NY Daily News
September 12, 2014
Another condo development wave is rising, but this time it might actually benefit real people.
More than half of the 2,500 new apartments slated to hit the market in Manhattan this fall will be geared toward first-time and price-sensitive buyers, according to data from real estate firm Corcoran Sunshine Marketing Group.
“Luxury new development remains a hot topic and a highly successful market segment, but in the next few months entry- and mid-level buildings will rejoin the conversation in a big way,” said Kelly Kennedy Mack, president of Corcoran Sunshine. “This is fantastic news for buyers in this severely undersupplied segment.”
But there is plenty for billionaires, too. The remainder of the new product will cater to the 1% and no one else.
The other 40% of units coming online this fall are considered luxury pads, with prices averaging $1.5 million for a one-bedroom.
Buyers hoping to flee Manhattan to find a bargain in Brooklyn or Queens are out of luck. Most new condo developments in the outer boroughs won’t come to market for six to 24 months, said Dave Maundrell, CEO of Brooklyn-based brokerage AptsandLofts.com.
And even those projects provide minuscule supply amid feverish demand. When a boutique condo project opened at 13 Melrose St. in Bushwick last week, 100 people turned up to look at just eight apartments.
“It’s craziness,” Maundrell said. “There are lines around the block at every building.”
The pent-up demand for outer-borough pads is driving up prices and forcing prospective buyers to continue renting, even as the rental market continues to heat up.
Here’s a look at some of the most notable condos launching sales this far.
On the Upper West Side, a new project is coming to market near Central Park
210 W. 77th St.
The Upper West Side’s new-development drought is finally over — sort of.
An 18-story condo tower near the American Museum of Natural History will open for sales this fall, with price tags that reflect its tony location two blocks from Central Park.
The apartments range from $4.85 million to a whopping $21 million, according to developer the Naftali Group.
The Danish brick building, dubbed Two Ten West 77, will have 25 luxury homes with solid white oak floors, fireplaces and outdoor terraces. They will be accessed via an elevator that opens directly into the apartments.
Amenities include a 24-hour doorman, a concierge, a roof terrace, a fitness center and bicycle storage. Corcoran Sunshine Marketing Group is leading sales effort