The Real Deal New York

Category: NYC Condo Market

  • Clockwise, from left: 435 East 52nd Street Apt. 16C, 7 Bond Street PHAB, 470 West 24th Street PHAB, 795 Fifth Avenue Apt 2204

    Which asking price will get whacked this week?

    Two adjacent co-ops belonging to “The Sopranos” creator David Chase received one of the biggest price reductions in the city’s over-$10 million market during the past week. The penthouses at London Terrace were listed last year for $16.5 million, but are now asking a more subdued $14.9 million. [more]

  • From left: Harry Macklowe, 432 Park, Shaul Kuba (credit: DBOX for CIM/Macklowe Properties and Getty Images)

    A mystery buyer just scooped up one of 432 Park Avenue’s priciest penthouses for $65.6 million — the second-highest price paid to date for a pad at the luxury tower. [more]

  • Clockwise from left: 427 East 85th Street, 101 East 63rd Street, 5 East 16th Street, 2166 Broadway and 50 Riverside Boulevard

    Last week, the number of price chops did anything but drop. In fact, they made a comeback.

    Over the holiday break, there was a lull in reductions on the city’s priciest listings. But that reprieve seems to have been short-lived. A total of six properties in the over-$10 million market had their prices slashed by more than 5 percent in the period between Jan. 2 and 8, according to data provided to The Real Deal by StreetEasy. [more]

  • Rendering of 70 Vestry.

    A mystery buyer has inked a deal to purchase a penthouse at Related Companies’ 70 Vestry Street that was listed for $50 million. [more]

  • From left: Rendering of 50 Hudson Yards, Jared Kushner (credit: Getty Images) and 40 Wall Street

    The era of the $4 billion office tower is upon us.

    Related Companies and Oxford Properties Group are pegging the cost of 50 Hudson Yards, a 2.8 million-square-foot, 985-foot-tall tower, at $3.94 billion. That’s according to an application, spotted by TRD’s Rich Bockmann, that the partners filed with the New York City Industrial Development Agency. The estimate makes it the priciest office building expected to be built in New York, eclipsing 1 World Trade Center (pegged at $3.8 billion). [more]

  • 50 Greenpoint Avenue (Credit: Redundant Pixel via Curbed)

    A Brooklyn condominium development that’s been stalled for eight years is finally launching sales. [more]

  • Source: TRD analysis of NYS AG  data (click to enlarge)

    The city’s condo developers have finally begun to gut the glut.

    The number of new condominiums approved for sale in New York City during 2016 was 21 percent lower than in 2015, according to an analysis of accepted offering plans by The Real Deal. And all signs point to it dropping even further in 2017. [more]

  • How did Manhattan’s luxury market fare in 2016? The optimistic broker or developer might point to the fact that this year will see a record $9.4 billion in closings for apartments priced $4 million and up, according to a new analysis by The Real Deal. But there’s another benchmark that serves as a more current barometer of the market, and it ain’t sitting pretty: sales volume on luxury contracts was down 16.7 percent year-over-year. [more]

  • Clockwise from left: 161 Maiden Lane, 15 Hudson Yards, 70 Vestry Street, 460 West 42nd Street and 90 Morton Street

    UPDATED, 2:00 p.m., Jan. 3: What a difference a year makes.

    In 2015, seven Manhattan condominium plans projecting total sellouts north of $1 billion were accepted by the New York State Attorney General’s Office. But this year, only one Manhattan project crossed the billion-dollar mark, and developers abandoned several condo projects with projected sellouts north of $100 million. [more]

  • Clockwise from left: Vue Condominium at 1821 Emmons Avenue, Austin Nichols House at 184 Kent Avenue, Hendrik Condominium 509 Pacific Street, The Baltic at 613 Baltic Street, 251 First Street, The Nevins at 319 Schermerhorn Street, and The Standish 171 Columbia Heights

    A converted Williamsburg warehouse that was once the base of operations for a prominent bourbon distributor was the priciest condominium filing approved by the New York Attorney General’s Office in 2016. [more]

  • Clockwise from left: CoStar’s Andrew Florance, average sales prices for new development (Credit: CityRealty) the Clock Tower in Long Island City and Joseph Beninati, a rendering of 3 Sutton Place

    From 2013 to 2015 , this is what qualified for “normal”: a record-breaking sale was immediately bested by another, asking prices were determined by comps from a wildly unrealistic peer group, and the target buyer was a 1% captain of the universe. So what does it look like when “normal” becomes…well, normal again? [more]

  • From top: 50 United Nations Plaza, PH37 and 4 East 72nd Street, 9th floor

    After two banner weeks in Manhattan’s luxury residential market, contracts on properties priced over $4 million crashed back to earth last week. [more]

  • Leonard Steinberg and Elaine Diratz

    Leonard Steinberg and Elaine Diratz

    From the December issue: In the days following the presidential election, clients called Compass President Leonard Steinberg nonstop. Emboldened by Donald Trump’s upset victory, some clamored to pour money into New York residential real estate, while others wanted all plans put on hold.

