New Condo Inventory in NYC Rises 35% in Q2 2017 As Resale Inventory & Units Under Contract Plummet

The New York condo market may be steamrolling ahead into uncertain waters. A new report by Halstead Property Development Marketing shows that available new construction inventory in New York City was up 35% during Q2 2017. During the same quarter, the market saw contracts on new construction units fall 23% and Douglas Elliman's quarterly report shows that Manhattan's resale inventory fell for the first time in 3 years. The drop in resale inventory has been powered by expired listings due to overpricing and rising inventory. There is just too much inventory compared to shoppers in the current market. 5,936 new construction units were listed in the market during Q2 2017, while a mere 350 went under contract during the same period. During 2017, 2,600 units are expected to hit the market. Brooklyn itself saw a 28% drop in condo inventory during the same period. 

During Q2 2017, new construction median pricing came to $3.3 million, up 23% year over year. The media price of a Manhattan apartment hit a record $1.2 million in Q2 2017, up 7% year over year. Comparatively, the median price for a condominium was $1.9 million while the median price of a co-op came to just $793,750.

125 Greenwich Street by Bizzi & Partners Development

"What is clear that the Manhattan real estate market remains surprisingly robust, especially on the re-sale side. Prices have moved higher, including two new records set and there has been a sharp rise in sales, as inventory has slipped," said Steven James, CEO of Douglas Elliman New York City.

The upper, luxury reaches of the market have seen the biggest drop as many overpriced their units hoping to catch onto the furious cycle that saw prices rise to unprecedented level. The luxury market saw an 11% drop in inventory as sellers begin to accept the new market conditions; despite that, at the same time the median price of luxury apartment sales rose to $6.8 million, up 4% year over year. 

"High sales, record prices, re-sale inventory beginning to slip and still plenty of bidding wars (although at half the levels seems in 2015), is what we have seen in the second quarter of 2017. The key item from my perspective is greater negotiability at the high end of the marketplace. Listing discounts began rising in the last quarter which means that luxury sellers are becoming more realistic with pricing.  Marketing time keeps expanding because buyers won't budge. Marketing time keeps expanding because buyers won't budge and that is making for more sales as sellers recognize that," said Jonathan Miller of Miller Samuel, Inc. 

121 East 22nd Street by Toll Brothers City Living

New Renderings of the Lower Eastside's 86 Delancey Street Unveil Updated Design

New renderings from SWA Architecture have been revealed that show an updated design for 86 Delancey Street, which is being developed by David Escava's Helm Equites. The project will rise 12 stories and feature 23,668 square feet of residential space, spread over 24 residential apartment units. There will also be 5,769 SF of commercial space on the ground levels. The 2 story commercial building that previously stood on the site was demolished in March 2017. Helm Equities is aiming for completion by the end of 2018.

Extell & Gary Barnett Closing in On $900 Million Construction Loan for the $4.02 Billion Central Park Tower

After a nearly 18 month search, Extell Development, led by visionary Gary Barnett, are closing in on securing a $900 million construction loan for Central Park Tower led by JPMorgan Chase. The loan, if finalized, would be one of the largest during the current development cycle. Central Park Tower is located on Billionaires' Row on Central Park South. The project is the first of its kind with a $4.02 billion sell-out for the ultra-luxury condo tower. Central Park Tower will be designed by Adrian Smith + Gordon Gill Architecture, rising 1,550 feet and will feature 179 luxury condo units.

Dattner Designed East Brooklyn Affordable Housing Complex Releases Renderings

Phipps Houses' affordable, Dattner designed apartment building in the eastern side of Brooklyn has released new renderings. The 14 story residential building, located at 3301 Atlantic Avenue, will encompass the entire city block including 403 residential apartment units and 21,000 SF of commercial and retail space. Rezoning in the neighborhood requires that developers who use HPD finanicing must make 40% of units in the development available for low income households, or households earning less than 50% of the neighborhood's median income. 

