There are many selections when it comes to New York city new construction condo. We are always on the market place examining different condos and provide accurate assessments of each condo. Here are some of our most recent thoughts on various new construction project that is currently selling and upcoming in the market place.
There are multiple levels of the new construction marketplace:
The buildings with the penthouses that are being sold for over $100 Million dollars, the buildings fighting for the designation of tallest residential building in the Western Hemisphere. Buildings that fall into this category such as 432 Park Avenue, 220 Central Park South, 520 Park Avenue, 111 West 57th Street, the Woolworth Building.
Many of these headline buildings price point starts at $15,000,000+, price per square feet of $5,000+, they offer something unique, whether its the best views of Manhattan, a high level of privacy, access to the best amenities and quality of design and construction. Naturally the pool of buyers who are looking and buying at these buildings are all looking at the same group of buildings coming up and deciding which one best suits their distinct needs.
Ground up new construction in prime neighborhood locations:
These are the types of buildings that are being built in the most well established neighborhoods, typically comprised of larger apartments, Two and Three Bedroom units would be the smallest in the building and typically offer a real unique feature. That feature may be some of the units have unobstructed views of the Manhattan skyline, of Madison Square Park, of the High-line Park. You can see price per square foot for these units in the $3,000+ range, with the best units in the building selling in the $4000+ sq/ft range.
The entry level new construction buildings:
First things first, these buildings are still selling at a premium compared to almost all resale condominiums, its just that within this segment of the new construction market, they are the entry level price points. These buildings we see apartments priced in the $2,000 sq/ft range. So a very compact one bedroom might start in the $1,300,000 range, Two Bedrooms will be in the $2,500,000 range. Some takeaways in this category: The lowest priced apartments in these buildings will sell immediately once they come available. All you need to do is look at these buildings and see all of the apartment that are in-contract or no longer available. There will be some drawbacks, but this is reflected in the pricing. There will not be any landmark views but more like the ‘city view’ of other neighborhood buildings. We find this segment of the market is being directly marketed to right now. There are a number of rental to new condo conversions that are being priced for this segment of the market. Most of them are selling extremely well. We have seen first hand with some of our buyers just how quickly these apartments will get purchased if decisions are not made.
If new construction condo is what you are looking for, we can recommend which new construction building best suit your needs.
We also wrote another post about How to Buy New construction Condo in NYC that you can read about it here: http://manhattannycondosforsale.com/how-to-buy-a-new-construction-condominium-in-manhattan-new-york/