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Thread: Manhattan Residential Development

  1. #31
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    I would love to see the original fill a prime Hudson waterfront slot.

  2. #32
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    It looks a lot like the Post Toscana, albeit in a contrasting color.

  3. #33

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    Hudson Mews

    I read something about the project but forgot where. This development reminds me of the complex proposed at 85 Jay Street. :x

    http://www.rendering.net/ext/New/Hud...ComplexNYC.jpg

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    You know the architect?

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    Quote Originally Posted by Derek2k3
    Hudson Mews

    I read something about the project but forgot where. This development reminds me of the complex proposed at 85 Jay Street. :x

    http://www.rendering.net/ext/New/Hud...ComplexNYC.jpg
    What is this? Is this a real project?

  6. #36

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    Quote Originally Posted by Gulcrapek
    You know the architect?
    Nope but since it's grouped with Hudson Crossing in the rendering and on his web site, I would guess H. Thomas O' Hara Architects. I'm not sure and doubt this is a ready to build project. In the Far West Side Plan these sites are suppose to be parkland.

  7. #37
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    Manhattan Apartment Sales See Slight Uptick in June, report says


    July 7, 2004

    The number of signed sales contracts for apartments in Manhattan south of 96th street increased by one percent in June, according to a report by Mitchell, Maxwell & Jackson, the appraisal company.

    The survey found 662 sales compared to 656 in May.

    "We may have seen the last gasp before mortgage rates climb again as a result of the Federal Reserves quarter point increase in key short-term interest rates" said Jeffrey Jackson, chairman of MMJ.

    "We anticipated the number of signed contracts to continue dropping as they had in April and May following the record low 5.59 percent 30-year rate recorded in March," said Jackson. "It appears that anyone on the fence jumped in at the last moment prior to the anticipated Fed rate increase."

    The report also found the average contract price for the month edged up 1 percent, to close at $917,864 compared to $910,548 recorded in May.

    Sales below $1.5 million were up 3 percent, from 546 to 562, the report said. Sales over $1.5 million were down 9 percent from 110 to 100.

    Eastside sales were up 8 percent to 236, Downtown sales were up 3 percent to 200, Westside sales were down 7 percent to 149, and Midtown sales were down 12 percent to 77, the survey found.


    Copyright 2003-2004 The Real Deal.

  8. #38
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    New Residential Development
    June 2004,


    HARLEM

    65-71 East 130th Street

    Seven-story, 25-unit market rate apartment building planned between Madison and Park Avenues. The project is being built on four contiguous vacant lots by East Harlem Development Corp. Construction will begin this spring.


    HARLEM

    2000 Fifth Avenue

    Nine-story co-op with 23 units planned for the corner of Fifth Avenue and 124th Street, across from Marcus Garvey Park. The building will also include a retail component, sublevel parking for 32 cars and a community facility. Upside Ventures represented both the owners and developers of the site. Construction will begin this spring.


    HARLEM

    The Clayton

    257 West 117th Street

    Seven-story townhouse built in 1890s being converted to 16 apartments. Units will be two-bedroom, two-bathroom and range from 2,200 to 2,800 square feet. Prices start at $1.1 million. Bridge Capital Corporation is the building owner. Project to be completed by late August. Contact: Lawrence Comroe and Tony Oakley, Corcoran, 212-875-2942.


    MIDTOWN

    112 Central Park South

    208-room, 27-floor former InterContinental hotel to be converted to 65 co-op units, each with one to three bedrooms and 1,000 to 2,365 square feet of space. Prices haven't been set, but are expected to range from $1 million to $5 million. Though a co-op (because the developer rents the land under the building), owners will not need board approval to sell or sublet their units. Anbau Enterprises is the developer; Costas Kondylis & Partners is the renovation architect. Sales are expected to start by the end of the year and the project is expected to be finished in 15 months. Contact: Anbau Enterprises, 212-938-0090.


