Condos in New York City with Upper West Side

Upper West Side Rezoning Inspires Other Manhattan Neighborhoods

Upper West SideWith government officials issuing zoning proposals to stall the expansion of large chain stores on the Upper West Side, other Manhattan neighborhoods are beginning to take note. Areas downtown and on the Upper East Side are now developing similar plans, in order to preserve retail diversity within their respective neighborhoods. 

Year-End Absorption Rates Indicate Variety in Market Prices

The recovery of New York City’s luxury condominium and co-op market has been extensively examined by New Construction Manhattan, and as we have noted, its gradual comeback is now making headway. As 2011 wrapped up, 6,400 units were on the market in Manhattan, equating to a 9-month supply at current absorption rates.

Real Estate Market Hot in Upper Manhattan

View of Upper Manhattan real estate

What was once the black sheep of Manhattan real estate, Upper Manhattan is now home to some of the hottest luxury apartments for sale. Traditionally encompassing the neighborhoods of Marble Hill, Inwood, Washington Heights, Harlem and part of the Upper West Side, Upper Manhattan contains some of the most historically rich and culturally preserved communities in New York City. New Yorkers who are searching for cheap rents and undiscovered entertainment hubs, like jazz lounges and lighthouses, have flocked to Upper Manhattan neighborhoods like Washington Heights and Harlem in recent years. For many young couples and artists, the quasi-suburban neighborhoods of Upper Manhattan have become a great alternative to buying in Midtown West and Midtown East.

Manhattan Apartment Sales Return to Pre-Recession Heights

The Visionaire, a luxury condo in ManhattanDespite the nervous stock market this summer, sales in the Manhattan real estate market are positively stable. While the fear of a relapse in the global economic crisis is still very much a reality in the minds of many potential buyers, the numbers indicate that Manhattan homebuyers are not deterred. The latest trend shows that many Manhattan buyers are now taking advantage of the current market situation and favoring three- to four-bedroom apartments instead of the traditional smaller units. Sales in luxury Manhattan apartments are at their highest point since 2008 and apartments on the Upper West Side are closing at an average of $4.8 million or more.

West End Historic District Set to Expand Dramatically

A map of the proposed historic district on the Upper West SideWest End Avenue is home to some of the most regal buildings in all of Manhattan, and soon those buildings might be off limits to the real estate developers who are constantly looking to transform Manhattan with new construction. A few years ago, the West End Preservation Society submitted a proposal to the Landmarks Preservation Commission to expand the historic district on West End Avenue, thereby preserving a huge swath of the area. If approved, the proposed district will extend from West 70th Street all the way up to West 109th Street between Broadway and Riverside Avenues, a 2-mile stretch on the Upper West Side that encompasses 745 buildings in all. This change would eliminate new construction on West End Ave, although it would still allow developers to convert existing buildings into condos. Nonetheless, in a neighborhood that attracts very affluent buyers and renters, it's safe to say that developers will not be happy about being forced to give up such a valuable part of Manhattan.

Manhattan Developers Relying on Condo Conversions

The inner courtyard of the Apthorp, a high-end converted condoWith a dearth of new construction, developers in Manhattan have shifted their tactics. 2011 has been the year of the condo conversion, and this wave of conversions seems likely to continue as long as financing for large projects remains difficult. In lieu of working with banks to loan them the large amounts of money required for new condo construction, developers are electing to simply convert rental buildings or office spaces instead. So far the tactic is working, although this strategy is heavily dependent upon the continuation of a healthy New York real estate market. If global financial insecurity or the recent woes of Wall Street begin to turn the current seller’s market into a buyer’s market, these converted condos might prove to be unwise investments.

Is Upper West Side Luxury Condo Linden 78 Ready For Its Comeback?

Linden 78 Upper West Side Luxury Condos We at New Construction Manhattan have had our collective eye -- we just share one, it's more convenient -- on Upper West Side luxury condo Linden 78 since it was first announced back in 2009. There's a lot to like, after all: top-tier new construction finishes and amenities share space with elegant condos that have spacious dimensions and soaring ceilings that are more-or-less pre-war in their graciousness. But while Linden 78 inarguably rates among the most interesting new condo listings on the Upper West Side, it has spent the last six months as just that: a listing. Calls to Linden 78's sales office weren't answered, and the building was wrapped up in a series of legal and financial entanglements. Now, finally, comes some good news: the phones are being picked up at Linden 78's sales office, and indications are that Linden 78 could begin sales within the next month. This is good news for a number of reasons.

Apthorp Chronicles Continued: Given Green Light On Condo Conversion, Pre-War Luxury Condo Promptly Hikes Prices

The ApthorpYour New Construction Manhattan blogger is human, dear reader, which means that every now and then your New Construction Manhattan blogger is laid-up by vicious allergies and misses a day or two of posting. This is something that happens even to non-bloggers -- although our constitutions are admittedly frailer than most -- but in the hyperspeed world of Manhattan real estate, a day or so off means three or so days behind. Thus the post that we were too busy sneezing to make -- which announced that Upper West Side pre-war condo conversion The Apthorp, the Pitti Palace-inspired condo at 390 West End Avenue, had been approved by the State AG for condominium conversion -- has now become two posts in one.

A Pinch and A Squeeze: Will Fewer New Luxury Condo Buildings in Manhattan Lead to a Rise in Condo Prices?

mAnyone who has spent any time wandering around Manhattan's former real estate hot spots over the past year has probably noticed the relative dearth of new construction residential projects, but people notice a lot of things wandering around Manhattan. But while there's no hard data proving that everyone on the Upper East Side owns a tiny dog, say, the where-have-all-the-new-construction-condos observation turns out to be right on.

Upper West Side's Apthorp Apartments Going, Going, Almost Gone

goneThis weekend's Times had an exciting writeup of the Upper West Side's Apthorp building. The article confirms what we've been seeing as of late: Units are moving quickly! Your chance to own a piece of this building might be slipping away.

Nine apartments had gone into contract in the last month, for a total of 11. Ms. Lenz said that another “eight or nine” could get signed in the next 10 days. Then there are a number of insiders — tenants who live in the building — who have expressed an interest in buying.

There's still time to be one of the lucky owners of homes in this great luxury prewar. Click here for more on the Apthorp.

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