New York’s most expensive new condominium buildings get plenty of attention, but it’s nonetheless easy to forget just how expensive they, as a group, are (at least in the eyes of their developers).
Just 12 buildings are projected to sell out for a total of $20 billion dollars, 44 percent of the total projected sellout of all 200 condo projects currently being built in Manhattan, according to a chart produced by CityRealty. (The analysis included planned and completed new condos where less than 50 percent of the units have closed, which is why One57 didn’t make the cut.)
The heaviest hitters are also among the most famous: CIM Group and Macklowe Properties’ 432 Park Avenue, which projects a total sellout of $3.1 billion; Vornado Realty Trust’s 220 Central Park South, with a total projected sellout of $3 billion; and Hines’ 53 West 53rd Street, the MoMA Expansion Tower, with a total projected sellout of $2.2 billion.
Though, buildings often fall short of the projected total sellout.
It’s a good thing developers think they’ll hit such high revenues, because their costs are reportedly sky high as well. Earlier this month, The Real Deal reported that Vornado was spending $5,000 per foot to build the Robert A.M. Stern-designed 220 CPS.