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Manhattan Will Transform Into Condo-Saturated Utopia In 2015
By
Ben Yakas
Published Jan 4, 2015
Modified Jan 4, 2015
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By
Ben Yakas
Published Jan 4, 2015
Modified Jan 4, 2015
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2014 was the year that young rich extraterrestrials infiltrated the Manhattan real estate market with cold hard cash, but things could possibly be different in 2015: more than 6,500 new condos are expected to go on the market in over 100 buildings around the borough. 2015 is the new 2007! Wait, uh, is that good?
"From one-of-a-kind boutique buildings to soaring luxury towers, an incredible variety of new development will enter the marketplace," Kelly Kennedy Mack, the president of Corcoran Sunshine Marketing Group, told the Times about the condo boom. Here's the breakdown:
Over all, at least 6,500 new condo units are expected to open for sales below 96th Street across more than 100 buildings in 2015, as opposed to about 2,500 units in 59 buildings last year, according to the Corcoran Sunshine Marketing Group, which tracks new development. Inventory will be the highest it has been since 2007, when 8,052 new units were listed.
That of course includes the luxurious high-rises of Billionaire's Row, which is already becoming a tax-abating haven for the globetrotting rich. There may not be quite the same sense of "urgency" that there has been in recent years, but it's not slowing most aspiring oligarchs down:
Still, most brokers and new-development marketers say demand for trophy apartments isn’t waning. “We are of the mind-set that the market will continue to be very strong and deep for these high-end properties, as it is being fueled not just by domestic but by an international market as well,” said Susan M. de França, the president of Douglas Elliman Development Marketing. “New York City is still rivaling London as the top city” in which high-net-worth individuals are seeking to invest their capital.
But those "superluxury" apartments ($5,000 a square foot or more) only make up about 500 of the units going onto the market this year; about half of the new condos, approximately 3,300 units, will be priced between $1,700 and $2,300 a square foot, up from 1,100 last year. Then there are more than 800 units under $1,700 a square foot, up from 306 in 2014.
"There is a misperception that the market is swinging drastically toward the high end," Kennedy Mack of Corcoran Sunshine told the Times. "We’re seeing a relatively steady pricing mix from year to year, which is really supported by robust buyer demand at all levels."
While most brokers sound pretty confident in the market, a few offer some sobering words: "At what point does the market start to say, 'that’s enough,'" wondered Stuart Siegel, president of Engel & Völkers NYC. Nevertheless, looking back on real estate reports from 2014, there's no doubt that Manhattan remains the king of unaffordable condos and co-ops that make your heart shudder with impotent rage. Here's what we wrote:
CityRealty has released their 2014 year-end report for Manhattan, which includes lots of chilling statistics that definitely don't feel like the real estate market is taunting God to incinerate their decadence. The average price of a Manhattan apartment reached a record $1.8 million this year, up from $1.5 million in 2013, and up from the previous record $1.6 million in 2008. The average price of a condo increased from $2 million in 2013 to a new all-time high of $2.4 million this year.
There were more than $22 billion in total sales, one of nine jaw-dropping, record-breaking statistics for the borough. That includes apartment sales of $10 million and up hitting an all-time high, with total sales on pace to hit $3.8 billion, more than doubling last year's number and besting the $3.3 billion record set in 2008.
Suffice to say, we're still on track for SimCity3000 in real life.
But if you really do have a few million dollars to plunk down for a piece of property, may we suggest a Greek island?
Tagged
condominiums
condos
manhattan
real estate
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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