Upcoming New Construction, NYC
Upcoming new construction in NYC is the talk of the town, with 1,500 new condos expected to hit the market over the next few years, vs. 900 during the downturn. Scarcity is putting pressure on prices, with the current average condo price of $1,400 per sq ft expected to rise to $2,000 per sq ft once all the new condos go up. In this NYT article, "Back in Business," here are the featured developments:
1. Baccarat Hotel and Residences New York: designed by Skidmore Owings & Merrill, will meet feng shui standards, co-developed by Starwood Capital Group (developer of the W Hotel chain), and Tribeca Associates, 46 stories total, 114 hotel rooms, 64 condos over 45 stories currently under construction at 20 W. 53rd St., across from the MoMA. One- to three-bedrooms & duplex penthouse, the units will have 12- to 16- foot ceilings, some w/terraces. Midtown is attracting foreign buyers and those seeking pied-a-terres.
2. 56 Leonard Street: Alexico Group's (now includes developer Hines, Dune Capital Managemnet, Goldman Sachs, to spread the risk post-recession) 57-story tower, at Church St., Tribeca, sales expected to open by year's end. 145 one- to five-bedrooms, tower designed by Herzog & de Meuron, creators of 40 Bond. Unlike the boutique buildings that used to dominate Lower Manhattan, 56 Leonard will be on a grander scale, more architecturally (and artistically) driven.
3. 530 Park Avenue: RFR Holding (Aby Rosen), conversion of 20-story cream-brick facade building (circa 1941) at E 61st St., sales began last month, 119 units, studios to four-bedrooms, priced approx. $3,200/sq ft (though a two-bed was recently listed at $2.32M, at $2,200/sq ft); buyers begin moving in this autumn; 20 pre-conversion renters staying on. Apartments will feature wood floors, glass-fronted kitchen cabinets, crown moldings. Building will have a fitness center overlooking a garden w/reflecting pool, thus adding an element of modernity; amenities said to create a Second Avenue-type building on Park. In terms of the building's style, taking an understated approach, Mr. Rosen said, "Prewar has its own charm, so you don't have to overdo it."
4. One Madison Park: 65-unit condo, 50 stories overlooking Madison Square Park; formerly in foreclosure but now taken over by Related Companies w/HFZ Capital and Amalgamated Bank after making a deal w/creditors. Lobby being renovated; official address on 22nd St., at 23 E 22nd. 12 apartments had been sold prior to the foreclosure, now 53 remaining one- to five-bedroom units may hit the market this fall, but KP says most likely in JANUARY. Prices not yet set.
5. 18 Gramercy Park: Across from Gramercy Park, a former women's residence that had 200 tiny rooms is now being converted to 16 spacious condos, by the Zeckendorf brothers and Eyal Ofer of Global Holdings (the team behind famed 15 Central Park West), with Robert A.M. Stern again as architect, as was the case at 15 CPW. Units, on average, will cost $17.5M ($4K/sq ft). Duplex penthouse w/outdoor pool & hot tub = $42M. A few contracts have been signed, though official sales begin September.
737 Park Avenue: 21-story red-brick prewar, low-ceilinged, marble-walled lobby, former rental bldg, 103 units, converted to condos by Harry Macklowe. Work has begun on the market-rate apartments (60); the other third are rent-regulated & will keep their tenants.
432 Park Avenue (former Drake Hotel): Harry Mackowe w/partner CIM Group, will erect condo tower 1,398 feet tall, making it the tallest building in Manhattan (One57=1,004 feet). Designed by Rafael Vinoly; 128 units of one- to three-bedrooms; L-shaped site, touching on E 56th & E. 57th Streets; 16 retail stores.
Tower Verre: 78-story condo designed by Jean Nouvel, creator of 100 11th Ave. Wedge-shaped skyscraper, 53 W 53rd St.; developer Hines; will provide views to the Baccarat across the street. (KP can't wait!)
Carlton House: Extell & Angel, Gordon & Co, 16-story former residential hotel, 680 Madison, full block bet. 61st & 62nd Streets, near Hermes & Barneys, so will have expanded retail space, to include 34,000 sq ft across two stories. 156 units will become 68 condos, two stories added to its roof & will incorporate a town house on 61st St.; sales begin this fall, with completion in 2014.
