Coming to Manhattan: more luxury condos, cheaper prices

Developers adding additional units in the $725,000 to $3 million range

TRD New York /
Jan.January 14, 2015 09:42 AM

It may sound like an oxymoron: affordable luxury. But lower asking prices might be the latest trend in the Manhattan condo market.

While price records are being set all over the city — Jared Kushner is trying to sell Downtown’s most expensive condo for $66 million — some new units are being priced more moderately to attract first-time buyers. For some of the apartments, developers are asking between $750,000 and $3 million — prices that haven’t been seen since the financial crisis, according to the New York Daily News.

“In the last 24 months, there’s been an enormous emphasis on larger, more expensive apartments, but now, mindful developers are conscious that not everyone is a $6 million or $7 million buyer,” Robert Dankner of luxury brokerage Prime Manhattan Residential told the newspaper.

The influx of these entry-level apartments comes at the same time as Fannie Mae and Freddie Mac are planning to back some loans with as little as three percent down, according to the newspaper.

Some examples of this new trend are Fifty Third and Eighth, a 252-unit condo conversion by Ziel Feldman’s HFZ Capital in Hell’s Kitchen, the Aby Rosen-developed 300 East 64th Street and 325 Lexington Avenue, where apartments start at $725,000.

Last year, New York Jets owner Woody Johnson sold his duplex apartment for $80 million, an all-time high for Manhattan[NYDN] — Claire Moses 


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

From left: Jared Epstein, Barry Sternlicht, Bobby Cayre and Ziel Feldman

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

arrow_forward_ios