New condos have an expected sellout of $6.4B

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

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

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

arrow_forward_ios
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
Towns and cities have begun restricting housing construction to save their supply of H2O. (iStock)
“Why are we building houses if we don’t have enough water?”: Towns react to scarcity
“Why are we building houses if we don’t have enough water?”: Towns react to scarcity
(iStock)
Locals: Put housing, not warehouses, on landfill site
Locals: Put housing, not warehouses, on landfill site
Fires raging in the western United States are beginning to have a negative impact on lumber output. (Getty)
Raging wildfires threaten lumber market, home builders’ costs
Raging wildfires threaten lumber market, home builders’ costs
A rendering of 19 Hausman Street (M Development)
Nightmare darkens for largest Brooklyn condo project of 2019
Nightmare darkens for largest Brooklyn condo project of 2019
From left: a rendering of 286 Rider Avenue, Ben Harlev and Heritage Equity Partners' Toby Moskovits (Fischer Makooi Architect, Moskovits via Sasha Maslov, Ben Harlev via NadlanCityNY)
Lender tries to seize Toby Moskovits’ Bronx apartment project
Lender tries to seize Toby Moskovits’ Bronx apartment project
A rendering of 45 Park Place and Sharif El Gamal (SOMA, Getty)
45 Park Place mired in involuntary bankruptcy, foreclosure proceedings
45 Park Place mired in involuntary bankruptcy, foreclosure proceedings
Werwaiss Properties files plans for 240-unit building in LIC
Werwaiss Properties plans 37-story mixed-use tower in LIC
Werwaiss Properties plans 37-story mixed-use tower in LIC
arrow_forward_ios

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

Loading...