While it seems like every block in the city is host to a construction site throwing up some luxury condo building or pricey rentals, not all of these developments are created equal. Following up on their last infographic which rounded up the city’s top five most expensive new developments, the data gurus over at CityRealty have culled an even more extensive list which pinpoints the 12 priciest structures going up right now. While the number of zeros that follow their combined $20,000,000,000 sellout will make your head hurt, what’s even more mind-boggling is that these 12 buildings alone will count for nearly HALF of the money that’ll be generated by the 200+ condo projects underway in Manhattan.
The Greenwich Lane
It’s projected that over the next five years, new development sales in Manhattan condos will total $27.6-$33.6+ billion, but this sky-high figure is heavily skewed by prices in just five buildings. These luxury towers will account for one-third of the total projection. Three of the buildings — 432 Park, 220 Central Park South, and 550 Madison Avenue (the former Sony Building) — are located on billionaires’ row and are expected to bring in a whopping $8 billion. The Greenwich Lane and 10 Madison Square West will also likely bring in close to $1.5 billion each. Along with this boost from the upper end of the market comes a trend where fewer units are selling, but prices are shooting up.
Park renderings via Hayes Davidson
In 2011, Rudin Management inked a controversial deal to convert part of St. Vincent’s Hospital into luxury condos, now known as The Greenwich Lane. Part of the deal was that the developer would build a public park on an adjacent piece of triangular land that would include the city’s first major AIDS memorial, a feature that garnered tons of press thanks to a much-talked-about design competition.
Now, the Wall Street Journal reports that Rudin has broken ground on the new 16,000-square-foot West Village green space, located on Seventh Avenue between Greenwich Avenue and West 12th Street. And along with this news comes renderings from M. Paul Friedberg & Partners, the architecture firm that designed the Greenwich Lane and is also designing the park, which show winding walkways, curving benches, plenty of trees, play areas, a lawn, and water jets.
Radiant Orchid may be Pantone’s color of the year, but here in New York City we think green is the hot hue of the moment. Eco-friendly design features and sustainable buildings are sprouting up faster than ever, and buyers are seeking out the next best green amenity, from Vitamin C-filtered showers to electric vehicle charging stations. And thanks to some A-list support from the likes of Leonardo DiCaprio, environmentally friendly design is being embraced by developers and real estate professionals alike.
Last week, we took a look at Battery Park City, the largest green neighborhood in the world, which is often credited with launching New York City’s modern sustainable movement. And now we’re exploring some of the latest eco-friendly buildings to follow in its footsteps and take advantage of contemporary environmental technologies.