Despite some small hiccups, the market in New York is still going strong.
According to a Q2 Corcoran sales report, the second quarter of 2016 had close to record-breaking high prices and some improvement in sales after a dip at the beginning of the year. The market is showing some signs of rebounding from a small slowdown.
Sales closings in Manhattan were up 6% from the first quarter in 2016, though they are 14% lower than the same time last year. Although the increase in new developments on the market and re-sales of existing condominiums have resulted in an 11% increase in inventory, the market is still moving briskly, with days on the market only increasing 5% from last year and still moving faster than normal.
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Across the river in Brooklyn, demand continues to be strong, with rising prices and above average closings 9 percent above the quarterly average, according to Corcoran’s Q2 Brooklyn report. In Brooklyn, inventory is more limited, with 21 percent fewer listings than five years ago. Sales in new developments have kept the Brooklyn prices moving up. Many new and exciting developments are coming to Brooklyn in an attempt to keep up with the growing demand for the borough.
In all areas of New York, exciting new projects bring luxury and specificity to the buyer, whether it is design that celebrates its Brooklyn location, extensive amenities, high floors, or high design.
Here are some new developments on the market this fall:
The Standish, 171 Columbia Heights
Live in a piece of Brooklyn history in this building, a new LEED-certified condominium in a Beaux Arts style building originally designed in 1902 by F.S. Lowe. The façade has brick walls, copper bay windows, and terracotta lintels on a limestone base and stands as a beautiful example of turn of the century ornamentation.
For contemporary times, the building offers concierge and doorman, fitness and yoga/stretching area, a children’s playroom, and has storage and bicycle storage available for purchase. It offers Bertazzoni-Italia and Bosch Appliances in the kitchen, and beautiful views of the East River, the Manhattan, Brooklyn and Williamsburg bridges, Brooklyn Heights and the Statue of Liberty. Its location, close to lower Manhattan but in an old world section of Brooklyn, matches the building’s combination of old and new. Sales just launched in recent days.
Number of units: 31 units anticipated Price range: From $1.29 million Developer/architect: DDG Apartment sizes: Range from one to five bedrooms Amenities: Fitness center with yoga/stretching area, concierge and doorman, children’s playroom. Private storage and bicycle storage are available for purchase. Website:The Standish
125 Greenwich
125 Greenwich, a soaring tower, will be an exciting new addition to the rapidly growing Financial District. This part of downtown Manhattan has become a city unto itself, with over 100 shops, world-class restaurants, and a new transit hub at Fulton Street. This tower is designed by the architect Rafael Vinoly, the Uruguayan architect who worked on the Kimmel Center for the Performing Arts in Philadelphia, among many other projects.
The tower will rise high above the city at 88 stories and almost 900 feet, with its height emphasized by vertical bands running up the sides of the building. Residents will be able to enjoy the views from way up high: the amenities will be located on the three highest floors. Pre-sales launch will be in October.
Number of units: Mixed-use building with 273 residences Price range: Not yet released Architect: Rafael Vinoly Apartment sizes: Not yet released, but on the smaller side Amenities: Three floors of amenities will be located high up in the tower, allowing for wonderful views.
One Manhattan Square, 252 South Street
Extell’s new development on the Lower East Side, One Manhattan Square stands out in an area historically filled with low buildings. The gleaming waterfront tower is set to be located near the Brooklyn Bridge, overlooking the East River. And this one would suit the recreation-obsessed.
Each of the 815 units have access to over 100,000 square feet of amenities, including a full-size basketball court, squash court, theater, fitness center, three swimming pools, a bowling alley, golf simulators, a yoga studio and a spa with hammam. The project is set to come to market in October.
Number of units: 815 Price range: From $1.15 million Developer/architect: Extell Development Company/Adamson Associates Architects Apartment sizes: One to three bedrooms Amenities: State-of-the-art performance center, fitness center, swimming pools, bowling alley, squash court, basketball court, golf simulators, yoga studio, tea pavilion, outdoor kitchen and fire pits Website:One Manhattan Square
d’Orsay, 211 West 14th Street
Near the High Line, Union Square, the Meatpacking District and Chelsea, d’Orsay is sure to live up to its cool downtown location. French architect and interior designer Jacques Garcia, who designed the unique interiors of the Nomad Hotel in New York, the opulent Hotel Costes in Paris, the dreamy Mamunia in Marrakech and the decorative arts galleries at the Louvre, now turns his eye toward his first multi-family residence in New York. To this intimate, 11-story, 21-unit building, he brings his signature attention to detail and flow, and his use of jewel tones and sumptuous materials.
