Articles on New NYC Condo Developments

New Condo Construction Makes a Comeback

New York City is witnessing a revival in the condo marketBefore Lehman Brothers collapsed and caused the housing market to begin its downward spiral in 2008, New York City was the desired destination for several luxury condo projects in Manhattan, Brooklyn and the Bronx. There were a number of high-rises expected to add to the city’s already impressive skyline, but the recession cast an awful pall over the condo sector, and several of these planned projects were thrown into oblivion. But with the city now making a slow but sure economic recovery, developers are expecting to see a “development renaissance,” with about 1,500 new condominiums are expected to rise in the next few years in the area below 96th Street in Manhattan.

West Chelsea Welcomes the Arrival of Avenues School

Avenues School in West ChelseaManhattan is home to some of the best private and charter schools in the United States. The quality of some of the city’s learning institutions is one of the things that makes New York City so desirable for residents seeking luxury condos for sale. City residents routinely site the quality of nearby schools when explaining why they made the decision to live in the Manhattan neighborhood they moved to. With such a reputation for educational prestige, its no wonder that educators and developers would want to build newer and even better flagship schools in the city. And with that information in tow, we present to you Avenues School, a K-12 institution in West Chelsea that promises to deliver an education experience completely unique to our world.

Have a Drink, Buy Some Art, Get a Condo

Sugar Sugar by Eve PlumbThe New York Times reported a few weeks ago about an art show that doubled as an open house in an apartment building in the Chelsea neighborhood. The art on display was the work of Eve Plumb, the actress who played Jan Brady on “The Brady Bunch” in the early 1970s. The location was Carriage House, a new building on West 24th Street designed by Broad Mill Development Group, which had set up the showing. And the purpose of the event was, as Mrs. Plumb bluntly told the New York Times, to “have a drink, buy some art, get a condo.”

Permits for New Buildings on the Rise in 2012

New York City building permits riseThe New York Buildings Department released figures recently showing that the number of permits issued for demolition, construction, and new buildings all were considerably higher in the first two months of 2012 than they were during the first two months of 2011. This information comes as further evidence that the Manhattan housing market is taking lengthy strides away from the 2009 lows towards recovery.

Year-End Absorption Rates Indicate Variety in Market Prices

Property absorption rates of New York City apartmentsThe 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.

New Development Market Report Another Healthy Sign for the Manhattan Residential Market

More evidence that the MaRendering of penthouse in 471 Washington St.nhattan condo market is making headway comes courtesy of MNS’s new development market report, which was released last week. The quarterly report, which measures the rate and price at which newly constructed Manhattan condos with no previous owners are sold, points to a solid growth in both median sales and median price per square foot from the fourth quarter of 2010 to the fourth quarter of 2011. It also points to a growth in median price per square foot from the third quarter of 2011 to the fourth quarter, but a slight drop in median sales price during the same time. These numbers imply that, while new condo sales overall were lower during the fourth quarter than they were during the third, the market for high-end Manhattan real estate is alive and well.

Some Considering a Shift in the Upper East Side Northern Boundary

If you work in or are1280 Fifth Avenue in Manhattan otherwise interested in the New York real estate market, chances are you can point out the lines that separate all the Manhattan neighborhoods on a city map. While some neighborhoods are marked with somewhat vague boundary lines, others, such as Tribeca and SoHo, are clearly demarcated, and oftentimes they mark off city zoning areas.  The Upper East Side also has strict boundaries to the west, where it meets Central Park, and to the north, where 96th Street marks the cutoff. But now some realtors and city planners are playing with the idea of extending the northern boundary of the Upper East Side to include new luxury condos for sale in the high 90 and low 100 Streets--currently condos in East Harlem.

Deal Closed for Property on 71 Laight Street

71 Laight Street in TribecaBefore the ink dries on the contract, we’re going to tell you about the next completed development deal to happen in Manhattan. 71 Laight Street, a luxury Manhattan condo in Tribeca, has just been sold to Taconic Investment Partners for a cool $65 million, or around $600 per square foot. The transaction will officially close in May or June.

Alvaro Arranz, a Manhattan developer, currently owns the property, which is an old warehouse that doubles as a parking garage. He initially bought it in 2007 for $57 million. At first he conceived of converting it into a luxury residential building, but after a construction freeze he decided to sell the property instead. He put the site on the market in 2010.

A Look at the Luxury Condo Buildings Scheduled to Open in 2012

In continuing with our covLuxury condo openings in 2012erage of how the real estate market will play out in 2012, we’d like to direct your attention to this handy map Curbed NY put together, which compiles all the new luxury condo buildings scheduled to open in the next year. As of right now, there are 11 condo buildings and 2 rentals with plans to go live this year. A few of these luxury condos for sale have gained a fair amount of notoriety over the course of their development. Walker Tower, for instance, is a Tribeca pre-war skyscraper famed for the architect—Frank Lloyd Wright competitor Ralph Walker—who initially designed it in the 1920s. The comprehensive list is available at Curbed, but there are a few buildings that have caught our eye.

Condos Revisiting the Market Find Buyers

Buyers are eager to purchase luxury condos in ManhattanThe New York City luxury condo market is generally recognized as its own real-estate niche. Certainly, national real-estate market forecasts have repercussions on NYC's real-estate beat--but they're limited. So don't write off the Manhattan luxury condo market to broadcasted waves of statistics just yet. Yes, according to The Wall Street Journal the national housing inventory crashed into rocky lows this year; but refocusing the real-estate market lens to apartments for sale in Manhattan, the city has seen units going up, and several buildings being re-launched after bitter 2010 presales, according to The New York Post. Manhattan is proving yet again to be the exception to the rule.