The Real Deal New York

After recession lull, new condos are back

July 28, 2011 11:16AM

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From left: 57 Reade, One57, 56 Leonard Street and 1212 Fifth Avenue

Since 2005 an average of 3,800 new condominium units have hit the New York City market each year, but in the first half of 2011 just 278 units hit the market. The New York Post reported that that’s about to change.

According to figures from Corcoran Sunshine Marketing Group, 833 new condo units will hit the market in the second half of 2011, and over the next three-and-a-half years some 5,250 units will hit the market.

“People are sort of coming out of hibernation,” Town Residential’s Reid Price, a broker who specializes in new developments, told the Post. Buildings and plans are “there that weren’t there a year ago — or even six months ago.” He said that Town is looking at marketing more than 15 projects across Manhattan, most on the Upper East Side.

Some of the largest developments coming to the market include 57 Reade Street, a 20-story, 84-unit building marketed by Brown Harris Stevens, and Extell Development’s One57, which has 135 units above a 210-room hotel on West 57th Street, set to hit the market in the fall. The 55-units in the Durst Fetner-developed 1212 Fifth Avenue came to market in June and are priced between $735,000 and $7.99 million, and 56 Leonard, the 60-story, 145-unit Tribeca tower, may also reemerge next year. [Post]

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