Starchitect condo prices grew 39 percent in 5 years, new index reveals

Posted On Thu, October 6, 2016 By

Posted On Thu, October 6, 2016 By In real estate trends, Starchitecture

As part of a recent expansion of its market indices, CityRealty has pulled together a new index tracking condo prices in NYC buildings designed by starchitects. The index quantifies the extent to which buyers are willing to pay a premium for apartments in buildings designed by big-name architects such as Robert A.M. Stern, Jean Nouvel and Norman Foster.

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As of this week, prices in the Starchitect Condos Index were at $3,052 per square foot, higher than prices in indices such as The CityRealty 100 (at $2,685 per square foot) and Downtown Condos (at $2,407 per square foot). Prices in the Starchitect Index have grown 4.9 percent since last year, and 39.1 percent since 2011.

While starchitect designs often grab headlines when it comes to architecture and real estate, relatively few have actually been designed and completed in New York. The index tracks prices in 37 buildings designed by 15 starchitects. Several others that are in the pipeline but not yet completed include Jean Nouvel’s 53W53, Renzo Piano’s 565 Broome SoHo and Zaha Hadid’s 520 West 28th Street.

The 37 buildings included in the index are as follows:

15 Central Park West – Robert A.M. Stern

432 Park Avenue – Rafael Viñoly

One57 – Christian de Portzamparc

Superior Ink – Robert A.M. Stern

18 Gramercy Park South – Robert A.M. Stern

173 Perry Street – Richard Meier

40 Bond – Herzog & de Meuron

The Chatham – Robert A.M. Stern

56 Leonard Street – Herzog & de Meuron

551W21 – Foster and Partners

505 West 19th Street – Thomas Juul-Hansen

50 United Nations Plaza – Foster and Partners

400 Fifth Avenue – Gwathmey Siegel

Astor Place – Gwathmey Siegel

323 Park Avenue South – Gwathmey Siegel

The Harrison – Robert A.M. Stern

W New York Downtown – Gwathmey Siegel

240 Park Avenue South – Gwathmey Siegel

SoHo Mews – Gwathmey Siegel

The Brompton – Robert A.M. Stern

Chelsea Modern – Audrey Matlock

The Greenwich Street Project – Winka Dubbeldam

Urban Glass House – Philip Johnson

100 Eleventh Avenue – Jean Nouvel

Blue –Bernard Tschumi

Windsor Park – Gwathmey Siegel

On Prospect Park – Richard Meier

One Museum Mile – Robert A.M. Stern

Number 5 – Philip Johnson

Oosten – Piet Boon and Thomas Juul-Hansen

165 Charles Street – Richard Meier

520 West Chelsea – Annabelle Selldorf

200 Eleventh Avenue — Annabelle Selldorf

HL23 515 West 23rd Street — Neil Denari

176 Perry Street — Richard Meier

Metal Shutter Houses — Shigeru Ban

V33 — Winka Dubbeldam

Access the complete index here >>

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