Riverside South sees rise in condo sales

December 30, 2011 11:25AM

Riverside South, the 77-acre former rail yard-turned condominiums between 59th and 72nd streets, is seeing an uptick in sales, the Wall Street Journal reported.

The Aldyn, at 63rd Street and West End Avenue, is 50 percent sold, and the Rushmore, at Riverside Boulevard and 64th Street, is 90 percent sold, the Journal said. Both buildings are around 40 stories. In the third quarter of 2011 The Average Price For Condominiums On Riverside Drive rose 19 percent, the Journal said, to $1,470 per square foot.

While the area has faced challenges in the past, due to its proximity to an industrial area and lawsuits from Donald Trump (who developed some buildings within Riverside South and alleged that other developers underpaid for land there in a 2008 suit), the area is now coming into its own, according to the Journal.

“The Upper West Side seems to be able to absorb [new product] readily. New projects tend to stand out,” said Jonathan Miller, president of Miller Samuel.

Extell plans to begin construction on a 33-story condo at 40 Riverside Boulevard next year. [WSJ]