    MIDTOWN EAST

    Park Avenue Place

    60 East 55th Street

    New 45-story condo development rising between Park and Madison Avenues that will offer 76 units featuring a variety of studio, one-, two- and three-bedroom layouts. Apartments will range from 446 to 2,950 square feet. The building will also include the 23,000-square-foot "Core Club" in its first five floors, a private club open to building residents. It will include a new restaurant and bar by chef Tom Colicchio of Craft, as well as a library, lounge, screening room and meeting rooms. There will also be a spa and fitness studio, and changing facilities with butler service. The project is being developed by Davis/RFR. Architects Kohn Pedersen Fox Associates designed the tower, which features a glass exterior, and Skidmore, Owings & Merrill LLP served as interior architects for the project. The Marketing Directors are the property's sales and marketing agent. Sales are already underway and the project is slated for occupancy in December. Contact: Park Avenue Place sales center, 212-813-9055.


    SOUTH STREET SEAPORT

    233 Front Street

    11-story, 96-unit rental building, primarily one- and two- bedrooms, with a few studios and three-bedrooms. Rents are expected to range from $2,100 to $3,000 for a one bedroom. In addition to top amenities, some apartments have views of the Brooklyn Bridge and access to backyard gardens. Sciame Development and Construction Co. is the general contractor. Apartments will go on the market this fall.


    WALL STREET

    The Crest

    63 Wall Street

    A 37-story, 476-unit rental building converted from the former home of Brown Brothers Harriman. Studios will rent for $1,770. Apartments range from 425 to 2,000 square feet. The 1929 neoclassical-style building will also feature a "Great Room" with billiards area, baby grand piano, library, screening room, common sundeck, and ATM and DVD rental services. Developed by Metro Loft Management. Set to open in June. Contact: crestnyc.com


    SALES UPDATES:


    GREENWICH VILLAGE

    One Morton Square

    All six of the townhouse residences at Morton Square, a development by JD Carlisle Development Corp. were sold as of last month. The last townhouse achieved a price of $4.25 million. The townhouses are three stories, with three to four bedrooms, and four-and-a-half-baths. The 147 lofts, townhouses and family size classic residences in Morton Square will be completed and available for occupancy this summer. Contact: mortonsquare.com.


    GREENWICH VILLAGE

    505 Greenwich Street

    More than 80 percent of the units have been sold at the 14-story condo building with 104 units following the beginning of sales in January. The building, which is to be completed this fall, has 25 three-bedroom apartments, 42 two-bedroom units and 37 one-bedroom apartments, with sizes ranging from 722 to 2,400 square feet. Contact: 505 Greenwich Street Presentation Center, 212-505-9600, or visit 505greenwich.com.


    UPPER EAST SIDE

    The Metropolitan

    181 East 90th Street

    More than 70 percent of the condos have been sold in the first 25 weeks since the sales office opened its doors, according to developer Sherwood Properties. Buyers had signed over $100 million in sales contracts since sales commenced on Sept. 15. The Philip Johnson-designed building features 94 famliy- sized homes. Prices range from $850,000 to $7.95 million for the 3,550-square-foot terraced penthouse. Contact: Michelle Conte, Brown Harris Stevens, 212-906-9393.


    UPPER EAST SIDE

    The Seville

    300 East 77th Street

    Nearly 85 percent of the residences have been sold at the 32-story tower designed by architect Robert A.M. Stern. The majority of the 84 residences are two-bedroom apartments, with the remaining mix comprised of one- and three-bedrooms, and two full-floor penthouses. Prices of the available homes start at $2.1 million for two-bedrooms and $2.975 million for three-bedroom residences. The penthouses are priced at $8.2 and $9 million. The building is already completed, but several homes were recently released for purchase. Contact: The Marketing Directors, 212-826-8822.


    Copyright 2003-2004 The Real Deal.

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    Broadway buzz

    July 7, 2004

    It's just a squat little building in mid-block, but 353 Broadway is generating a big buzz.

    All along lower Broadway, people are talking about developer Ilan Tavor's plan to tear down the two-floor property and replace it with a 20-story apartment tower that would loom above its low-rise neighbors between Leonard and Franklin streets.

    The building, designed by Joseph Aliotta of Swanke Hayden Connell Architects, would have 81 apartments.

    The retail tenant, White Furniture, has already been chucked out, and has moved to another building up the street.

    But don't expect the wrecking crews to show up just yet. The city Department of Buildings rejected the design plan as incomplete.

    Tavor doesn't want to talk about the project just now - unlike the neighbors - so there's no telling when he will return to the buildings department with an amended plan. Aliotta also declined to answer questions.


    All contents © 2004 Daily News, L.P.

