Despite astronomical prices relative to the rest of the universe, apartments in Manhattan's recent condo developments sell out rather quickly according to an analysis of our residential sales data. Depending on their size, location and pricing, multi-family condo buildings typically come close to selling out between three and four years after delivery.
Just looking back at Manhattan's 31 ground-up condos finished in 2018 — amounting to nearly 1,250 apartments — the average share of sold units in these buildings is 88%, with 18 of these buildings having completely sold all of their sponsor inventory. The average falls to 78% for 2019 and 61% for buildings finished in 2020.
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This is not to say that delivering a new condo building in New York is in any way easy, guaranteed, or always profitable for the developer. With high construction costs, a volatile political and economic climate, and a competitive high-end market where buyers have plenty to choose from, it is not uncommon for sponsors to lose their shirts while shooting for the top of the Manhattan luxury market.
Most recently, a number of high-profile offerings have suffered difficulties relating to the pandemic fallout, internal wrangling, and/or construction roadblocks. And slow sales pre-pandemic at 505W43 (formerly Charlie West), 200 East 59th Street, and The Hayworth forced sponsors to retool their prices and marketing angles. In the Financial District, three stalled condo towers at 125 Greenwich Street, 161 Maiden Lane (also known as Seaport Residences), and 45 Park Place have stood ominously empty for several years for a variety of the issues mentioned above. However, given this is Manhattan, where new places to build are scarce, it is likely they will be relaunched in the coming months or years.
Nevertheless, thoughtfully-designed projects in sought-after areas are almost always successful. For apparent reasons, boutique condo buildings in historic, walkable areas of Lower Manhattan and the Upper East Side sell out the fastest. These rare offerings include 75 Kenmare Street, 40 Bleecker Street, and Beckford House. By contrast, larger buildings in edgier locations, or within central business districts, take a bit more time to sell out, especially during the COVID era. These buildings include 35 Hudson Yards (22% sold), One United Nations Park (34%), and The Centrale (39%).
One Manhattan Square via Evan Joseph
One Manhattan Square, the second-largest condo building in the city with its 811 units, falls into the latter category thanks to its striking size and remote location on the Lower East Side waterfront. With closings beginning in 2019, the tower has moved approximately 45% (363) of its units — not including those that have recently fallen into contract. Sales in the building have substantially picked up since last May, most likely due to pandemic-re-pricing, hungry sidelined buyers, declining Manhattan condo inventory, and the full opening of its 100,000-square-foot amenity package.
According to Extell, transaction volume here and at their newly-finished Brooklyn Point amounted to over $400 million in sales, making them the only developer in New York to ever sell over 100 units at two separate buildings within one calendar year.
“Not only do we believe in the strength and resiliency of New York City but so did our buyers who saw an opportunity to take advantage of today’s pricing and call this city home,” said Gary Barnett, Founder and Chairman of Extell Development Company. “We have created buildings unlike any other in both Manhattan and Brooklyn that both offer Extell quality, stunning views, unprecedented amenities, and immense savings that come with 20- and 25-year tax abatements.”
Nearly Sold-Out Manhattan Condo Developments
86% Sold — 3 sponsor listings remaining from $1.5M
10 Lenox Avenue, #PHB | $2,845,000
Harlem | Condominium | 3 Bedrooms, 2.5 Baths | 1,748 ft2From the Listing: Welcome to this one-of-a-kind, exquisitely designed penthouse on Central Park North with massive, unobstructed Central Park and city views. This 1,748-square-foot, 3-bedroom, 2.5-bath, plus a 760-square-foot wrap-around terrace residence in Harlem is a true dream home on the last attainable side of Central Park. The gracious entry foyer features a functional niche, wall space to showcase artwork and a powder room with herringbone-patterned oak floors, a beautiful accent wall of silver brown travertine stone, Designtex wallcovering and a Waterworks washbasin. With high-end finishes, elegant accents and incredible views, the open kitchen becomes the heart of the home. 2 YEARS OF TAXES COVERED BY SPONSOR FOR LIMITED TIME ONLY (through 1/31/22)! See floor plan and full details here.
