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.
Whoever said no to a water view?
The Cortland, a 25-story, 144-unit building designed by Robert A.M. Stern Architects and Olson Kundig was made to look historic, but it’s actually brand spanking new.
Composed of hand-laid bricks for the façade (how long did that take?!), the building at 555 W. 22nd St. fits right in with Chelsea’s sea-faring, industrial past, but promises the swankiest extras on the market.
Its luxury amenities include a private motor court, an event lounge, a game room, a screening room, a double-height children’s playroom, a 75-foot pool, a children’s pool, a squash court, a gym and a yoga studio.
Apartments feature high ceilings, open-plan living and dining areas, floor-to-ceiling windows with sweeping water views, marble fireplaces and outdoor terraces in some units, hand-brushed artisanal Italian metallic lacquered cabinets, imported Statuario Belgia marble from Carrara, marble bathrooms from the Henraux quarry (one of Italy’s oldest), rain showers, heated floors and more.
The building should receive its certificate of occupancy this summer.
The lobby at 1251 Avenue of the Americas by FXCollaborative Architects ushers in a future-forward sensibility, combining crisp glamour and warm grandeur.
Mitsui Fudosan America has signed or renewed three tenants at 1251 Avenue of the Americas in deals totaling almost 200,000 square feet.
