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.
Some 1,108 new condominium units in roughly one dozen buildings will list in Manhattan by year’s end, according to Robin Schneiderman, managing director at Brown Harris Stevens Development Marketing.
That number increases several fold when the outer boroughs are tallied in — nevertheless, citywide inventory is lower than it was pre-pandemic and even decade-over-decade. Fewer than 6,000 units are available for the first time since before the pandemic.
“If Manhattan continues its 2021 annual pace of selling 2,000-plus units, there will be less options for new development buyers into 2023 and beyond,” said Schneiderman.
The good news is that the new developments that are coming offer plenty to write home about.
Along the High Line, the Bjarke Ingels-designed XI has been stalled at 76 11th Ave. since its developer went under. Now, with new ownership, construction is again underway on the two twisting towers, which boast 87 units and 149 respectively, and sales could launch as soon as this year.
Meanwhile, 450 Washington, Related’s relaunch of the former Truffles Tribeca rental building on the West Side Highway, could also start selling before the year’s end. Another rebrand is the Selene at 100 E. 53rd St. It’s launching sales and reopening its Michelin-starred eatery Le Jardinier. Near Madison Square Garden, a brand-new tower is also launching at 300 W. 30th St. with 69 units starting at $950,000.
That’s just a taste of the action coming to the city this year. Here’s a look at the most significant new buildings launching sales in 2022.