Many of the residences have private outdoor spaces. The building will have a drawing room, fitness center and spa with plunge pool and a rooftop garden. Sales will launch in the fall.
Number of units: 21 units Price range: From $1.675 million Developer/architect: Adellco/ Goldstein Hill & West Architects/Jacques Garcia Apartment sizes: One to four bedrooms Amenities: Drawing room, fitness center, spa with plunge pool and treatment rooms, rooftop garden, storage available for purchase Website:d'Orsay
565 Broome SoHo
With its clean industrial, minimalist façade, the Renzo Piano Building Workshop-designed 565 Broome pays homage to SoHo’s architectural legacy and loft design. But the 30-story, dual-spire tower is completely in the current day when it comes to all the finishing touches.
The building will have a gated private parking area that takes residents into an automated parking system, a 55-foot saltwater lap pool with fitness center, yoga, spa and sauna, and a glass lounge and conservatory standing 90 feet high. Abigail Michaels, a concierge company that delivers luxury hotel level concierge services, will be on call 24 hours a day for anything you need. Sales launched earlier this week.
Number of units: 115 Price range: Approximately $1 million to over $20 million Developer/architect: Bizzi & Partners Development with Aronov Development and Halpern Real Estate Ventures/Renzo Piano Building Workshop Apartment sizes: Studios to four-bedroom homes Amenities: Gated motor court and cutting-edge automated parking, salt water lap pool, fitness center, spa, sauna, steam room, children’s playroom, Abigail Michaels concierge services, lounge with library, conservatory, wet bar and terrace, some units have private saltwater pools and terraces Website:565 Broome
287 East Houston Street
Andre Andreoli of AA Studio, the architect behind 287 East Houston Street, takes the building’s location very seriously. "It is important, if you do something on the Lower East Side, to do something where there is some basic principle of art in it," he said about the structure. The interplay of stone and metal and the vibrant slash on the façade of the 11-story building gives form to this statement.
The apartments prioritize open and bright living spaces, with 10-foot ceilings, whitewashed oak floors, white marble kitchens and floor to ceiling pocket doors. Amenities such as a fitness center, bicycle and residential storage, and city views round out the experience. Sales has launched.
Number of units: 28 Price range: $1.15 million to $5.45 million Developer/architect: Vinci Partners USA and Andres Hogg of Hogg Holdings/Aldo Andreoli of AA Studio/Architect of Record: Jeffrey Cole Apartment sizes: One- to three-bedroom homes, including two townhouses with landscaped gardens and a triplex penthouse at the top of the building. Amenities: Fitness center, storage, bicycle storage, doorman, 10-foot ceilings, Italian marble Website:287 East Houston Street
Inkwell, 520 West 45th Street
If you miss the back to school experience, the Inkwell, a converted 1905 schoolhouse in midtown, should fit the bill. AvroKO, the award-winning design firm behind projects like 1 Hotel Central Park and Genuine Liquorette, has combined the traditional look of a classic red brick schoolhouse with a modern residential feel for a one-of-a-kind home.
The 18-unit building is located in the heart of Hell’s Kitchen, across from Gotham West Market, a food hall with some of New York’s most choice eats, such as Ample Hills Creamery and Ivan Ramen. Sales will launch mid-October.
Number of units: 18 Price range: $1.78 million to $2.8 million-plus Developer/architect: Gotham/AvroKO Apartment sizes: Two bedrooms are approximately 1,200-to-1,400 square feet, three bedrooms are approximately 1,900 square feet. Amenities: Fitness center with outdoor lounge, schoolhouse conversion Website:The Inkwell
The Chamberlain, 269 West 87th Street
The Chamberlain brings family living to the next level. Located on the Upper West Side, in an area where there is very little new construction, the art deco influences and golden color of the 39-unit building make it blend in nicely. It offers much more in terms of amenities than most buildings in the area: library lounge, basketball court, screening room, children’s playroom, fitness center and bike storage. There is also a 24-hour concierge and private garden. Sales will launch early fall 2016.
