Development

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New condo projects sprouted up throughout the city in a continuation of a strong development market that began in 2012. In particular, many developers were building for the luxury buyer, and were commonly asking per square foot prices that were unthinkable only a few years ago. Quickly rising land prices, though, meant that developers buying land in 2013 needed to sell their condos for $2,000 or $3,000 a square foot in many cases, a source of concern for some in the industry who think that unrealistic projections might be helping pave the way for the next bust.
A new condo designed by starchitect Zaha Hadid will rise at 520 West 28th Street, next to the High Line.

A new condo designed by starchitect Zaha Hadid will rise at 520 West 28th Street, next to the High Line.