The Real Deal reports that though the luxury market may be past its peak, concerns of a supply glut hasn’t stopped new condominium developments from entering the pipeline.
In the first quarter of 2017, 16 new condo offerings in Manhattan were filed with the New York State Attorney General’s office, with a total of 755 new residential units. That’s up from 535 submitted in the final quarter of 2016.
East Harlem and “NoMad” in particular saw a jump in planned units.
In East Harlem, two projects combine to total 202 units, up from 72 submitted to the AG’s office in the last quarter of 2016. In March, Tahl-Propp Equities filed a condo conversion plan for a six-story building at 1325 Fifth Avenue, which extends from East 111th to East 112th Street. The plan would convert the 71 rentals to 150 condos. Tahl-Propp bought the building, just North of Central Park, for $28 million in 2006.
A second project, dubbed the “Cereza,” would bring 52 residential condo units to a vacant lot at 1790 Third Avenue, between East 99th and East 100th streets.
Two projects in “NoMad”, in close proximity to each other, would bring 172 units to the neighborhood. A 40-story tower designed by Morris Adjmi would include 42 units, according to the condo offering, with a projected sellout of $150 million. Erik Ekstein, the developer on the project, previously projected the sellout to be $90 million.
At 277 Fifth Avenue, Victor Group and Lendlease are developing a 52-story tower, designed by Rafael Vinoly, with 130 condo units.
In all, there were four projects featuring more than 100 condo units, including a 112-unit building at 200 Amsterdam Avenue on the Upper West Side and a 148-unit project at 658 First Avenue in Murray Hill.
(To see data on submitted condos across the five boroughs over the last five years, click here)
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