Articles on New Construction Manhattan

New Gem on the NYC Skyline: 50 UN Plaza

The U.N. will soon have an amazing new condominium as a neighborThanks to both the success and the grandeur of their offerings at 15 Central Park West and 18 Gramercy Park South, real estate developers William Lie and Arthur Zeckendorf have now attained a reputation of being the creators of some of the most luxurious (and most desired) homes in New York City. As a result, the city’s real estate sector is suitably buzzed about their newest development at 50 UN Plaza, located at 345 East 46th Street in Manhattan’s Midtown East neighborhood.

New Construction Expected to Strike $30.7 Billion This Year

The Freedom Tower rising in Lower ManhattanWith both residential and office towers popping up like wildflowers all around the city, an annual report by The New York Building Congress predicts that the annual construction spending in the city is expected to reach a record high of $30.7 billion this year. This development has been hailed as good news for New York City’s real estate sector, as this is the first time that the city’s overall construction spending has exceeded $30 billion since 2008. This rise in spending has been credited to two main reasons: an increase in demand for luxury housing, as well as an increase in activity in both non-residential projects and government spending.

Buying in New NYC Buildings: How to Get a Head Start

With apartment rents in Manhattan continuing to shoot up every day, it is now rather commonplace to consider becoming a homeowner in the city rather than a tenant. With several new developments currently being built all over New York City, there is a large number of options to choose from as your next home. With some research, one can find their next home in the slew of new construction in Manhattan, and get a head start in the race to get such residences. After all, New York City’s real estate market is an extremely tough and fickle one, and getting a good pad is more often a case of being the early bird that catches the worm.

Lack of Condominium Inventory Sends Prices and Sales Soaring

Limite condo inventory has prices risingAs covered extensively by New Construction Manhattan, the Manhattan real estate market has been booming from the number of condominium sales in the past month despite the struggles of the national and global economy. Enthusiastic buyers, spurred by a 3% decrease in market-wide inventory since last year, have diligently pursued apartments for sale in Manhattan, and this trend has greatly benefited brokers, many of whom now find themselves selling condominiums above their asking prices.

Residential Brokerages Demonstrate Marked Growth

The Real Estate Market for Manhattan's condos is seeing much improvementIt’s a good time to be a part of Manhattan’s residential brokerages. With a recovering market, several real estate offices in Manhattan have been able to maintain or even expand their ranks and value. While the number of overall condo listings on the market may have declined, the value of these Manhattan condos has dramatically increased by 12%. This trend is still led out on top by the Corcoran group, boasting both the highest current number of agents and 3.5 billion dollars worth of sales. Other firms such as Prudential Douglas Elliman and Halstead Property are also doing quite well for themselves, showing double-digit percent increases in listings. While the real estate market in Manhattan continues to be dominated by a few big names, these trends of increase seem to predict growing opportunity for real estate agencies in New York.

Even Amidst Heavy Declines, New Residential Construction Marches On

madison square garden new york midtown westIn a city that thrives on the mantra, “Go big or go home,” nowhere is this as apparent as the development of new construction in Manhattan. The biggest critic of the Manhattan real estate development is, not surprisingly, none other than the business itself. In an industry where the indicators of success each fiscal year is judged by how much taller, more extravagent and expensive this year’s projects are compared to the last, 2011 has been criticized as a less-than-stellar year for new construction. Both DNAinfo.com and The Real Deal recently reported that “new constructions in New York City saw a 31 percent decline last year.” Never one to be easily alarmed or fazed by popular headlines, the New Construction Manhattan Blog decides to take a second look at the data and offers a second opinion on the current affairs.

Renovations in the West Village Suggest Increased High-End Movement

It’s difficult to believe the WRenovations are happening in the West Villageest Village is ground zero for new high-end real estate. Anyone who walks through that part of Manhattan will see that not only is most of the space all taken up, but its taken up by small, independent boutiques, dive bars, and prewar multi-family townhouses and brownstones. Not exactly the stuff that surrounds luxury Manhattan condos. But there’s been an influx of high-end development in the area recently, and several ultra-luxury Manhattan condos for sale are scheduled to open over the next few years. How are developers dealing with the space constraints? They’re focused entirely on redevelopment. Which means that many of the West Village’s old and derelict commercial buildings are becoming new, modern luxury condos.

In Manhattan, Luxury Condos and Luxury Rentals Blend Together

A rental apartment in Silver Towers that was originally designed to be a condoWhat’s the difference between a luxury condo and luxury rental in Manhattan? These days, barely anything. The average size of a 1-bedroom luxury rental in Manhattan is 600-675 square feet, while the average size of a 1-bedroom luxury condo in Manhattan is 700-800 square feet. The units in 8 Spruce Street in FiDi and Silver Towers in Midtown West are newly constructed luxury rentals that are indistinguishable from newly constructed luxury condos and subsequently attract wealthy buyers who would’ve only considered condos before; Silver Towers in particular was originally going to be a luxury condominium. This trend is no accident; the uncertain economy has made developers antsy about the future, leading them to adopt the strategy of designing luxury buildings in Manhattan that could convert easily from rentals to condos or vice versa. Consequently, these newly constructed luxury buildings have made the distinction between the two thinner than ever.

Drake Tower: Tallest Residential Building in Manhattan on the Way

An artist's rendering of Drake Tower on 432 Park AvenueIt’s an encouraging sign that, even in a weak economy, developers are still willing to take risks in new construction. None of those risks are bigger (literally) than the Drake Tower at 432 Park Ave, which will be the largest residential tower in all of Manhattan when completed. The current designs have this massive luxury condominium standing at over 1,300 feet, a good couple hundred feet higher than any luxury residential tower currently standing in Manhattan. A partnership between developer Harry Macklowe and CIM Group, a Los Angeles real-estate company, has kept the project moving forward despite a general slowdown in large luxury condo construction. When 432 Park Ave construction begins, it will set a new standard for luxury condominiums in Manhattan and stand as a powerful symbol that better things are yet to come.

Time to Rethink Manhattan Zoning Laws

A rezoning map for new construction from ChelseaMost of us don't think too hard (or at all) about zoning laws in Manhattan, unless we’re developers. That’s why we often know nothing about the regulations that literally shape the face of the Manhattan. Zoning is an all-encompassing subject that touches every aspect of new development, and it has done so for over a century. So what are the zoning rules that regulate new condo construction Manhattan? Anyone? Well, here’s a starting point to understanding our current situation: for 50 years, the basic structure of New York’s zoning laws installed by then Mayor Robert Wagner has remained the same. Currently, numerous neighborhoods such as the East Village and East Harlem are overhauling the details their zoning laws in order to accommodate new condo construction in Manhattan, but even with these changes, the basic structure of zoning laws remains untouched. A panel of planning experts met last week to discuss whether or not that structure can be improved, and the consenus was that our zoning laws are badly in need of change.