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Pre-War Co-ops: It’s About to Get Buff in Here
Pre-war condominiums in Manhattan are filled with luxury and elegance. However, there is one thing that many of these buildings don’t have: a gym. With so many new construction condominiums featuring state-of-the-art fitness centers on-site, the stately pre-war co-ops and condominiums have seemingly been stuck in the past. With a on-site gym high on buyers wish lists, some pre-war co-ops have begun to take notice.Even with many fitness centers located in Manhattan, buyers are looking for gyms in their own buildings as a matter of convenience. Some residents like to get up early to work out and don’t want to have to walk blocks away or even take the subway at 5 am. Others don’t want to brave through the winter weather in their work out clothes to get to the gym. Having a gym within their own building also means that residents have a more private workout space and the easy trip, often just down the elevator, provides an incentive to hit the gym.
Zoning In (Again): Will Re-Zoning West Clinton Drive Prices Up?
Recently, New Construction Manhattan . We asked whether or not prices would go down as new construction would be more readily approved, and our cop out prediction was that we had no particular answer. And while that may hold true for the next neighborhood we want to analyze, there are some general trends that are of particular interest.
Closely related to Chelsea, Clinton (and you can make as many puns about those names as you’d like) is a rapidly-developing neighborhood stretching from Eighth Avenue to the Hudson River from 42nd Street to 59th Street, a subsection of Midtown West. Whereas the former is now largely mixed-use, with a particular emphasis on balancing residential and commercial growth, that has made the transition from manufacturing, the latter is currently in an identity crisis. For the most part zoned for manufacturing and low-density residential, the recent high-rise condo boom, which has produced the Hudson Hill Condominiums, Orion, The 505, and The Atelier among others, as well as the proposed redevelopment of the Hudson Yards to the south have made, at least in the minds of the folks at the Department of City Planning, re-zoning a necessity in this about-to-explode neighborhood.
The Numbers Are In: 15 Central Park West Is The Richest Address In Manhattan Real Estate
One thing is certain about Manhattan luxury condominiums -- they are luxurious condominiums located in Manhattan. That particular tautology aside, though, the world of Manhattan luxury real estate can often seem like an especially well-amenitized bit of science fiction -- a sort of parallel universe in which new luxury condos compete for potential buyers by jockeying to see which new condo boasts the most impressive golf simulators, best-landscaped rooftop terraces and highest ceilings. We love it, of course, but it does make even us here at New Construction Manhattan -- whose job, as you've probably noticed -- is to observe and cover this particular scene wonder just how much luxury even this wealthiest of boroughs can afford.
Well, wonder no more. The astronomical figures are in, and a winner has been named. In a recent blog post, Property Shark announced that residents of 15 Central Park West has the highest gross income in Manhattan. Grossing approximately $1,883,936,235 since January 2005, 15 Central Park West beat out The Plaza, the iconically extravagant Fifth Avenue hotel that offers a handful of luxury condo-style residences, by nearly $608 million. And not only does 15 Central Park West have the highest gross income in Manhattan, but in all of America. The average sale price for condos in 15 Central Park West is a little over $8 million. The highest sale in the building was a whopping $45 million for a 39th floor duplex. So, what makes 15 Central Park West so irresistible to the super-rich, you ask?
The Saga of a Ventilation Shaft: An Allegory for New Construction
A small, diagonal pocket park lies at the intersection of Seventh and Greenwich Avenues in the West Village. Its name: Mulry Square. Not many people know of it apart from the locals who walk their dogs, run, or pass by it on their way to work every day. Yet this small triangle of green is now a lighting rod of controversy thanks to New York City’s beloved Metropolitan Transportation Authority.
Underneath this stretch runs one of the city’s busiest subway lines, carrying the 1, 2, and 3 between 14th Street and Christopher Street stations. For safety reasons, the MTA needs to build a ventilation shaft and emergency exit, and Mulry Square is the only empty lot where this is possible. Unfortunately, the park sits at the dead center of Manhattan’s largest historic district.
On The (East River) Waterfront: New Waterfront Park Opens in FiDi
Anyone who has ever lived in Manhattan and entertained guests who do not live in Manhattan has been there. You’re on Wall Street, showing your family where the Dutch once built their defenses that gave the street its name. Tourists crowd in, snapping photos of one another and begging you to do the same. You haven’t had caffeine yet today and your head is thumping like a drum. You need to grab some fresh air and recoup because you’ve promised to take your family to a nice place on the Upper East Side for dinner, but you’re out of luck because you’ve got no access to the water unless you walk to the Battery, which is clogged with the same types of tourists who’ve driven you to near-madness in the first place.