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    CONDO-MAXIMUM


    By BRADEN KEIL
    July 13, 2004

    Nothing can slow down the soaring market for Manhattan apartments — not even the soaring interest rates.

    Leading the way, by a large margin, is the condo market, which posted a remarkable 60 percent increase for East Side condos, with an average sale price of $1.4 million.

    The average price for condos around the borough jumped 38 percent — and Manhattan co-ops went up 19 percent, according to a report released by the Corcoran Group real-estate firm.

    Co-op studios around Manhattan jumped 20 percent to an average $277,000 and a typical condo studio will set you back $396,000.

    "Just to live in one room . . . will cost you just under $400,000," said Corcoran CEO Pam Liebman.

    "And that doesn't even mean you'll get a view out that one window."

    People who could afford apartments with lots of bedrooms were in a "buying frenzy" the report said.

    Condos with three or more bedrooms sold for an average of close to $3 million — a 32 percent hike from the first half of 2003.

    Co-ops with three or more bedrooms went for an average of $2.5 million — an 8 percent increase.

    Co-ops generally sell for less than condos because of the hassles of getting approved by persnickety boards and have to give up highly personal financial and other information.

    Townhouses, once considered undesirable and expensive to maintain, are now practically worth their weight in gold.

    "Buying a townhouse on the Upper East Side is going to cost an average $5.8 million," said Liebman.

    That's an increase of 23 percent over last year.

    West Side townhouses posted a 17 percent gain in the last six months to $2.41 million.

    Corcoran says the superheated market is being propelled by "record Wall Street earnings."

    In another report, Jeffrey Jackson, the chief economist for appraisal firm Mitchell, Maxwell & Jackson, said, "At the current rate, within five years [no Manhattan apartment or condo] will go for under a half a million dollars."

    According to MMJ, the increase in the 30-year fixed mortgage rate from 5.74 percent to 6.26 percent did nothing to affect sales.

    The Corcoran report also showed that Brooklyn sales and prices continue to surge.

    In the first half of 2004, the average price of all residences went up 16 percent. Sales of single-family homes were up 18 percent over the same period last year.

    Sales were especially good in Fort Greene and Boerum Hill, where prices increased 30 percent from a year ago.

    One of the fastest growing Brooklyn neighborhoods is DUMBO, where the average price of condos jumped a startling 42 percent to $1.1 million.


    Copyright 2004 NYP Holdings, Inc.

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    MARKET UP FOR RENTAL HIGH-RISE BUILDINGS


    By STEVE CUOZZO
    July 13, 2004

    COMPARED with the investment-sale market for office buildings, trades of large Manhattan apartment buildings are few and far between. But they're enjoying a boomlet, with both institutional and individual investors hankering for a piece of the action.

    Even as a partnership led by Stephen B. Siegel negotiates to make its biggest purchase by far — for $75 million on the Upper West Side — Equity Residential, the publicly traded owner of apartments nationwide, is poised to take its first New York market plunge.

    Sam Zell's Chicago-based REIT has a contract to buy Hudson Crossing, the 2-year-old, 260-unit building at 400 W. 37th St., at Ninth Avenue.

    Sources say the sale is likely to close by the end of the month in the mid-$90 millions, or a healthy $400,000 per unit. (Zell seems to have taken a personal interest in the Manhattan market too: He recently bought a pied-a-terre, his first here, on Fifth Avenue in the 90s.)

    Eastdil's Douglas Harmon, who is handling the Hudson Crossing sale for the seller, the Dermot Co., did not return calls by press time.

    The apartment-building market gained momentum with Archstone-Smith's purchase last winter from Related Cos. of the Sonoma at 300 E. 39th St. That transaction, also brokered by Harmon — Institutional Real Estate Investor magazine's "broker of the year" for 2003 — fetched a record price of nearly $600,000 per unit.

    And Eastdil, we hear, has begun marketing two more biggies downtown for current owner Worldwide Holdings: 88 Greenwich St. (460 units), projected to trade for around $200 million, and 71 Broadway (240 units), for around $100 million. Both are former office buildings converted to apartments with excellent views and condo-conversion potential.

    "Residential buildings in Manhattan come about so infrequently that they're seen as hot opportunities," a source explained. "Now, rising interest rates will put the squeeze on the apartment-sale market, which inevitably helps the rental market."

