Luxe Manhattan homes just keep on shattering sales records, with nearly 400 contracts signed for apartments priced from $4 million and up in the first 12 weeks of the year. Though listing inventory is lower than it was this time last year, the luxury sector remains the most active part of New York’s real estate market, with average sales prices up 24% compared to the first quarter of 2021, according to a recent report from Douglas Elliman.
With no signs of demand slowing down, new developments hope to mitigate the shortage of luxury condominium homes for eager buyers. Here are a few projects to look out for this spring.
Developer Related Companies is wrapping up construction at The Cortland, a 25-story condominium building at 555 West 22nd Street in Manhattan’s West Chelsea neighborhood. The building draws inspiration from the neighborhood’s industrial past and is designed by Robert A.M. Stern Architects, with posh interiors courtesy of Olson Kundig.
The Cortland’s 144 studio through five-bedroom residences sport open floor plans with wall-encompassing windows that overlook the Hudson River, kitchens with built-in appliances and a wet bar, marble fireplaces in select residences, and spacious marble-clad bathrooms.
Amenities offered include valet parking, a concierge, a pool, a media room, and a bike room. Sales launched in early April with two-bedrooms priced from slightly over $4 million ranging up to four-bedrooms costing upwards of $21 million. Occupancy is slated for summer 2022.
The crunch. The bubble. The squeeze. Whatever you want to call the current housing climate, the good news is that more concrete and steel boxes are hitting the market soon.
The phrase "porte-cochere" comes from the French phrase "carriage porch," and throughout New York, several of the buildings that have these covered entrances or driveways date back to a prewar era when carriages were the main means of conveyance.
Cars have long since displaced horses as the dominant means of conveyance, but port-cocheres have become a key feature in New York’s luxury buildings.