Penthouse South at Ian Schrager's 160 Leroy Under Contract, Was Asking $31.5 Million

The second most expensive unit at 160 Leroy has gone under contract. Penthouse South is 4 bedrooms and 4.5 bathrooms spread over 4,849 SF which was originally asking $31.5 million. The unit also features 2,600 SF of outdoor space complete with a summer kitchen and 12 foot ceilings with floor-to-ceiling glass. The 5 bedroom Penthouse North is still listed for $48.5 million. 160 Leroy Street rises 185 feet and will feature 57 residential condominium units, covering 184,934 SF. The units range from 1 to 6 bedrooms including a 6-bedroom penthouse that covers the entire 12th floor and features 12,000 SF of interior space and 7,500 SF of outdoor space. The ground floor has an 830 SF retail unit. Amenities include a private courtyard and garden by landscape designer Madison Cox, full-time concierge, 24-hour doorman and porter, onsite resident manager, 70' pool and whirlpool spa with floor-to-ceiling glass, state-of-the-art fitness center, yoga studio, steam room and sauna, private massage rooms, recreation lounge and parking spaces availible for purchase. 160 Leroy Street is being developed by Ian Schrager Company and was designed by Herzog & de Meuron with Madison Cox Associates as the landscape architect. Completion is estimated by end of year 2017.  

Featured Listing: Fifth Avenue Co-Op with Central Park Views Back on Market for $38 Million

1060 Fifth Avenue 10B is back on the market, this time with a far different asking price. After a $27 million price drop, the unit is now listed for $38 million, down from the original $65 million ask when it came to market last year. The unit was also previously listed in a $74 million combo unit listing with an adjacent unit. 10B is 6 bedroom and 6 bathroom co-op in one of Fifth Avenue's most prominent prewar buildings. Original details were meticulously maintained and the co-op spans 15 rooms including grand dining room, formal living room, and library. The unit features breathtaking views of Central Park that just simply cannot be replicated. 1060 Fifth Avenue is a hyper-exclusive, private co-op that offers residents white glove services including doorman and 24 hour concierge, full service staff, health club, lap pool and basketball court. The building was built in 1929 and designed by J.E.R. Carpenter. 10B is currently listed for $38 million with Dolly Lenz of Dolly Lenz Real Estate, LLC. 

Featured Listing: A European Estate on Southampton Ox Pasture Asks $13.5 Million

A european estate on Southampton's Ox Pasture is asking $13.5 million. The home was built in 2001 and features 6 bedrooms and 7 full bathrooms spread over 6,500 SF. The stunning grounds sit on 1.9 acres of beautifully landscaped French-style, sculpted gardens and pool. The home features beautiful full-length stone patios, formal living room with fireplace, library, powder room, formal dining room, dine-in kitchen, 4 guest suites, temperature-controlled wine vault, gym, game room, sauna, massage rooms, full bath, theater, billiards room and staff quarts amongst others. Outdoors the estate features a 48' X 20' Gunite pool with pool house and spa. The home is listed for $13,500,000 with Harold Grant of Sotheby's International Realty.

The Greenpoint, Brooklyn's Newest Residential High-Rise, Launches Sales & Releases New Renderings

Greenpoint’s tallest building, The Greenpoint, has launched sales on its 95 condominium units. The 40-story tower was designed by architect Ismael Leyva and is being developed by Mack Real Estate Group and Palin Enterprises along with with Urban Development Partners. 1 bedroom units start at $989K, $1.51 million for 2 bedrooms, and $2.16 million for 3 bedrooms with pricing on studios yet to be announced. The building will also contain 368 rental units. Rental pricing is yet to be released. Amenities include a basketball court, sun deck, gym, yoga studio, co-working spaces, outdoor lounge, children’s playroom, a private dining room and a restaurant by chef Marcus Samuelsson which will be open to the public. The Greenpoint is located at 21 India Street. Residents are expected to move in summer 2018.

New Renderings Unveiled of Contemporary Mixed-Use Project, Element88, in Williamsburg

Element88 has released new renderings of their 9-story, mixed-use project which is planned at 88 Withers Street in Williamsburg, Brooklyn. The contemporary building will rise 100' and will feature 33 condominium residences along with 5,000 SF of ground-floor retail space. In total the development will bring 39,815 SF of usable space. Element88 is under development by RYBAK Development and BK Developers, who just locked-down an additional $19 million in construction financing. The futuristic building was designed by Zproekt Architecture and is expected to be delivered summer 2018.

