Check Out the Manhattan Skyline in 2020! New Development Sales to Hit $8.4B This Year

Posted On Tue, June 14, 2016 By

Posted On Tue, June 14, 2016 By In Features, New Developments, real estate trends

As part of their Manhattan New Development Report, CityRealty has released a trio of skyline renderings that show how the city will appear in 2020 — looking south from the Lower East Side, north from the tip of the island, and of course, down on Central Park South’s Billionaires’ Row.

The eye-popping images underscore the fact that new developments have been “markedly above the average price of all other Manhattan condos since 2013.” The average sales price in new developments is expected to hit $4.4 million this year and $5.7 million by 2018. By comparison, the expected average price of a non-new development condo for 2016 is $2.65 million. Moreover, new development sales totaled $5.4 billion last year, up from 2014’s $4.1 billion. This figure is expected to reach $8.4 billion this year and more than $10 billion by 2018.

CityRealty-June 2016-Manhattan New Development Report-1

CityRealty-June 2016-Manhattan New Development Report-2

According to CityRealty:

While fewer developers in 2016 are signing on to build sky-grazing towers with penthouses that cost $100 million or more, condominium prices are still on an upward trajectory, with anticipated sales totaling roughly $30 billion through 2019. In total, 92 condominium projects with roughly 8,000 new apartments are under construction or proposed.

CityRealty-Skyline 2020-Financial District

While new developments have been largely populated in Midtown over the past several years, coming years will see much more new construction and conversions in the Financial District, with 1,250 new units set to come online in buildings like 50 West Street, One Seaport, and 125 Greenwich Street.

CityRealty-Skyline 2020-Central Park South

Of the four new Manhattan developments with the highest estimated total sellouts, three are located on or near Billionaires’ Row. The frontrunner is 220 Central Park South, coming in at $3.1 billion, which would put it second only to 432 Park. Following it is 53W53 (formerly known as the MoMA Tower) at $2.1 billion, and in fourth is 111 West 57th Street at $1.5 billion.

CityRealty-Skyline 2020-LES

The building that comes in third on the list, One Manhattan Square, is in a more unexpected Lower East Side location, where 900 new apartments are planned. The building’s estimated total sellout is $1.9 billion, and when completed, its 815 units will make it the second largest condo building ever constructed in Manhattan.

For more details and data, read the full CityRealty Manhattan New Development Report here (pdf).

RELATED:

Tags : , ,

MOST RECENT ARTICLES

  • Department of Health says it’s okay to eat Gowanus Canal fish in moderation and kayak in the water

    Department of Health says it’s okay to eat Gowanus Canal fish in moderation and kayak in the water

    The real estate community has been looking closely at Gowanus as of late thanks to rezoning plans that will likely ...
  • Ding uses your smartphone to revolutionize the doorbell

    Ding uses your smartphone to revolutionize the doorbell

    While smart home technology includes everything from turning on the heat to monitoring air quality, the simple job of a doorbell ...
  • City transit workers reach deal with MTA over wage increases

    City transit workers reach deal with MTA over wage increases

    After the Transport Workers Union and the MTA failed to reach a deal on Sunday night, the contracts for 44,000 ...
  • Tour Trump’s childhood home before it goes to auction tonight; Ambassador Grill interiors landmarked

    Tour Trump’s childhood home before it goes to auction tonight; Ambassador Grill interiors landmarked

    Seven places to go in NYC to hibernate from Inauguration Day. [Untapped] Donald Trump’s childhood home in Jamaica Estates, Queens is ...
  • UWS one bedroom asking $3,950/month is loaded with prewar charm

    UWS one bedroom asking $3,950/month is loaded with prewar charm

    In this Upper West Side cooperative at 245 West 74th Street, you can rent an apartment that embodies all that ...
  • CNN’s Don Lemon sells Harlem condo for small profit

    CNN’s Don Lemon sells Harlem condo for small profit

    Emmy Award-winning CNN news anchor Don Lemon picked up a somewhat modest condo a little over two years ago in Harlem‘s 2280FDB ...
  • A look back at the lost Grand Centrals of the late 19th century

    A look back at the lost Grand Centrals of the late 19th century

    Grand Central Station in the early 1900s Historic photos of the original Penn Station are almost as common as images ...
  • 128 tall buildings were constructed in 2016, a world record

    128 tall buildings were constructed in 2016, a world record

    Click here to enlarge infographic We’ve just been looking at the amazing growth of the skyscraper in its early years, ...
  • Trump to name New York developers Richard LeFrak and Steven Roth to oversee new infrastructure council

    Trump to name New York developers Richard LeFrak and Steven Roth to oversee new infrastructure council

    President-elect Donald Trump has previously outlined his $1 trillion infrastructure plan not just as a means to repair and build ...
  • $8.8M 20-room limestone Park Slope mansion was built in 1905 for a furniture tycoon

    $8.8M 20-room limestone Park Slope mansion was built in 1905 for a furniture tycoon

    Even in the land of many mansions otherwise known as north Park Slope, 106 Eighth Avenue is, as the listing ...
  • Helen Hayes’ former Nyack home asks $719K

    Helen Hayes’ former Nyack home asks $719K

    Helen Hayes‘ acting career spanned nearly 80 years, earning her the nickname “First Lady of American Theatre” and garnering her distinctions ...
  • TBD Architecture designs Tetris-like artist studios for an Upstate couple

    TBD Architecture designs Tetris-like artist studios for an Upstate couple

    TBD Architecture + Design Studio took on the challenge of designing two conjoined artist studios for a couple on the same property ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.