Now, we bring you news of freedom: the East River Waterfront opened its first leg on Monday -- that's a rendering above -- and it's exactly what those suffering Financial District fatigue needed. The East River Waterfront as presently constituted is fairly modest: a two-block greenspace running between Maiden Lane and Wall Street, featuring 4,000-foot dog run, benches with a view of the Brooklyn Bridge and Downtown Brooklyn, and steps leading down to the banks of the East River. As impressive as the East River Waterfront is now, though, it's only the first step in opening the neglected East River waterfront -- and that's good news indeed for those living in or hoping to buy Financial District condominiums.
Eccentric Glass Design Gets Second Chance in Flatiron District
It is rare when a developer has the opportunity to build a new construction condominium in Manhattan from the ground up, which but a new project is in the works from Anbau Enterprises. New is only relative when it comes to this project, however -- the firm is looking to build off of a design formerly intended as a hotel. What they're looking to build, though, is the interesting part -- the new construction condominium that Anbau Enterprises is planning to build on a former parking lot on West 23rd Street between Fifth Avenue and Sixth Avenue looks likely to be an instant landmark among Flatiron District condominiums, and could be one of the most ambitious new construction condominiums in Manhattan, period. Then again, given that Anbau paid $18.5 million for the lot, ambition shouldn't be a problem.
And on Central Park South -- a mini-neighborhood that, , has emerged as one of the most promising new spots in Manhattan real estate -- Anbau's planned 93,000-square-foot condominium could fit right in. More proof, if you needed it, that there's more to the lower Flatiron than Madison Square Park's beloved Shake Shack and some new luxury hotels.
Dancing To A New (Construction) Beat In West Chelsea
Even in a city that doesn't sleep, West 27th Street in Chelsea has long had a reputation for staying up late. That rep came courtesy of a bunch of clubs that, for a decade, set the pace for late-night revelry in a neighborhood that was, for years, Manhattan's club capital. Of course, no party lasts forever, and with those clubs closed -- and with Manhattan's club scene now doing its things behind the velvet ropes of the Lower East Side -- West Chelsea's former club capital has become something more upscale, a lot less messy and generally much more... residential. In the Wall Street Journal, Laura Kusisto notes that the stretch of West 27th Street between 10th and 11th Avenue, formerly the site of several notably noisy nightspots, has recently been home to a different kind of boom -- this time, as the home to some new luxury condominium development. With promising new Chelsea condominiums as 200 Eleventh Avenue, 245 Tenth and 133 West 22nd leading the way -- and with giving the neighborhood some high-gloss glamour (and some high-end green space) -- it looks like the party may not be over in West Chelsea just yet.
Toll Brothers Re-Claims NYC as Part of Its Empire
For nearly 45 years, Toll Brothers has prided itself on -- and marketed itself as -- being America’s top “luxury home builder." From golf course mansions to poolside townhouses, Toll Brothers created an ever-increasing empire, if one that -- until a few years ago, at least -- was confined largely to the 'Burbs. That changed in 2008 with the arrival of Toll Brothers City Living, a branch of the company specializing in housing in Manhattan, Brooklyn, Hoboken and Philadelphia. Of course, as anyone who followed Manhattan real estate -- or the economy, or anything else -- could tell you, '08 was an especially inopportune time to be starting a real estate business. Unsurprisingly, Toll Brothers City Living got off to a rough start with Northside Piers, and later that year Robert I. Toll, chief executive of Toll Brothers, claimed that New York City had “joined the rest of the country” and was no longer a place to buy homes. Toll even pleaded with Congress to subsidize the prices of homes because of the number of clients cancelling contracts. But that was 2008, and this is 2011 and, thanks to a batch of new construction condo listings, Toll Brothers is showing all appearances of being back in force.
Rezoning North Tribeca: Will Prices Finally Come Down?
Recently, New Construction Manhattan noted that changes in zoning could have a on a neighborhood. It’s no secret that, square foot by square foot and new construction Manhattan condominium for new construction Manhattan condominium, New York City is one of the nation’s most expensive cities in which to buy an apartment. But, as anyone who has searched Manhattan apartment listings recently knows, condominium prices in Manhattan -- while not exactly cheap anywhere -- are highly variable from neighborhood to neighborhood, and even between neighborhoods that share borders. In practical terms, this reveals some practical conclusions -- averaging prices for Manhattan studio apartments, one-bedroom apartments, and two-bedroom apartments reveals that Tribeca condo listings are the priciest in Manhattan, while Harlem is home to the cheapest. That may not surprise you all that much, but other revelations -- for instance, condos on the Upper East Side are less expensive per square foot than apartments in the East Village or on the Upper West Side -- may elicit a head-shake or a whaddaya-know. These numbers didn't come out of nowhere, of course -- these are established neighborhoods with established brands. But what happens when, as recently happened in North Tribeca, an old section of an established neighborhood gets a new life thanks to a new zoning designation? The answer, we think, is something very promising indeed.