Brooklyn Height's Standish Arms Hotel Undergoing Condo Conversion, to Become The Standish

Brooklyn Height's Standish Arms Hotel is undergoing a condo conversion under the eye of DDG and Westbrook Partners. The finished product will be a 31-unit condominium building with units ranging from 1 to 5 bedrooms. Pricing currently starts at $1.15 million for a 787 SF 1 bed 1 bathroom unit up through $7.135 million for 2,997 SF 5 bedroom 4.5 bathroom unit. Completion is expected for later this year (2017) and units are currently on sale via Corcoran. Amenities include a fitness center, children's playroom, and a landscaped roofdeck, Historically, The Standish Arms Hotel served as the inspiration for Kent Clark's apartment home in Superman, in which he lived in the Standish. It later became part of an assemblage owned by Jehovah's Witnesses then underwent conversion to a high-end rental building. 

Two Trees Management Unveils 15,000 SF Public Plaza at 300 Ashland Place

Two Trees Management has unveiled a $6 million, 15,000 SF public plaza that will serve to add life to the under-utilized intersection as part of their rental initiative at 300 Ashland Place. The park is being designed by Enrique Norten and developed by Two Trees Management, who is the same architect and development team who designed and built the 300 Ashland Place rental building. Two Trees Management will turn the park over to the city upon completion. 

Featured Listing: Lasata, Jackie Kennedy Onassis' Former Summer Estate, Drops Asking Price to $35 Million

Lasata, Jackie Kennedy Onassis' former summer estate, has dropped their asking price a cool $4 million to $34,995,000 million. The 7.15-acre estate includes an 8,500 SF main house that features 10 bedrooms, and 12 bathrooms along with a pool and guest house. The home originally hit the market for $38,995,000 and is located at 121 Further Lane in East Hampton. The current estate covers a total of 11 acres including tennis courts and can be purchased for $53.99. The home was designed by Arthur C. Jackson and was originally built in 1917. The estate is listed with Carol Nobbs and Eileen O'Neill of Douglass Elliman, Susan Breitenbach of Corcoran Group Real Estate and Peter Turino of Brown Harris Stevens.  

New Renderings Released of Charlie West, ODA's 123-Unit Hell's Kitchen Condo Project Designed by Andres Escobar

New renderings have been released of ODA's new Hell's Kitchen condo development, Charlie West. Adjacent to Manhattan's west side Amtrack tracks, Charlie West will feature condos with a "quintessential downtown style." The building is being developed by Elad Group and Mi&Co with architecutre by the New York-based ODA and interiors designed by Andres Escobar. Units at Charlie West will be made of two, 16-story towers which feature 123 condominium units ranging from studio to 3 bedroom layouts and feature open-plan living with floor-to-ceiling glass windows, city views, oak floors and white quartz countertops and backsplashes. The towers are connected via an interior courtyard. Common spaces and amenities are inspired by boutique hotels with a "Hell's Kitchen" vibe and include resident's lounge with fireplace, "bike box" bike storage, children's playroom, and an indoor swimming pool. Sales are expected to launch this summer (summer 2017) and is located at 505 West 43rd Street. 

Construction Update: 15 East 30th Street Begins Foundation Work, Releases New Renderings

15 East 30th Street, from J.D. Carlisle and Fosun Group, has completed their excavation and have begun foundation work on their Midtown South high-rise which is being designed by Handel Architects. The project is located in a premier location at 30th Street and Fifth Avenue and will set a new standard for building height in the lower streets of Midtown Manhattan before giving way to 262 Fifth Avenue which will be Midtown South's first supertall. 15 East 30th Street will rise 756 feet over 51 floors. The building will feature 180 residential units with 295,970 SF of residential space and 7,500 SF of ground-floor retail space. Completion is expected in 2019.

Featured Listing: One Beacon Court Corner Unit Lists for $37.5 Million

A corner unit on the 53rd floor at One Beacon Court has listed for $37.5 million. Located at 151 E 58th Street, PH53W covers 4,500 SF spread over 3 bedrooms and 4.5 bathrooms. The unit features floor-to-ceiling glass windows with views of Central Park all the way up to the George Washington Bridge and the Palisades. The unit also features a gourmet kitchen with state-of-the-art appliances, maids quarters with service elevator, an "art gallery" style hallway, and a large master suite with two walk-in closets and his and hers bathrooms. One Beacon Court features a private, 7-story courtyard for enhanced privacy as well as pick-up and drop-off along with Le Cirque restaurant. One Beacon Court was designed by Cesar Pelli and amenities include fitness center, entertainment suite on the 29th floor for residents, 24-hour doorman and valet parking. The lobby and common areas were designed by Jacques Grange and feature artwork by Wim Wenders and Andreas Gursky. One Beacon Court PH53W is currently listed for $37.5 million with Frans Preidel of Corcoran.

