With construction underway citywide, and particularly in neighborhoods like Downtown and the 57th Street corridor, 2015 is poised to see double the amount of new development launches, compared with 2014.
There are 6,287 condos set to launch in 2015, compared with 3,112 in 2014, according to data obtained from Corcoran Sunshine.
The average sale price in Manhattan for all kinds of residential properties jumped 18 percent from last year during the third quarter, to $1.68 million. During the third quarter, the listing inventory in Manhattan jumped 27.6 percent year over year to 5,828, according to Miller Samuel.
Because of the high cost of land and rising construction prices, the luxury sector is poised to see the lion’s share of the attention, though demand for one- and two-bedroom units is higher than ever.
Condo developers are bringing a crop of boutique buildings to the market, each crafted with a level of attention and care aimed at drawing discerning buyers.
In November, for example, Rome-based Sorgente Group’s 60 White Street launched in Tribeca with eight units, including a 3,078-square-foot penthouse that’s asking $9.265 million. And in September, architecture and development firm Flank launched sales at the six-unit 224 Mulberry Street, selling two condos for upwards of $3,330 per square foot within weeks.