Investing in New York City
Condos Revisiting the Market Find Buyers
The 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.
But keeping it real, as we noted in a prior post, there is indeed a of condo-development plans for New York City being submitted to the General Attorney’s office for 2011. We also noted in the post the persistent fall in new Manhattan condominium units for sale. This year there were approximately 466 new Manhattan condo units for sale; there had been 10,660 new units marketed in 2006. But, the Manhattan condominium market is, if anything, complicated. Fiercely competitive as the Manhattan condo hunt may be, some Manhattan apartment buildings were unable to gather successful presales last year, as home-buyers were seemingly uninterested in tying the knot on some rising, and even completed, luxury apartment buildings.
Several developers took their NYC condominiums off the market in prior years due to lackluster sales, but they’re back up now, reports the NYPost. And they’re selling. Despite a shrinking pipeline of planned condominium developments in New York City, finished luxury Manhattan apartments for sale are in demand. Some of the dusty Manhattan condominiums re-cutting their bows, according the Post, are in Harlem. Windows on 123, the eight full-floor Harlem condominium on 7th and 123rd (that had actually promised giveaway cars to lure buyers), is on the market again, this time with a discount, and has 77% units reportedly already sold or in contract. Another Harlem condominium for sale--again--is the 46-unit new construction known as 2130 Adam Clayton Powell just a few blocks north of Windows on 123. The relaunches carry into the rest of the city, with the Carriage House in Chelsea at 159 W. 24th street, which was pulled from the market back in 2008, but can be found in current listings. In the Financial District, the luxury condominium Setai resurfaced last month after sleety economic turmoil, and has reportedly had 60% of its luxury condominium units sold.
The resurrection of these luxury Manhattan condominiums, along with new luxury Manhattan apartment buildings successfully springing up (the nine condo-unit 84 Bedford in West Village, the 20+ story Reade 57 in Tribeca, the converted and modern 43-unit 130 W. 12th street, among others) puts a slight spin on gloomy statistics. In Manhattan, luxury condo-units are rising: just not as fast as we’d like. For prospective buyers edging NYC-condominium-luxury-market-pessimism, maybe a little hope can be garnered from the several Manhattan condominiums recently remarketed and symbolically given a second shot: potentially the market could follow the 2nd round glory.