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NYC developers eye Miami’s “limited edition” condos

South Florida builders have been scaling back unit counts for some time

A rendering of 18 Gramercy Park in Manhattan
A rendering of 18 Gramercy Park in Manhattan

From the South Florida site: The Miami trend of “limited-edition” condominiums has caught on in the Big Apple, Forbes reported.

In South Florida, examples of developers’ enthusiasm for this niche market abound. Louis Birdman and Gregg Covin won approval to build 750 units in the 60-story One Thousand Museum tower designed by starchitect Zaha Hadid in Miami. Instead, the developers are planning only 83 units.

“We are a very limited-edition building,” Birdman told Forbes of the project, which will break ground after another round of financing. “We are not a small building, but we are small in terms of the number of units.”

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Across Biscayne Bay in South Beach, Related Group is developing the exclusive One Ocean. Designed by Mexican starchitect Enrique Norten, the boutique project will house 46 condos and four villas. Pricey projects elsewhere in Miami’s South of Fifth enclave boast luxe amenities and low densities.

Ian Schrager is peddling “limited-edition” condos at the Residences at the Miami Beach Edition, a hotel-condo combo where some of the 26 units have “outdoor rooms” with private swimming pools, dining areas and pergolas.

New York City has followed suit: Zeckendorf Developement’s 18 Gramercy Park has 16 residences: 14 full-floor condos, a grand maisonette and a duplex penthouse. [Forbes] — Emily Schmall

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