    Apartment building owners "see that prices have accelerated to the point that they say, 'We'll never get numbers like these again, so let's cash in some chips,' " the source continued.

    The new player on the residential-acquisition scene is Siegel's SG2, which is negotiating to buy the 272-unit tower at 230 Riverside Dr., at 95th Street, for around $75 million.

    It's a jumbo ante-upping by Siegel and his partners, brothers Andrew and Jeffrey Goldberg. (The fraternal duo wear other hats as brokers at CB Richard Ellis, where Siegel is chief of global Brokerage; CBRE is not involved in the trio's acquistion business.)

    If Siegel's group succeeds in buying 230 Riverside, it will pay more for the address than it previously spent on its entire portfolio of 400 units, most of which are in small buildings in upper Manhattan.

    "It shows they've got the capital and they could make runs at buildings like 88 Greenwich and 71 Broadway," an insider said.

    Siegel was out of town and could not be reached.


    Copyright 2004 NYP Holdings, Inc.

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    Report shows big gains in apt. prices in 2004
    MANHATTAN


    July 13, 2004

    Market-wide in Manhattan, average sale prices for condominiums and co-ops were up 38 percent for condominiums and 19 percent for co-ops.

    In the first half of 2004, buyers paid an average $1.23 million for condominiums and close to $900,000 for co-ops, the report said.

    High demand for apartments with three or more bedrooms sparked a buying frenzy the first two quarters of 2004. Three-plus bedroom condominiums sold for close to $3 million on average, a 32 percent hike from the first half of 2003.

    Three-plus bedroom co-ops sold for an average $2.5 million, an 8 percent increase over the same period last year.

    Neighborhoods south of 34th Street enjoyed a continued surge in popularity, especially for couples and young families in search of larger living spaces. Competition for such apartments was strong, evidenced by the impressive price increases in both the two and three plus bedroom categories. Three plus bedroom co-ops, for example, averaged a 33 percent increase and two bedroom condominiums rose on average by 38 percent.

    Townhouse prices rose in the first six months of 2004, especially on the East Side, where in the first half of 2004 prices averaged $5.6 million, compared to $4.53 million in 2003.


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    Apartment Market stays steady


    By Stuart W. Elliott
    July 2004

    Following frenzied buying and selling in the first half of the year, residential brokers in Manhattan said they are now seeing a stable and steady marketplace.

    Rising interest rates have cooled the market, buyers are feeling less pressure to make a decision, and brokers say prices are increasing more slowly.


    "We're at the flat part of the stairs," said Donna Olshan, president of Olshan Realty. "We're taking a breather from that torrid spring and basically going back to more of a stable market."

    Neil Binder, principal of Bellmarc, said that buyers "don't feel the same pressure. They're saying, if I don't make a decision quickly, maybe I can make a better deal in a few months."

    As a result, "a lot of brokers are not out there as aggressively as they were," said Binder.

    The drop-off was apparent by May. For that month, there was a 17 percent decline in signed contracts in Manhattan south of 96th Street compared to April, the largest decline in nine months, according to a report by appraisers Mitchell, Maxwell & Jackson.

    In June, the number of signed contracts actually increased by one percent, according to an MMJ study. The report also found the average contract price for the month edged up one percent, to close at $917,864, compared to $910,548 recorded in May.

    "We anticipated the number of signed contracts to continue dropping, and this may have been the last gasp before mortgage rates climb again," said Jeffrey Jackson, chairman of MMJ.

    Jacky Teplitzky, executive vice president at Douglas Elliman, said that much of the frenzy that has abated has occurred in the market for one-bedrooms and studios.

    "In the two-bedroom, two-bathroom category, the inventory is very tight, so it's a different story," Teplitzky said in late June. "The luxury market has also been very active, because it's not so driven by interest rates."

    Pricing of apartments has also changed since the first quarter. "From January to February or from February to March, I would take what happened the month before and add 5 percent," she said. "Now pricing is the same as the month before."

    Binder said there have been some price reductions at Bellmarc. "On about 10 percent of our exclusives, the price has come down," he said.

    Some sellers still want to believe it's the overheated first quarter, said Teplitzky.

    "I just turned away two listings that were way overpriced," she said. "The sellers were living in la-la land." Teplitzky said that nearly all buyers mention the press coverage several months ago about the average apartment price in Manhattan reaching $1 million. "That's the first thing they tell me about," she said.

