There are a number of interesting new developments either already in the market as well on the way to market on Manhattan’s upper east side. They range from the affordable luxury of Related’s Carnegie Park at 200 East 94 street to Zeckendorf’s opulent collaboration with Robert A.M. Stern at 520 Park avenue. The latter will have a triplex penthouse reportedly that will ask $130mm.
The trend as in most parts of Manhattan is for larger apartments and several condos have apartments that start at over 3000 sqft. What’s interesting though is that many projects have gone East of Lexington avenue which in the past they did not. Amongst those are 20 East end which has had brisk sales.
217 west 57 street aka the Nordstrom tower of developer Extell has released some renderings. The building should be completed by 2018 and will rise to 1479 feet at the roof level and have a pinnacle height of 1775. Developer Extell was also responsible One57 which is located at 157 west 57 street and has for now set the record for most expensive sale of a Manhattan apartment at $100.47mm earlier this year. Several other properties are going up around Billionaire’s Row including 432 Park avenue, and 220 CPS.
Several reports are out that are pointing to the stabilization of the real estate market and increasing inventory. In the reports, larger coops on the Upper East side are staying longer on the market- sometimes 6,9 months or one year. At the entry levels, generally consider below $2 mm, inventory still remains tight and brokers are saying that there is still pent up demand.
With over 6000 units in the development pipeline or new to the market in 2015, it seems that all segments of the market will see some relief.
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.
Developers of high end property are looking for ways to push the edge and create a unique product to justify the high prices that their NYC new developments are asking. One way is to maximize views by using curved glass in a NYC condo. One57 on West 57 street aka Billionaire’s Row used it and now 50 West street uses it even more. 50 West is a 191 unit condo that is experiencing much success with 83 units already in contract ranging from 1.39million to just over $22mm for a penthouse according to Streeteasy.
The NYDN is reporting that several of the most expensive apartments in Manhattan are cutting their prices including a penthouse in Tribeca where the price is being slashed from $40mm to under $30mm for a 7000+/- space. At the same time, while other units incuding one at The Pierre are also slashing their prices, other developers are taking aim at the $100mm record set this year by the sale of an apartment at One57 on Billionaire’s Row.
Those developers inlcude 550 Madison aka the Sony building condo conversion where an apartment will reportedly ask $150mm, 520 Park avenue which will have a penthouse asking $130mm and 220 CPS where its’ top asking price is rumored to be $175mm!
According to Streeteasy there will be 49 units in this new construction condo on West 25 street and 47 of them are in contract. There are two remaining units- one priced at $3.195mm and the other at just under $4mm.
This building sold quickly as
a result of a good mix of smaller and larger units and at just under $2000 per sqft for this location, it’s not hard to see why it went so fast. The amenities include a resident’s lounge with fireplace, a garden, media room as well as a “quiet” library plus a roof deck with outdoor kitchen. The developer is the Naftali Group who is having a slighter hard time selling their Upper west side project at 261 W 77 street which they pulled off the market and will reboot shortly.
175 West 95th, a recently converted condo between Columbus and Amsterdam avenue on the Upper West side is off a very good start with sales. According to Streeteasy, this building has 24 contracts out and 12 available properties. They range from a studio for $630k to a 3bedroom for $2,020,000. The most expensive property in contract is a 2bd/2ba with balcony that was asking $1,555,000. It took 42 days to get into contract but many of the other apartments were spoken for after less than 1 week. Continue reading 175 West 95 street NY,NY 10025 New developement spotlight→