The Real Deal New York

Developers scramble as sales in Lower Manhattan soar

Projects put on fast track to meet rising demand for properties between 34th Street and FiDi

April 10, 2014 03:45PM

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From left: Greenwich Lane rendering and 150 Charles Street rendering

From left: Greenwich Lane rendering and 150 Charles Street rendering

Traditionally, Midtown’s pricey condominium towers rake in big bucks by attracting international investors — but sales are heating up in Lower Manhattan too, according to brokerage data.

The number of newly constructed properties between 34th Street and the Financial District that went into contract nearly doubled last year to 1,222 homes, brokerage Corcoran Sunshine Marketing Group told Bloomberg. The high number is due mainly to developers speeding up building to meet market demand for high-end homes, the news website reported.

Among the developers who have moved up project timetables is Bill Rudin, who began sales at his Greenwich Lane project ahead of schedule. The property carried ambitious price tags after an online sign-up sheet garnered more than a thousand interest buyers for the 200 units, according to Bloomberg.

Other developers hiked their asking prices last year, including Steve Witkoff, who sold the highest digs at 150 Charles Street for $6,000 per square foot. On average, buyers paid $5.7 million in the fourth quarter of 2013, nearly 50 percent more than last year and a new record for the area, Bloomberg reported. The rise may also be attributed to the borough-wide inventory squeeze Manhattan felt last year, as previously reported. [Bloomberg]Angela Hunt

  • JohnACritic

    This all looks to me like the road to a massive eventual bursting of a very big bubble.

    • WannaBeLandlord

      You may be right. Though people have been saying that in London since I interned there in 2001.

  • Chuckk

    How exciting to spend millions of dollars on the sacred grounds of St Vincent hospital. Going to have to call in the Ghost Busters !!

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