    Michael Goldenberg, Halstead's executive director of sales for the West Side, agreed. "Some people are testing to see if they can get a price considered aggressive," he said. "But if you want to sell, you are adjusting."

    Binder said the "pause" that he sees in market will "readjust soon, and we'll have a very good fall." He added that he doesn't think increases in interest rates will go anywhere dramatic. The Fed raised the benchmark interest rate by 1/4 point at the end of June.

    Teplitzky said the slower market may just be a seasonal adjustment, and "we don't know if this is a permanent change."

    Olshan pegged a resurgence at the start of next year. "I think the market will come roaring back in early 2005," she said. "The economy is getting better. The dollar is getting weaker, and the Euro is getting stronger, and I think we'll see a lot of foreign investment."

    Alan Rogers, chairman of Douglas Elliman, said at a recent industry conference that he thinks the market will "be steady for the next two years."

    "When interest rates climb, there will be an overreaction against that," he said. "People will psychologically take a while to get used to it."

    Despite the less frenzied climate, however, brokers still said that the market remains strong.

    "I like to tell people that the last quarter was a good year," said Binder.

    "Never in the history of our company had I had a period like that. It was 100 percent over the year before."

    "There is a tremendous amount of demand that is still present now," he said. "It's a more durable market, more under control."

    Goldenberg pointed out that interest rates remain low.

    "In 2000, we were at 8.75 percent," he said. "And everyone is freaking out about 7 percent interest rates."


    Copyright 2003-2004 The Real Deal.

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    Map was moved to the first page....
    ----------------------------------------------------------------

    Here is another story though:

    On the Drawing Board
    New Development Projects Underway
    Source: Yale Robbins, Inc.
    MARCH 2004

    A new wave of condominium and co-op construction is sweeping Manhattan as dozens of new projects attest, with thousands of new co-op and condominium units being marketed to hungry buyers.

    One Morton Square 600 Washington Street (at Morton Street)
    A one-block residential development in Greenwich Village that turns a full-city block in the West Village into a residential enclave offering three home styles: town homes, lofts and condominiums. The $200 million project is expected to be completed in the fall of 2004, with home prices ranging from $600,000 to $3.25 million. Project designed by famed architect Costas Kondylis in cooperation with glass artist Thomas Patti, landscaper James van Sweden of Oehme, van Sweden and Associates, and interior architect Philip Koether.

    48 Laight Street
    At the center of TriBeCa's newest wave of new construction, 48 Laight Street was unanimously approved by the 12-member Landmarks Preservation Commission (LPC) for its integrated use of traditional and modern materials, and is scheduled for completion later this year. The $9 million, six-story, 9-unit building will have two- and three-bedroom loft-style residences between 1,400 and 1,900 square feet and a spectacular 2,300 square-foot penthouse, all with expansive views. Approximately 4,000 square feet of retail space will anchor the building’s ground floor. Prices range from $975,000 to $1.6 million for the apartments and $3 million for the penthouse.

    SoHo 25 25 West Houston
    This luxury loft condominium building is the first newly constructed residential building in SoHo in over 20 years. Occupying the full block between Mercer and Greene Streets, the $35-million, nine-story building will offer 32 loft residences with unparalleled cityscape views to the north, east and west. The Beyer Blinder Belle-designed condo was conceived to be compatible with surrounding historic buildings, with a block-long, brick- and granite-clad façade with oversized windows, and three penthouses on the roof. SoHo 25 is selling now and scheduled for completion this spring.

    Strivers Gardens 300 West 135th Street
    Two attractive mid-rise towers, joined by a glass-enclosed atrium surrounded by landscaped gardens will be home to 170 luxury one- two- and three-bedroom condos. Located one block from City College of New York and half a block from the newly reconstructed and renovated St. Nicholas Park and the 135th Street subway stations, both of which are part of the Striver's Center Development Project overall plan to revitalize this well-established residential community.

    The Hubert 3-9 Hubert Street (at Collister Street)
    This new, 16-story luxury condo residence at 7 Hubert St. in the heart of TriBeCa, was more than 60 percent sold less than six months after the start of sales, according to The Sunshine Group. The Hubert's three residences include two mansion-width townhouses with private, 360-degree terrace. Provides panoramic view of Hudson River and skyline.

