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.
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.
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.
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.
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).
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