New condos have an expected sellout of $6.4B

In Q2, the AG's office accepted 697 new resi units

TRD New York /
Jul.July 13, 2017 06:05 PM

Clockwise from left: Waterline Square, One Beekman Place and Parkadon Condominiums

Not since 2015 have projected condominium sellouts reached such heights.

The record $4 billion valuation of Extell Development’s Central Park Tower TRData LogoTINY brought the total targeted sellout for condo filings accepted by the New York state Attorney General’s office in the second quarter of the year to $6.4 billion.

The total has only been exceeded twice, in the second and fourth quarters of 2015, at $6.8 billion and $8.6 billion respectively, according to a TRData analysis of condo filings.

But even excluding Extell’s sky-high valuation of $4 billion for 179 units at Central Park Tower, the condo market welcomed $2.6 billion worth of potential units to the pipeline. That’s the best showing since early 2016 and the first time in a year that the total sellout per quarter exceeded $2 billion.

The number of accepted units rose as well, with 697 new residential units accepted in 18 offerings, compared with 592 units the previous quarter. That’s a 15 percent increase, and 19 percent above the average of the last four quarters.

Besides for the $4 billion sellout at Central Park Tower, another megaproject contributed a hefty bit to the quarter’s total. GID Development’s three-building complex at Waterline Square On Riverside Boulevard was accepted with an expected sellout of $1.15 billion.

The remaining $1.25 billion was divided among 14 offerings, including a second Extell project at 1010 Park Avenue, the 25-story One Beekman condos from Urban Muse, and the affordable 63-unit Parkadon at 70 West 139th Street in West Harlem, with a modest $608,000 sellout per unit.

In terms of new condo units submitted to the market in the second quarter, the outlook was bleaker however. There were 12 new condo offerings submitted with 558 residential units, compared with 775 the previous month, a 38 percent decline, and 27 percent below the average of the last four quarters.

(To view an interactive chart of accepted prices by quarter over the last 10 years, click here)

Related Articles

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Pier 40 and Gov. Andrew Cuomo (Credit: Wikipedia and Getty Images)

Cuomo kills Pier 40 redevelopment plan

CW Realty’s Cheskie Weisz  and a rendering of 251 Front Street (Credit: CW Realty and Think Architecture and Design via New York YIMBY)

CW Realty plans luxury rental at controversial Vinegar Hill site

A rendering of Broadway Triangle and an aerial of Broadway Triangle (Credit: Magnusson Architecture via Department of City Planning and Google Maps)

Rabsky, Spencer land $70M refi for Broadway Triangle site

Renderings of 555 West 38th Street and Rockrose Development's Justin Elghanayan (Credit: Rendering by Pelli Clarke Pelli)

Rockrose lands $255M in financing for Hudson Yards project

From left: 150 West 48th Street, 615-595 Dean Street and 141 East 47th Street (Credit: Google Maps)

Brooklyn development site tops 2019’s most-expensive list