Residential real estate is continuing to change the city’s skyline, and propel an already booming market — with new apartment sales “expected to reach a level not seen since last decade’s boom cycle by 2018.”
This statement is outlined in CityRealty’s Manhattan New Development Report, released Tuesday, which explores new development in Manhattan over the next five years and beyond.
Focusing on condominium development, the report found that estimated condominium sales will be about $30 billion through 2019. In total, there are 92 condominium projects with roughly 8,000 new apartments under construction or proposed.
CityRealty notes a change in development style over the past eight years: “Instead of focusing on quantity of apartments, developers are creating buildings with fewer apartments, but at higher price-points.”
In 2014, the average price of new units was at an all-time high of $4.8 million, dropping to $3.7 million in 2015. The average price is expected to reach $4.4 million this year and continue to increase in subsequent years. By 2016 the average price per square foot will increase to an estimated $2,280 and reach $2,540 in 2018.
Beyond the numbers, the reports shows where these developments will pop up, and the date and estimated price of their sales. There are even renderings showing how residential real estate will change the Manhattan skyline by 2010.
“While condominium development has been largely centered on Midtown recently, the Financial District is seeing a boom in new construction and conversions,” CityRealty states in its report.
About 1,250 new apartments are anticipated for the neighborhood in the next few years.
One of these developments will be One Manhattan. At 80 stories, it’s set to be the second-largest condominium ever constructed in the borough. According to CityRealty, the 815-apartment building located near the foot of the Manhattan Bridge will have include a putting green, 70-seat movie theater and a covered dog run, and has been marketed to prospective buyers in Asia.