For many years, the Upper East Side was largely dominated by prewar cooperatives that set relatively unchallenged standards for elegance in New York City as a whole. However, thanks in large part to the long-awaited Second Avenue subway, the area has seen a surge in new condominiums that combine heretofore unseen heights with Old World design influences. They offer spacious and sumptuous apartments, an abundance of luxurious amenities and services, and better connection to the rest of the city than ever before.
Luxury buyers are flocking to these apartments, and it shows in prices: Thanks in large part to sales at the Robert A.M. Stern-designed 200 East 83rd Street, Yorkville witnessed the biggest year-over-year increase in condo sales prices on a price per square foot basis. Sales in the suddenly transit-accessible area jumped 26% from an an average price per square foot of $1,509 in 2022 to $1,896 in 2023.
As recent events show, this building wave shows no sign of cresting: Demolition permits were filed for the postwar rental previously on 985 Fifth Avenue so a gracious new condominium can rise in its place; sales launched at a number of new condominiums this winter; and several medical centers lining York Avenue have announced expansions. We take a look at newly announced projects and recently completed buildings ready to welcome their first residents.