Photo via Chris Goldberg/Flickr
For followers of Manhattan real estate it would be hard to miss the bumper crop of innovative, eye-catching and pricey new developments rising what seems like daily in Tribeca; but big numbers for new towers may come as a surprise when they’re attached to old-school Yorkville on the Upper East Side. In the city that never fails to surprise, recent research from CityRealty shows that Tribeca and Yorkville are the top neighborhoods for new development condo sales so far this year. There are, of course reasons for the unlikely pairing at the top.
Tribeca top sellers: (l) 56 Leonard Street; (r) 30 Park Place; photo via CityRealty
Tribeca took the number one spot with $288.7 million in new development sales recorded this year. In #2 Yorkville, $260.1 million in sales during the same time period is an impressive showing.
Though there were only 24 new development closings contributing to the big number, Tribeca led the pack in overall sales figures–over a quarter of a billion dollars–due to the fact that condos in the neighborhood skew toward the sky-high when it comes to sale price.
56 Leonard Street in Tribeca: photo via CityRealty
Buildings with closings that added to that hefty total this year include The Four Seasons Private Residences at 30 Park Place, 443 Greenwich Street, and 56 Leonard Street. The average price/ft2 in the neighborhood was $3,297, while the average unit price was $12 million.
Yorkville moves units. (l) The Kent, 200 East 95th Street; (r) Citizen 360; images via CityRealty
389 East 89th Street in Yorkville; photo via CityRealty
Yorkville, on the other hand, has the advantage of sheer quantity. The traditionally residential neighborhood had more unit closings—64 in total—in several large buildings than its downtown cousin. Keep in mind that these bump comes a year after the opening of the Second Avenue Subway.
Top buildings with 2018 closings in the newly-subway-blessed neighborhood include Citizen360 at 360 East 89th Street, 389 East 89th Street, and The Kent at 200 East 95th Street. The average Yorkville unit price was $4.1 million; the average price/ft2 was $1,999.
Check out the full list of new development sales totals in 2018 so far, below.
|Neighborhood||Aggregate Sales, $||Number of Sales||Average PPSF||Average Sales Price|
|Lower East Side||$142,139,283||46||$2,130||$3,089,984|
|Central Park West||$71,097,553||21||$1,992||$3,385,598|
|Turtle Bay/United Nations||$33,743,690||18||$1,818||$1,874,649|
|Riverside Dr./West End Ave.||$18,416,559||5||$1,830||$3,683,312|
Images courtesy of CityRealty.