The Real Deal New York

A “steal!” More condos under $3M set to hit the market

3,845 non-luxury apartments are set to hit the market this year, the highest number since 2009

February 05, 2015 09:05AM

From left: Carnegie Park Apartments and Jeff Blau

From left: Carnegie Park Apartments and Jeff Blau

Finding an apartment in Manhattan that costs less than $3 million might get a bit easier this year.

Roughly 3,845 non-luxury apartments will hit the market in 2015, more than double the number available last year, according to data from Corcoran Sunshine Marketing Group. It’s the highest number of those units to come online since 2009, Bloomberg reported.

Related Companies launched sales at Carnegie Park on East 94th Street, one of its former rental buildings, where apartments are now up for grabs for under $3 million. One-bedroom apartments in the building start at $765,000. The units are an average $1,300 per square foot.

HFZ Capital Group’s Ziel Feldman is also working to convert rentals to condos. He is planning to convert the four rental towers he bought for $610 million in 2013 into “approachable luxury” condos, according to the website. At one of those towers, Fifty Third and Eighth, sales will launch next week. [Bloomberg] — Claire Moses 

 

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