98% Sold — 1 Remaining Sponsor Unit; 3 resales from $1.2M
150 Rivington Street, #6G | $2,100,000
Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,029 ft2
From the Listing: Available for immediate occupancy, this spacious split 2-bedroom, 2-bath with a loft-like flow enjoys abundant light from both north and south exposures. Enter your bright foyer and turn to your windowed kitchen that features abundant Italian cabinetry and tons of light. Sit at your beautiful Caesar stone peninsula perfect for entertaining guests. A beautiful bright living room boasts floor-to-ceiling windows with beautiful New York City views. The separate primary suite has an en-suite bathroom with honed Pelle Grigio marble, custom ash wood vanity, Brooklyn's Watermark fixtures and radiant heated stone floors. Other thoughtful details include custom designed lighting, high ceilings, closets and storage, a full size washer and dryer, and pre-wiring for Crestron Smart Home Technology. See floor plan and full details here.
94% sold — 5 listings remaining from $1.6M
77 Charlton Street, #N7A | $2,185,000
SoHo | Condominium | 2 Bedrooms, 2 Baths | 1,100 ft2From the Listing: Located in the heart of Hudson Square, steps to some of the city's finest dining, shopping and galleries, 77 Charlton is a full-service condominium from Toll Brothers City Living. Residence N7A is a generously-proportioned 2-bedroom home with southern exposure. This quiet retreat overlooks a lushly landscaped interior courtyard. The living room has floor-to-ceiling windows, 6" white oak floors and 10'6" ceilings. The open kitchen has a spacious island, and is equipped with Thermador and Bosch appliances, a Summit wine refrigerator, Brazilian quartzite countertops and Scavolini oak cabinetry. See floor plan and full details here.
89% sold — Final sponsor listing
287 East Houston Street, #6A | $2,525,000 (-8%)
Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,386 ft2
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From the Listing: Residence 6A is one of our largest two-bedroom and two-bath floor-throughs with open southern and northern exposures with spectacular city skyline views in both directions. With floor-to-ceiling windows and airy 10’ ceilings, the living/dining area faces north and offers a generous space to entertain and relax. The open kitchen, with dining bar, is a cook’s delight and features Alta custom Italian cabinetry topped with honed Carrera marble counters and slab backsplash and a full complement of Miele appliances including a vented hood. Immediately adjacent is a large laundry/pantry space. The sunny primary bedroom boasts a generous walk-in closet and spa-like en suite bath. The monthly common charges stated reflect a 3-year subsidy paid by the sponsor. See floor plan and full details here.
93% sold — Final sponsor listing
570 Broome Street, #10B | $3,525,000
SoHo | Condominium | 3 Bedrooms, 3 Baths | 1,539 ft2From the Listing: A 1,539-square-foot 3-bedroom/3-bath apartment, 10B has a south-facing floor-to-ceiling Schuco window wall in the living room that continues to the primary bedroom, allowing natural light to flow into the residence throughout the day. With living and dining dimensions of 21' x 16'4" and with ceiling height of nearly 11', this oversized living area feels loft-like, light and airy. Adding to the beautiful detailing are the 5" wide hardwood solid oak floor with custom walnut finish throughout the apartment. The large open SOM custom designed kitchen has a Calacatta Alto marble slab countertop and backsplash and Lineadecor walnut-stained oak cabinets showcasing beautiful natural wood. See floor plan and full details here.
95% sold — Final sponsor listing
No. 45E7, #PH | $7,995,000 (-3.7%)
East Village | Condominium | 3 Bedrooms, 3.5 Baths | 2,523 ft2From the Listing: The Penthouse at 45 East 7th Street is a jaw-dropping single floor trophy home spanning the entire top of the building's floor plate with over 2,500 square feet interior and providing the highest level of comfort and indoor-outdoor living with a private corner terrace extending 2,100+ square feet with its widest area measuring over 100' long and over 50' wide! Enter through the gallery measuring nearly 40' long toward the home's massive open concept living area and kitchen all with airy 10' ceilings throughout. The bright, expansive living room opens directly out to the 2,100+ square-foot south-facing corner terrace. This rare single-floor penthouse terrace runs the length of the building, acting as a verdant outdoor respite and stunning scene-setter for each room within the unit. See floor plan and full details here.
