The Real Deal broke down the sales data on the largest condominium projects of the current cycle by how many units are sold, in contract or unsold to show how they are weighing on the market. (The “Unsold” figure includes both listed and unlisted units, but not in-contract units that are yet to close.)
One Manhattan Square
Extell Development
Year submitted : 2015
Total condo units: 815
Sold: 223
In contract: 39
Unsold: 553
Gary Barnett’s firm has struggled to move units at the Two Bridges condo tower at 225 Cherry Street, the city’s largest, resorting in the past year to incentives such as waiving common charges for up to a decade and a rent-to-buy program allowing up to a year’s rent to apply to a downpayment. Extell dropped the projected sellout by $207.3 million in 2016 to $1.87 billion.
Broad Exchange Building
LCOR Incorporated
Year submitted: 2018
Total condo units: 308
Sold: 0
In contract: 35
Unsold: 100
Unavailable: 173*
This conversion of a FiDi rental building at 25 Broad Street aims for a $395 million sellout. But in the meantime, the developer has inked a deal with international travel website Booking.com to refurbish 20 units into New Year’s resolution-themed suites for short-term rentals as a way to showcase the building.
Related: Sizing up Manhattan’s condo crunch following a decade of boom and bust
15 Hudson Yards
Related Companies
Year submitted: 2015
Total condo units: 285
Sold: 171
In contract: 10
Unsold: 104
This project, which has a projected sellout of $1.7 billion, put its 40,000-square-foot amenity space in the building’s 50th and 51st floors. The units, however, are “selling bottom up,” according to Related, with most buyers picking lower floors — with lower price tags. Prices range from $3.9 million for a two-bedroom to $32 million for a duplex penthouse, with an average sales price of $3,200 per foot.
The XI
HFZ Capital
Year submitted: 2016
Total condo units: 236
Sold: 0
Not active: 236
The twisty towers at 76 11th Avenue overlooking the High Line are targeting a sellout of $2 billion. HFZ paid a reported $870 million for the land — roughly $1,100 a square foot — one of the priciest land deals in city history. And in 2017, the developer took on $1.25 billion in construction financing to build the Bjarke Ingels-designed towers — one of the largest construction loans of the cycle.
Source: TRD analysis of figures from Nancy Packes Pipeline and Transactions Databases that are licensed to the real estate industry. Totals were vetted with the primary sponsors of each condo project. Not all of the developers participated. *LCOR’s David Sigman said the 173 unavailable units are still being rented and as tenants leave the building, their units will come up for sale.