction worker’s death at the building in 2017.

Full coverage from The Real Deal

15 W 96th street for sale $45 million

A development site on the northern side of West 96th street on Manhattan’s upper west side is for sale for $45 million. Permits have been filed for a 22 story building with a community use facility on the bottom 5 floors and apartments starting on floor 6. The apartments are to average just north of 2000 sqft each. So perhaps the developer has not gone forward yet due to fears of a frothy luxury market.

Apparently, there is a contract to sell the community use facility for $29.8 million according to West Side Rag.

What you should know before buying a new development condo in Manhattan

by  Brian Silvestry

Attorney General Eric T. Schneiderman has a buying guide for purchasers of NYC co-ops and condos. Highlights include:

1- The offering plan and why you should read the entirety

2- New construction and what guarantees are mandated by law

3- Recourse in case the actual apartment is different or if there are issues on your final walkthrough

4- What to do on your final walkthrough

Click the link below the read the AG’s guide to buying a NYC co-op or condo and good luck.

LINK

I do not recommend to walk into the sales office of new development in Manhattan without an experienced buyer broker. Sales have slowed for new development and make sure you choose a buyer broker is proactive in being able to negotiate on your behalf as well as to give advice as to other buildings that will be going up nearby that may affect views and quality of life. It’s not always a given that there will be no negotiation on price/terms considering current market conditions in Manhattan especially in a buyer’s market.