Articles on Manhattan Condo Conversions

A Tale of 3 Ultra-Luxe Manhattan Condominiums

Manhattan Skyline New Construction Cityscape

These Manhattan new constructions push the envelope in terms of luxury living by offering top of the line amenities and the latest in ritzy finishes.

Manhattan Condo Garages: Utilitarian Space, Polished Design

443 Greenwich Street New Construction with Luxury Parking Garage

Rendering of 443 Greenwich Street's elegant parking garage.

15 Renwick – the new condo in Hudson Square with a unique marketing cast of steampunk and Victorian characters – will soon release its super-limited parking spaces to the market, and each of the three slots in the 1,000 square foot garage is expected to sell for a cool $1 million.

The Hurdles of an Upper West Side Conversion Condo

The condo conversion of a landmarked church in the Upper West Side might be stalling out.  The design team heading the renovation of 361 Central Park West, previously known as 1 West 96th Street, hasn’t received the approval of the necessary parties in order to commence construction on a building that renowned architect Robert A.M. Stern has described as, “one of the city’s most compelling religious structures in the Classical manner.”

Downtown Rising: New Developments in FiDi

In recent years, the Financial District has taken a lot of hard blows, from the September 11th attacks to the devastation of Hurricane Sandy, but the neighborhood has persevered and promises to be stronger than ever despite some of the problems facing the revitalization of the Pier 17 shopping mall. While some of the more obvious signs of this include the newly opened 4 orld Trade Center and the Freedom Tower opening late next year, there also an astounding 17 new developments and luxury conversions under construction or on the way. 

Manhattan’s Best New Buildings This Fall

Manhattans most anticipated fall building openings

New York City’s real estate market has had it especially good this year. Luxury apartment sales have been on a high throughout the summer, and with rents continuing their steep rise, more and more New Yorkers are choosing to buy homes for themselves. Instead of looking at already established residences for their new apartments, low inventory levels have spurred people to look at homes in the new buildings opening up in the city. While there has certainly been a shortage of new buildings compared to past years, there are several new developments to watch out for this fall in New York City. Here are our choice picks in the borough of Manhattan.

Developers Pushing for More And Larger Condos

Gramercy Park in ManhattanThe 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.

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.

Tardy Tribeca (Space)

Tribeca in New York CityHope buyers of Tribeca Space didn’t hold their breath since March 2006 when the converted condos at 25 Murray Street initially went on sale, selling out in a New York minute. Those who purchased the loft apartments for sale at Tribeca Space have been waiting for the converted building to receive the temporary certificate of occupancy, the golden ticket for closing sales in real estate. Well, not really as 40% of the initial buyers withdrew their contracts from Tribeca Space. Of the 74 apartments for sale in Tribeca Space, 28 have become up for grabs and 10 of the apartments for sale are being offered at 5-10% discounts and the rest will be available for purchase after Memorial Day. While it is currently the best time in the increasingly better market to buy, Tribeca Space seems to finally have its timing right; it has been granted its temporary certificate of occupancy by the Department of Buildings and is on its way to scheduling closings, if nothing else gets in its way.

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

The Apthorp in Manhattan Your 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.