Featured Listing: Upper Eastside Duplex With East River Views Asks $15 Million

10 Gracie Square 6A, a duplex on Manhattan's Upper Eastside, is asking $15 million. The unit features 5 bedrooms and 6 bathrooms along with 11 foot ceilings, private elevator, 3 wood-burning fireplaces, a wood-paneled library, chef's kitchen and formal dining room. The unit encompasses two floors, with the bedrooms upstairs and living areas downstairs. All 5 bedrooms are ensuite complete with bathrooms and walk-in closets. The listing comes complete with a 9' X 12' storage unit. 10 Gracie Square is one of the Manhattan's most prestigious co-ops and was developed in 1929 by John Drummond Kennedy and designed by architectural firms Van Wart & Wein and Pleasants Pennington & Albert W. Lewis. Amenities include a squash court, storage rooms and a private gated driveway. 10 Gracie Square 6A is currently listed with Douglas Elliman. 

New Images Released of Park Slope's 251 1st Street Designed by ODA New York

New interior photos of Park Slope's 251 1st Street have been released 3 months after the launch of sales. Just 4 units are still available and the photos show the $2.9 million 4 bedroom, 3 bathroom penthouse that spans 1,700 SF and features views of the Manhattan Skyline. The 11-story building features 44 units in total and was designed by ODA New York for both the interior and exterior. 251 1st Street is located at First Street and Fourth Avenue in Brooklyn and will feature a "stroller valet." Other amenities include a yoga room and bike storage. Units range from 2 to 4 bedrooms and $1.3 million to $3 million. Each apartment will have wide-plank white oak floors, Sivec marble master bathrooms, Bosch washers and dryers, Gaggenau stoves and refrigerators, and wine coolers.

Billionaires' Row's One57 Hit With Second Foreclosure in Under 3 Months, This Time the Largest Foreclosure New York Has Ever Seen

The Extell developed One57 on Central Park South's premier Billionaire's Row, has been hit with a second foreclosure in under 3 months timeframe. This one may set a foreclosure record for New York as the owners have defaulted on a mortgage for their $50.9 million purchase of Apartment 79, which closed in 2015. The buyer's took a $35.3 million loan which was supposed to be repaid in full within 1 year. The full-floor penthouse unit spans 6,240 SF and was the 8th most expensive unit in the building at the time of sale. The foreclosure is a bank forced sale to recover the principal loan amount plus interest. Earlier this year the 56th floor was auctioned off after the buyer's defaulted on a $20.9 million loan. 

Construction Update: Staten Island's New York Wheel Observation Wheel Hit With Lawsuits, Construction Paused

Construction on Staten Island's 630-foot New York Wheel has been paused amid lawsuits and one of the construction teams walking off the site. The $590 million project aimed to bring an iconic observation wheel to bolster the redevelopment along the North Shore of Staten Island. City inspectors identified many problems at the worksite including a defective pad in which the wheel was to sit, inadequate welding on the wheel's legs and poor attachment methods between the wheel and pad. A payment dispute also arose between the developer, New York Wheel, LLC., and the design team, Mammoet-Starneth, in which lead to the design team to walk off the site, breaching their $165 million contract. New York Wheel was supposed to be completed in 2017 but now plans to open to the public in April of 2018 should they be able to get all of their construction and legal issues sorted out. 

LeFrak is Back in Manhattan, To Convert Affinia Dumont Hotel to Rental Apartments

LeFrak is back in Manhattan where they will be converting the former Affinia Dumont Hotel into residential rental apartments to be named Murray Hill Marquis. Murray Hill Marquis will feature 260 newly renovated studio and one-bedroom apartments spread over 37 stories. Pricing is expected to range between $2,575 per month and $3,425 per month. Units will feature open floor plans, large windows with Manhattan city views, quartz countertops, hardwood floors, stainless steel kitchen appliances and hardwood floors. Amenities at Murray Hill Marquis include gym, yoga studio, residents lounge, co-working space and a 24-hour concierge.