When we look at new development by neighborhood in terms of price per square foot, MNS’ combined Gramercy/Flatiron District neighborhood is the clear winner as well as the only part of Manhattan to average more than $2,000 per square foot. In contrast, the favorites that vie for the title of Manhattan’s most expensive neighborhood -- Tribeca, SoHo, and Greenwich Village (including the West Village) -- are surprisingly low. Of interest is Tribeca, which barely outdoes the Lower East Side in terms of new development pricing; this could be attributed to Tribeca’s almost completely built-out nature, with little new development to drive prices up. SoHo and the Village are still growing, with the former’s addition of the rather large 40 Mercer and Trump SoHo edging the neighborhood into second place.
Overall, it seems that new development is finally, and quickly, filling up, and that location is more of a factor than ever before. Downtown Manhattan is still the champion of high prices, with SoHo and the Village breaking $1,500 per square foot, not to mention that MNS’ data also shows SoHo and Tribeca, along with Gramercy/Flatiron District, breaking $2.4 million in sales, the only areas to do so. All of this is making us at New Construction Manhattan optimistic about the future of Manhattan’s recent residential additions.