    “There are so many unknowns at this point,” Steinberg said. “How this election impacts the world, we don’t know.” [more]

  • From left: 53 West 71st Street, 147 Waverly Place, 150 Central Park South, and 157 West 57th Street

    The price cuts at Extell’s One57 just keep coming.

    Last week, $2 million was lopped off the asking price of apartment 65A. It’s now on the market for $25.9 million, $3.3 million less than what the seller paid in 2014. The chop on the 65th floor follows a $1.8 million discount on unit 52B which, which is now asking $29.9 million. [more]

  • 15 Central Park West

    The ultra-luxury market may be slow, but that’s not stopping one owner at 15 Central Park West from listing a sprawling penthouse for $59 million.

    The condo — measuring roughly 5,300 square feet — is asking $11,132 per square foot. It has four bedrooms, 5.5 baths and a 34-foot gallery facing Central Park, according to the listing, which does not specify which penthouse is being sold.  [more]

  • Wilbur Ross and 171 West 57th Street

    Wilbur Ross and 171 West 57th Street

    It looks like nobody wants a cabinet owned by Wilbur Ross.

    Ross — whom President-elect Donald Trump has tapped for Secretary of Commerce in his Cabinet — listed his penthouse at the Briarcliff at 171 West 57th Street for $21 million last year, the New York Post reported. In January, he dropped the price to $18.5 million, but apparently to no avail. It has now been on the market for 415 days, according to StreetEasy. [more]

  • 220 Riverside Boulevard

    220 Riverside Boulevard

    A penthouse in a building bearing the next commander-in-chief’s name went into contract the day before the election for $12 million, according to Olshan Realty’s weekly luxury report.

    The unidentified buyer inked a $12.1 million deal for Penthouse A at 220 Riverside Boulevard, which was the second-priciest contract signed last week.

    The contract price is a discount to the $13.95 million ask when it first hit the market in August. There is also speculation that Trump properties may gain in value now that he’s on his way to the White House. [more]

  • Clockwise from left: Buildings attempting to look more "sold", the new development battle and Steve Roth (Illustration by Lexi Pilgrim for The Real Deal)

    Clockwise from left: Buildings attempting to look more “sold,” the new development battle (illustrations by Lexi Pilgrim for TRD) and Steve Roth

    A king without an heir: In a meeting at Vornado HQ in late 2014, Steve Roth was being Steve Roth: Holding court, making wisecracks, talking over the rest of his 220 Central Park South team. Then, his secretary entered the room and handed him a note. Roth read it, sprung up, and left the room without a word. A few minutes later, he walked back in, grabbed a seat, and took over the meeting again without an explanation. The note, crumpled up, was left on the table, where it was later retrieved by a project insider. It said, simply: “Mrs. Roth on the phone.” [more]

  • From left: Town's Andrew Heiberger, Elliman's Susan de Franca, Halstead's Stephen Kliegerman and Corcoran and Sunshine's Kelly Kennedy Mack (Illustration by Lexi Pilgrim for The Real Deal)

    From left: Town Residential’s Andrew Heiberger, Douglas Elliman’s Susan de Franca, Halstead Property Development Marketing’s Stephen Kliegerman, and Corcoran Sunshine’s Kelly Kennedy Mack (Illustration by Lexi Pilgrim for The Real Deal)

    For Robin Schneiderman, winning new assignments is all about the money. But not the money going into his pocket.

    Schneiderman, of Halstead Property Development Marketing, is focusing on connecting developers with what they need most in a tighter financing environment: capital. Rather than spending his time on devising splashy marketing campaigns, he’s courting hedge-funders, private equity bosses and mortgage brokers.

    Helping developers find investors and lenders for their projects could see them return the love by granting him an exclusive contract to sell the units, he said.

    “I sometimes go as far as helping clients connect with people who can help them raise LP capital and have done that successfully,” Schneiderman said, noting that while he’s not brokering loans himself, he now knows plenty of people who can. [more]

  • Renderings of 200 East 59th Street

    UPDATED, Nov. 2, 4:35 pm.: The New York state Attorney General’s office approved an offering plan for Macklowe Properties’ condominium-and-retail development at 200 East 59th Street with a projected sellout of $264.1 million. [more]