The demand for high-end Manhattan apartments is a topic that has been covered tirelessly and extensively on New Construction Manhattan. As we mentioned earlier this month, the list of luxury condos buildings scheduled for 2012 is optimistically plentiful and highly reminiscent of the strong sales numbers from the fourth quarter in 2011. The real estate conversion movement from institutional buildings into luxury condos has garnered a great deal of attention and the New York Times recently reported that this is just the beginning. More than ever, developers are now tearing down the walls of smaller apartment units and combining them into fewer but bigger luxury condos.

The allure of newly constructed luxury condos in Manhattan is undeniable. These shiny new condominiums look great and offer a litany of amenities not found in older buildings. Plus, many luxury apartments in pre-war and older post-war buildings are badly in need of up-keep and may need extensive renovations, whereas newly constructed luxury condos are untouched and pristine. But before making the decision to purchase a new luxury apartment in hot neighborhoods like Battery Park City or Chelsea, there’s a few things you should address before you sign on the dotted line. While new construction buildings offer many benefits that range from new amenities, modern designs, and excellent locations, buyers should keep these new construction tips in mind when searching for a new home.

For example, buyers probably won’t know the details of the offering plan for their building. Moreover, when buying a new luxury condo, eager buyers may be entirely unfamiliar the ramifications of the contract they’re about to sign. In order to save money, avoid problems, and buy the best apartment possible, don’t jump right into a deal; take the time to check some of the basic features of the building and the apartment. There’s a lot more going on beneath the surface than you may realize.

As a result of the trendiness and subsequent building boom on the West Side of Manhattan, neighborhoods such as Chelsea, the Meatpacking District, Clinton, and Midtown West have more than their fair share of new construction and luxury development. At the same time, however, the Upper West Side is certainly gaining on its Hudson River-bounded neighbors to the south, in particular with Extell’s Riverside Center, the southernmost point of the Trump megaproject known as Riverside South, whose new construction will bring contemporary condominiums in New York City to a new level.

The NYC luxury condominium market is renowned for its high-rises. With over 45 luxury high-rise condos sprinkled throughout the city, blue-boarded scenes of constructions hoping to scrape the sky is nothing unusual. Indeed, what is unusual is when Manhattan mega-condos aren’t rising. Because the NYC condominium market rides in waves of booms and falls, glass towers shoot up somewhat cyclically. In 2011, Manhattan condominium developers have decided to throw their dice in on residential boutiques and conversions.

According to theReal Deal’s published statistics of the New York State General Attorney’s office (whose stamp approves condo constructions and conversions) only 466 new condo units have risen in Manhattan in 2011. In 2006, there were 10,660 new NYC apartments for sale. But what accounts for the fewer luxury apartments going up is the shrinking pipeline of submissions to the AG, and developers’ shift to the smaller, scaled-back amenity boutiques and conversions that have a shorter turnaround time and smaller price tags. As New York City condominium developers are given tricky budgets, less risky downsized Manhattan residential buildings with immediate ribbon-cutting ceremonies are more likely to get financed. Current federal loaning hurdles often require condo buildings to have closed substantial presales before backing a homeowner’s mortgage--smaller boutiques in  Manhattan districts like Tribeca and Chelsea with fewer apartments for sale can jump these hurdles easily.

Many words might pop into a prospective home-buyer's head while browsing New Construction Manhattan's NYC condo listings, but the word "cheap" probably isn't one of them. There's a reason why Manhattan apartments have proven to be such a good investment, after all -- a limited supply (as discussed earlier at the NCM blog, possibly very limited in the near team) and virtually unlimited demand has ensured that Manhattan apartments tend to hold their value very well. Of course, if you are approaching it from a buyer's perspective, it might seem more correct to say that Manhattan apartments tend to stay quite expensive. But while the Manhattan real estate market remains one of the most competitive and expensive real estate markets in the world -- and while New York City occasionally seems to be its own independent country -- the market for NYC condos is not immune from the effects of the broader U.S. economy. Which is all sort of a long way of saying that, while Manhattan apartment prices remain high, they are in fact notably lower than in years past. No, really.