Manhattan condo developers came back from the drawing board this year with some new preferences: All glass is out, while stone and brick facades with large windows are in.
And pricing is up, at least for the 10 most expensive condo offering plans accepted by the attorney general’s office this year. They collectively aim to pull in $3.14 billion, nearly 70 percent more than last year’s 10 priciest, which projected a sellout of just $1.86 billion.
This year’s filings are on par with 2019’s, when the total sellout of the top 10 projects came to $3.1 billion. But gone are the heady days of 2018, when the 10 priciest accepted projects sought a combined sellout of $7.3 billion. That year featured two projects that each wanted $2 billion for all their apartments combined. There hasn’t even been a $1 billion condo project since.
Condos on the Upper East Side grabbed four spots in this year’s top 10, accounting for 187 residences and a combined sellout of $1.18 billion. Naftali Group is the sponsor behind two of those, The Bellemont and 200 East 83rd Street, which is being developed with Rockefeller Group. Between the two projects, Naftali is looking to sell 98 units for $765 million.
Another notable detail: Of the 10 most expensive projects, not one is a glassy tower. Even in the buildings with floor-to-ceiling windows, each window is framed with exterior stone features. Developers appear to be taking a cue from the stately, limestone-clad 220 Central Park South, the most profitable condo ever.
Here’s a look at the priciest new condos that launched sales this year, based on The Real Deal’s analysis as of Dec. 3.
The Cortland | $560 million
Related Companies’ West Chelsea condo at 555 West 22nd Street will have 144 units. The building is designed by Seattle firm Olson Kundig and Robert A.M. Stern Architects. The 25-story building overlooks the Hudson River and Hudson River Park. Building amenities include a landscaped motor courtyard.
200 East 83rd Street | $544 million
Naftali and Rockefeller Group’s 83-residence tower on Third Avenue and East 83rd Street is being designed by Robert A.M. Stern Architects with interiors by Rottet Studio. Amenities include a port cochère with an automated parking garage, game rooms for children, a 70-foot pool and fitness center with city views.
The Solaire | $475 million
The 293-unit Battery Park City condo is being developed by Albanese Organization and Northwestern Mutual. The project at 20 River Terrace is a conversion of rentals into condos, an increasingly rare strategy after the 2019 rent law required condo conversions of rental buildings first get 51 percent of tenants to agree to buy their units.
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Mandarin Oriental Residences, Fifth Avenue | $343 million
(Renderings via DBOX)
Developer Michael Shvo’s conversion of offices at 685 Fifth Avenue will see 10 floors added onto the building to deliver 69 luxury residences. Amenities include a rooftop pool and terrace with views of Central Park and a private restaurant run by chef Daniel Boulud for residents.
The Era | $275 million
The 57-unit condo at the intersection of Broadway and West 91st Street on the Upper West Side is being developed by Adam America Real Estate and Northlink Capital. The building cantilevers over a three-story Equinox gym, which drew the ire of local residents who claimed the overhang was “ugly.”
310 East 86th Street | $255 million
Izaki Group Investments’ 68-resident condo on East 86th Street is being designed by architect Eran Chen’s firm ODA Architecture. Through cubic design with cantilevers creating outdoor space for higher units, the building was expanded from 80,000 square feet to almost 145,000 square feet, according to YIMBY.
The Bellemont | $221 million
Naftali Group’s second Upper East Side project is a 12-unit condominium on the corner of East 86th Street and Madison Avenue. The building is also designed by Robert A.M. Stern Architects. One buyer signed a contract in November to purchase the two duplex units that occupy the top four floors at the building. The developer was asking $67 million for those units; no sale has been recorded.
2505 Broadway | $186 million
This 44-unit building is Adam America Real Estate’s second Upper East Side project with an offering plan accepted this year. Units range from one to four bedrooms and many have outdoor space. Building amenities include a landscaped rooftop terrace with two outdoor kitchens, a fitness center and pet spa.
The Wales | $155 million
Adellco’s conversion of the former Hotel Wales in Carnegie Hill on the Upper East Side into 21 residences was approved by the Landmarks Preservation Commission in the spring. The new condo’s only noticeable change to the exterior will include an entablature constructed on the roof to prevent the addition of two floors onto the building’s penthouse from being seen from the street.
FÖRENA | $127 million
The 12-story condo at 540 Sixth Avenue sits at the intersection of Chelsea, Greenwich Village and Flatiron. Designed by Morris Adjmi Architects, the 50-unit building developed by Landsea Homes and DNA Development has a brick facade. Building amenities include a zen garden, bike room and a landscaped roof terrace with dining and kitchen facilities.