Manhattan’s New Constructions See Spike in Interest

New York City rent is rising along with the demand for home ownership

As rents for apartments in New York City continue their upward climb, more people are considering becoming apartment owners rather than tenants. But even then, the choices are limited—inventory levels are, after all, at a low in Manhattan. There's just that much to go around. As a result, thanks to their presence at various neighborhoods around the city, apartments in new constructions are becoming increasingly desirable. Besides being excellent homes, these buildings also offer a variety of amenities to entice anyone looking for a new place to live in New York City.

With inventory in Manhattan showing a decrease of 17.7% over the course of the last six months, new constructions, particularly pre-war conversions, are finding a lot of admirers in the market. As per a report in AM New York, condo conversions on the Upper East Side, such as 737 Park Avenue, 515 East 72nd Street and 150 East 72nd Street, are examples of what is hot on the market right now. Such new developments assure potential residents of a great luxury lifestyle, complete with extra amenities like gyms, roof decks, swimming pools, etc.

With respect to neighborhoods, Hell’s Kitchen, Chelsea and Lower Manhattan continue to be a magnet for home-hunters, as these locations are seeing the rise of several new developments. High-profile buildings designed by big names like Jean Nouvel and Frank Gehry are pushing up the value of these Manhattan neighborhoods. But as Stephen Kliegerman, president of Halstead Property Development Marketing, told AM New York, “Basically, what’s big is almost anything new, because there’s so little new construction product out there.”