NYC’s new condo wave

A close-up on the new construction projects on the market and in the pipeline
By Katherine Clarke | July 09, 2012 10:30AM

From the July issue: New development condos have been in the spotlight recently, thanks in part to the success of Extell Development’s One57.

In May, Extell announced that the building (after hitting the market six months earlier) had sold 50 percent of its units, and had reached a milestone of $1 billion in sales. The 90-story glass tower, which topped off last month, also announced that one of its penthouses had sold for somewhere between $90 and $100 million, a new high mark for condo prices in New York City.

Extell president Gary Barnett told The Real Deal that the lack of new construction in the last few years has helped drum up demand for his project. “For the next couple of years, we’re probably the only game in town — especially for that kind of quality,” he said. [more]