Number of units: 39 Price range: From $2.5 million Developer/architect: Simon Baron Development and Quadrum Global/ FXFOWLE and Champalimaud (interior) Apartment sizes: Two- to five-bedroom units, two townhouses and three penthouses Amenities: Private central garden, 24-hour concierge, two-floor amenities area with library, fitness center, children’s playroom, multi-purpose court with basketball court and screening room, bike storage Website:The Chamberlain
15 Hudson Yards
Residents of 15 Hudson Yards, designed by Diller Scofidio + Renfro in collaboration with Rockwell Group, will be the first people to actually live in Hudson Yards, the 17-million-square-foot development on the west side of Manhattan that will eventually have 4,000 residences, 100 shops, and fine restaurants when completed in 2024. Residents of Hudson Yards will reap the benefits of their location, with VIP invitations to the arts and cultural events in the area, dining reservations at new restaurants and memberships at the new Equinox Fitness.
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The building is located right on the public square of the complex, and is adjacent to the Shed, a nonprofit arts center also designed by Diller Scofidio + Renfro in collaboration with Rockwell Group. The building rises to 910 feet and will have 88 stories, as well as 24-hour concierge service, two floors devoted to health and wellness and a skytop lounge. Sales launched earlier this month.
Number of units: 285 Price range: $2 million to $30 million. Developer/architect: Rockwell Group/ Diller Scofidio + Renfro in collaboration with Rockwell Group Apartment sizes: One- to four-bedroom units, in five different types and two interior design styles. Amenities: 24-hour concierge service, two floors of wellness offerings and a skytop entertaining suite with indoor entertainment lounges Website:15 Hudson Yards
The Clare, 301 East 61st Street
Lightness and brightness abound at The Clare, a new development on the Upper East Side. From the façade of the 30-unit building, which is bright Indiana limestone, through the soaring 18-foot double height ceilings in some of the units, and the bright white Poggenpohl kitchens with Miele appliances. The apartments are warm as well, with radiant heating throughout. The brightness continues on the common roof deck, where the views south and west offer sunshine and sunsets. Taxes are light as well: the building has a 421-a tax abatement. Sales are expected to start this month.
Number of units: 30 units Price range: $800,000 to $8.9 million Developer/architect: Real Estate Inverlad Development LLC together with Third Palm Capital LLC/Manuel Glas Architects Apartment sizes: Studios to three-bedroom apartments, four-bedroom, four-bath triplex penthouse. Amenities: 13th floor amenities floor with 12-foot ceilings and fitness center, yoga room and lounge, common roof deck with southern and western views, radiant heating, Miele and Poggenpohl appliances and cabinetry in the kitchen, 24-hour doorman, bicycle room Website:The Clare
42 Crosby
This seven-story SoHo building pays homage to the low 19th Century cast iron buildings surrounding it with its height, scale, and façade, which incorporates stainless steel, aluminum, exterior window shades and metal mesh. Although 21st Century SoHo is crowded and bustling, residents will have plenty of space: the building has nine three-bedroom residences, a penthouse, and a lobby level with an internal garden featuring sculptures by the landscape artist Paula Hayes. Downstairs, there’s storage, and yes, parking. Sales launch is this month.
Number of units: Nine apartments and a penthouse Price range: $8,250,000 to $25,000,000 Developer/architect: Atlas Capital Group/Annabelle Selldorf Apartment sizes: Nine three-bedroom units and a penthouse Amenities: Storage units, parking, art installation by Paula Hayes and a courtyard with trees. Website:42 Crosby
The Twenty1, 117 West. 21st Street
The Twenty1, the latest project by developer Amiran Group in partnership with GRADE Architecture, will give residents plenty of space to move around. The building will have nine four-bedroom homes—six that occupy full floors, two duplex penthouses and a triplex penthouse. Floor-to-ceiling windows, clean lines and smooth finishes maximize space further in this boutique residence. The location, between Chelsea and the Flatiron, near both the High Line and Madison Square Park, is central. The building will also have five automated parking spaces. Sales open this month.
Number of units: Nine Price range: Prices begin at $5.5 million Developer/architect: The Amirian Group/GRADE Architecture Apartment sizes: Four bedrooms Amenities: Five automated parking spaces Website:The Twenty1