More new condos are planned for Manhattan’s Financial District than any other neighborhood in the city, according to a new report.
In a report exploring the wave of new development in Manhattan over the next five years and beyond, real estate listings site CityRealty found that while condominium development has been largely centered on Midtown recently, the Financial District is seeing a boom in new construction and condo conversions.
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Roughly 1,250 new apartments in the Financial District are slated for the neighborhood in the next few years through the development of a number of buildings, including 50 West Street, One Seaport and 125 Greenwich Street.
FiDi is followed by Midtown and the Lower East Side at 1,229 and 912 respectively. In total 92 condominium projects with roughly 8,000 new apartments are under construction or proposed across Manhattan.
According to the report, while there appears to have been a slowdown in the top end of the market, the prices for all new developments will keep climbing in the coming years, with aggregate sales rising from $5.4 billion last year to more than $10 billion by 2018.
The CityRealty report followed a separate study by Olshan Realty, which showed that just 19 homes worth $4 million and above changed hands in Manhattan last week, in what could be the first sign of a summer slowdown.
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That number was down from 24 the previous week, 33 during the week of May 23 and 30 during the week of May 16. The average asking price last week was $12.7 million, while the average discount from the original asking price was 6%. The properties spent an average of 350 days on the market.