    Rosa Parks Condominiums 163 St. Nicholas Avenue (at 118th Street)
    Rosa Parks Condominium is being constructed near Morningside Park, Columbia University and the 125th Street shopping district. The 64–unit building will include one- two- and three-bedroom residences, as well as three-bedroom penthouses with prices starting from $375,000. Amenities include concierge services, a fitness center, an underground parking garage, video intercom, state-of-the-art wiring for fast Internet access, laundry facilities, storage area, remote video monitoring system and entry system,Dbike storage, individual climate control and a landscaped garden.

    1400 on Fifth 1400 5th Avenue
    With 85 of 128 units reserved for purchasers with household incomes between $52,000 and $103,000, 1400 on Fifth gives middle-class families a shot at environmentally friendly living. Roughly 70 percent of the building is constructed from recycled or renewable materials, and a heating and cooling system run on geothermal energy lessens the building's dependence on fossil fuels.

    Madison Plaza Madison Avenue (betw. 118th and 119th Streets)
    Madison Plaza, a 120-unit co-op building, has joined Madison Park and Madison Court in promoting Harlem’s new real estate Renaissance. Along with Madison Court, Madison Plaza will feature 30,000 square feet of retail space on its ground floor, marking a new standard in affordable luxury housing uptown.

    The Milan 300 East 55th Street
    This new 32-story condo tower is scheduled to be finished in 2005, and already its 119 units are over 30 percent sold. The tower is going up on the former site of the El Morocco club and will include 93 two-bedroom residences with 2 or 2.5 baths, nine three-bedroom residences with 3.5 baths plus a library, and three penthouses with large terraces occupying the top floors of the building. Two penthouses on the 31st floor have three bedrooms and 3.5 baths and a single penthouse on the 32nd floor has three bedrooms, 4.5 baths, and a library. Each of the residences have 10-foot ceilings, and prices ranging from $750,000 for a one-bedroom to between $1.3 and $1.9 million for the two- and three-bedrooms.

    One Beacon Court 151 East 58th Street
    One Beacon Court is entered mid-block, via a courtyard framed by a seven-story, elliptical glass wall. Designer Jacques Grange has offset Cesar Pelli’s stark architectural elements with a muted palette inspired by Venetian palazzos. In the 105 condominium residences, spare lines and exterior walls of windows create light, airy spaces framed by vistas of Central Park and Manhattan. Prices begin at $2 million for 1,364 square feet with city and river views, and go to $26 million for 8,687 square feet with 14-foot ceilings and setback terraces.

    Park Avenue Place 60 East 55th Street
    This slender, 39-story, 76-unit condo tower was designed by Brennan Beer Gorman/Architects and will feature a 24-hour concierge service, a high-tech health club with sauna and steam rooms, an outdoor deck, garage and a fully equipped business center when it’s completed later this year. A restaurant also may be installed off the lobby.

    The Paradigm 146-148 West 22nd Street
    Located on West 22nd Street in Chelsea, the 12-story building, which was designed by Meltzer/Mandl Architects, will contain 12 full-floor loft residences, ranging in size from 1,540 to 2,579 square feet and priced from $1.3 million to $2.3 million. Every residence will feature private elevator access, a private terrace or balcony, and kitchens by Poggenpohl with stainless steel appliances by Sub-Zero, Bosch and Viking. Occupancy is slated for early 2004.

    The Metropolitan 177 East 90th Street
    Located in ever-popular Carnegie Hill, this 32-story, 94-unit condo building is scheduled for occupancy this spring. The heptagonal building has horizontal windows leaving a minimal amount of facade exposed. Units feature 9- to 10-foot ceilings, ultra-modern appliances, and a prime location only a few blocks from Central Park.

    The Heritage at Trump Place 240 Riverside Boulevard
    The Heritage at 240 Riverside Boulevard is Building A in an extensive group of new riverfront towers that make up Trump Place at Riverside South. Architect Costas Kondylis & Partners LLP designed the 368,150 square-foot, 31-story tower containing apartments ranging in size from 550 square-foot studios to 2,868 square-foot four-bedrooms, featuring imported marble baths, top-of-the-line kitchens and hardwood floors. Prices range from $335,000 for studios to $3.5 million for four bedroom units.
    Last edited by krulltime; April 13th, 2005 at 07:09 PM.