97% sold — Final sponsor listing
32 East 1st Street, #PHC | $9,995,000
East Village | Condominium | 3 Bedrooms, 3.5 Baths | 2,887 ft2From the Listing: Located at the nexus of Noho, the East Village and the Lower East Side, 32 East 1st Street has been meticulously designed throughout. Penthouse C is an incredible light-filled three-bedroom, three- and one-half bathroom duplex penthouse with 1,958 square feet of outdoor space, positioned on the top two floors of 32 East 1st Street. This south, west, and east-facing unit features two private terraces with two outdoor kitchens, expansive triple-pane windows with 360-degree views of the Downtown and Midtown skylines.
A direct private elevator opens to a private corridor on the 10th floor, adjacent to a stairwell leading to an expansive 1,579-square-foot private terrace spanning the entire 11th floor of the building fully equipped with an outdoor kitchen and a Wolf grilling station, a dining area and three lounge spaces and is finished with travertine floors and planters integrated with lights and speakers, creating a space ideal for indoor/outdoor living and entertaining. See floor plan and full details here.
A direct private elevator opens to a private corridor on the 10th floor, adjacent to a stairwell leading to an expansive 1,579-square-foot private terrace spanning the entire 11th floor of the building fully equipped with an outdoor kitchen and a Wolf grilling station, a dining area and three lounge spaces and is finished with travertine floors and planters integrated with lights and speakers, creating a space ideal for indoor/outdoor living and entertaining. See floor plan and full details here.
80% sold — Final sponsor listing
260 Bowery, #PH | $10,950,000 (-10.1%)
NoLiTa/Little Italy | Condominium | 4 Bedrooms, 4 Baths | 4,150 ft2From the Listing: Designed by Morris Adjmi Architects, 260 Bowery is an art piece, limited to just 5 residences. The penthouse of this limited-edition condominium offering is an entertainer's dream, with over 1,000 square feet of balconies and terrace spread over three levels and a rooftop outdoor kitchen, the opportunities for al fresco meals and gatherings under the stars are boundless. The keyed elevator opens to an expansive 4,150-square-foot four-bedroom, four-bath home, with a generous living room, and additional dining, library, and media rooms. The expansive European Aluprof windows with UV protection and sound proofing enhance the tranquility of this duplex floor through home. Stunning 11" wide European white oak floors accentuate the custom designed aluminum clad kitchens that feature honed quartzite countertops and backsplash, oversized fireclay sinks with Dornbracht fixtures, and a top-of-the-line Gaggenau and PITT Cooking appliance package. See floor plan and full details here.
95% sold — Final sponsor listing
75 Kenmare Street, #PHA | $11,500,000
NoLiTa/Little Italy | Condominium | 4 Bedrooms, 4.5 Baths | 3,017 ft2From the Listing: Staged in collaboration with Ligne Roset & Modernist Cuisine Gallery, Penthouse A offers the best of indoor and outdoor living in Downtown Manhattan. Spanning over 3,017 square feet with an additional 2,275 square feet of exterior living across a private terrace and roof deck, this unparalleled four bedroom, four-and-one-half bathroom penthouse is truly the best NoLita has to offer. Upon entry, stunning white oak hardwood floors lend way to the 45-foot-long Great Room, with a curtain wall of floor-to-ceiling windows offering exceptional city views and abundant natural light. The open concept living and dining wing boasts a board-form concrete surround fireplace, stunning white oak floors and a curtain wall of floor-to-ceiling windows. Just outside, the first of two private outdoor spaces awaits with a 1,170-square-foot private corner terrace overlooking Downtown. Offering limited in-person and virtual appointments and 50% off parking for 10 years for select purchasers.
See floor plan and full details here.
86% sold — Final sponsor listing
The Fitzroy, #8 | $16,000,000
Chelsea | Condominium | 4 Bedrooms, 5.5 Baths | 4,512 ft2From the Listing: Impeccably crafted and designed by visionary design team Roman and Williams and developed by JDS Development Group, Residence 8 at The Fitzroy is a full-floor, four-bedroom, five-and-a-half-bath, 4,512-square-foot home. Enter directly from the keyed elevator into the gracious Great Room with 11-foot ceilings, oversized casement windows and two twin private terraces measuring 520 square feet in total. The main living area is further extended through a set of gorgeous French doors to the home's private library, complete with its own en-suite bathroom. Along the eastern wing of the residence is the formal dining room and the stunning eat-in kitchen. See floor plan and full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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