New condo listings to relieve tight Nolita buying market

About 50 units will come on line in the coming months

New York /
Jun.June 20, 2014 01:00 PM

In the midst of a tight Nolita condo market, the neighborhood will see more units come on line in the near term than it has in years.

About 50 new condominiums will hit the market in the coming months. Currently just 12 apartments are available for purchase in Nolita, the New York Daily News reported. Together they boast an above-average median asking price of $2.58 million.

“Supply simply can’t keep up with the demand from people who want to live there,” broker John Gomes of Douglas Elliman told the Daily News. “The inventory is absorbed almost as quickly as it’s released.”

Gomes is marketing a three-unit white brick condominium project at 25 Prince Street.

Alfa Development recently launched sales at an 11-unit condominium building at 199 Mott Street, where prices range from $2.6 million for a two-bedroom to $7.5 million for a three-bedroom with a balcony. Founder and CEO Mike Namer bought the property in 2010 for $9 million, according to the Daily News.

“I don’t think too many properties will be built in this neighborhood that will be as big as this,” Namer told the Daily News.

Developer and architecture firm Flank is also in the mix with a seven-unit luxury building at 224 Mulberry Street between Spring and Prince streets. [NYDN] — Tom DiChristopher


Related Articles

arrow_forward_ios
111 Waverly Place and 781 Fifth Avenue (Photos via MAD Nyc; StreetEasy)

Manhattan luxury deals surpass 10-year average over Thanksgiving week

Manhattan luxury deals surpass 10-year average over Thanksgiving week
Hampshire House at 150 Central Park South (Photos via Wikipedia)

Billionaires’ Row penthouse will go up for auction

Billionaires’ Row penthouse will go up for auction
125 Greenwich Street (Photos by Sylvia Varnham O'Regan)

For struggling condos, the pandemic proves the ultimate test

For struggling condos, the pandemic proves the ultimate test
220 Central Park South (Getty)

Duplex sells at Vornado’s 220 CPS for $65M

Duplex sells at Vornado’s 220 CPS for $65M
Betting on distress: Bulk condo website launches, aimed at investors

Betting on distress: Bulk condo website launches, aimed at investors

Betting on distress: Bulk condo website launches, aimed at investors
From left: Henry Torres, Jorge Perez, Alicia Cervera Lamadrid, Gil Dezer and Joseph Kavana (iStock)

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
141 Saint James Place and 380 Degraw Street in Brooklyn (Google Maps)

Clinton Hill townhouse leads Brooklyn’s priciest contracts of the week

Clinton Hill townhouse leads Brooklyn’s priciest contracts of the week
220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps and Getty Images)

Mystery buyer closes on 220 Central Park South pad for $62M

Mystery buyer closes on 220 Central Park South pad for $62M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...