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    Building a New Manhattan
    A look at new residential construction and the next up-and-coming neighborhoods



    By Carl Unegbu
    July 2004

    Recent zoning decisions and low interest rates mean Manhattan's borough-wide boom in residential development won't be ending anytime soon. Developers large and small have all grabbed a piece of the action.

    Although all sections of the city have seen brisk development activity over the last several years, rezoning has sparked building in new areas that were formerly overlooked by both developers and those looking for places to live. Sixth Avenue and the West 20s in Chelsea, Noho, the South Street Seaport area, Tenth Avenue in the low 50s and just east of Columbia University are some of the most active sites for current or planned residential building, according to Lisa Rae Castrigno, assistant vice president at the Real Estate Board of New York.

    The Real Deal takes a look at new projects slated to begin construction in 2004 and 2005, with an in-depth chart (see link at bottom of page).

    Outside Manhattan, moves are already underway to rezone parts of Brooklyn and Queens, including the waterfront sections of Greenpoint and Williamsburg, Long Island City and parts of Park Slope.

    The new development has been good for residential brokers' bottom line. A luxury high-rise can now be built almost anywhere in the city.

    "There has been a tremendous blurring of neighborhood boundaries," said Louise Phillips Forbes, senior vice president at Halstead Property.

    Glenwood Management's new 287-unit rental at 10 Liberty Street, for example, is the first major new luxury residential building to be built in the heart of the Financial District in over 25 years, the company says.

    In Noho, the recently completed 57 Bond Street is the first new residential condo development in that section of the Bowery in more than 50 years, according to developer Alchemy Properties.

    "Developers go for where they can see money," said Andrew Gerringer, managing director of Douglas Elliman's Development Marketing Group, adding that Chelsea now has wide appeal and that north of 96th Street has increasingly attracted builders.

    Statistics from REBNY show a grand total of 7,492 units currently under construction, with Midtown West and Downtown leading the pack with 2,965 units and 2,262 units, respectively. Manhattan north of 96th Street ranks third, with 1,008 new units currently underway.

    The statistics didn't include residential conversions, which likely would have driven the Downtown number higher because of the large number of offices being converted into apartments, with the help of Liberty Bond financing.

    In the two areas with the most new ground-up construction, rental units dominate condos by a ratio of at least 4:1. On the flip side, developers favored condo units on the Upper East Side, the neighborhood with the least number new apartment under construction (289 units).

    It's also worth noting that no new co-ops are being constructed anywhere in Manhattan except north of 96th Street, where 33 percent of the 1,008 units being built will be co-ops, according to the REBNY data. This area also has the highest number of new townhouses in the works, with 49.

    Castrigno said this is partly attributable to the lower density of the area. She also said the city's tax abatement and incentives for developers of multifamily units would make it more profitable for developers to add more units through co-ops.

    Castrigno said the level of construction in Manhattan last year was relatively similar to the annual amount of new construction over the last five years.

    "Over the last five years, we've had 26,000 units completed," she said. "In 2003, we had 5,900 units completed, which was consistent with that."

    It's too early to tally up 2004 completions, but some say it will be lower than the five-year average. Only 801 units have been completed so far this year, according to REBNY's data.

    In a recently released report, Marcus & Millichap, the real estate investment brokerage company, found developers will complete 3,190 units in Manhattan in 2004, the "lowest total in many years."

    Andrew Heiberger, president of Citi Habitats, now a division of the Corcoran Group, also said that outside the Financial District (a big caveat), "there is actually not that much construction planned over the next several years."

    He did acknowledge that it's now acceptable to build almost anywhere in Manhattan today.

    "It's all one big neighborhood," he said.

    And Fritz Frigan, director of leasing at Halstead, said he doesn't see the number of new units coming online as low.

    "There is a lot of new construction going on in rentals," he said. "There are more than 4,000 units coming to the market this year."

    In the detailed map linked to this page, instead of providing a look at projects currently under construction (many of which are already well publicized), we've provided a map of planned new residential construction in 2004 and 2005, where the shovel hasn't hit the dirt yet.

    We've done this to give brokers a look at where the most concentrated areas of development will be over the next several years, and where tomorrow's up-and-coming neighborhoods might be.

    The REBNY generated list doesn't include some smaller projects, Castrigno said.

    Copyright 2003-2004 The Real Deal.

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