Manhattan Blog

111 West 57 Street NY Condos Revealed

“A new look is available at what will be the city’s tallest residential tower, JDS Development’s and Property Markets Group’s 111 West 57th Street. The building — which will stand 1,428 feet tall — will house 60 condominiums, 46 in the tower and 14 in the Steinway building,”

Source: therealdeal.com

111 West 57 Street NY condos, the world’s skinniest tower, aka the Steinway tower, will officially start sales by the end of May. As we get closer to the launch, more info is now available about the project. For one, the height is going to be 1,428 feet tall, which is considerably higher than its neighbor One57, which is 1,005 feet tall. This will make it one of the tallest in NYC, however, it will be a bit shorter than 217 West 57 Street, which is anticipated to come in at 1,500 feet tall.

The views from this building are going to be stunning. Like One57, the building almost bisects Central Park, creating a symmetrical view of the park that is very hard to come by. The terra cotta and bronze façade should be very interesting when completed. And, we like the full floor and duplex concept for the tower, making the building very exclusive, with a maximum of only one unit per floor.

The building will have 60 luxury condos with prices in the tower starting at $14 million, in line with many of it’s ultra-luxury competitors, such as 520 Park Avenue, 432 Park Avenue, 53 W 53 Street, 220 Central Park South and 217 West 57 Street.

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Posted by ricardo on 3/31/2015 | No Comments |

New York Ultra Luxury Homes Come to Midtown Manhattan

When 432 Park Avenue opens in New York later this year it will be the tallest condominium building in the US. At 1,396ft and with 96 storeys, the slender tower in Midtown Manhattan will be 146ft higher than the Empire State Building and the tallest

Source: www.ft.com

We see the Financial Times is catching up to what has been happening in Manhattan’s ultra-luxury segment. And, while they are correct in that there will be a lot of New York ultra luxury homes coming to the Midtown / 57th Street corridor, long-term demand for this sliver of the market should remain quite high if the projected increase in global Ultra High Net Worth Individuals (UHNWIs) has anything to do with it.

According to the Knight Frank Wealth Report, currently, New York has 3,008 UHNWIs, which is defined as those people with $30 million or more in net worth. By 2024, that number is expected to grow by 34% to 4,028, or a 1,020 increase. In addition, as the FT article indicated, foreign buyers make up of at least 30% of the upmarket condos sales. With the increase in NYC UHNWIs, out of state UHNWIs and foreign UHNWIs, we expect the corridor to do just fine in sales.

While there could be a few bumps in the road if all of these projects are released at the same time, in the long term, these towers will be the most sought after in the world. If there are 10 more towers announced, however, then all bets are off. To learn more about these New York ultra luxury homes, visit our article that talks about new development condos on 57 Street, which discusses the following developments: 520 Park Avenue, 432 Park Avenue, MoMa Tower, 111 W 57th St., One57, 225 West 57th St., and 220 Central Park South.

Posted by ricardo on 3/28/2015 | No Comments |

Manhattan Condo Market Inventory Hits a Record Low

According to StreetEasy’s latest report, the Manhattan condo market hit record low inventory in February as pending sales surged 27.5 percent since January.

Source: streeteasy.com

While there has been a lot of talk about Manhattan new developments that are coming on the market this year, the fact of the matter is that Manhattan condo inventory is at a record low and demand is very strong. We expect most of the new condo inventory to be absorbed quickly, except, perhaps, for those in the ultra-luxury price segment, which will take longer to find buyers.

This low inventory trend has been happening for a number of years, as new development was scarce after Lehman’s collapse. While condos in the pipeline have increased, so has demand. As you prepare for the Spring selling season, make sure to read our article that discusses tips of when buying a property in New York. While we reported on this 18 months ago, those tips to buying in a tight inventory market still ring true.

Savvy NYC buyers usually know how the buying process works in Manhattan. However, foreign buyers need a bit more assistance, so we have written a International buyers guide to US Real Estate to help our foreign nationals navigate the NYC buying process. In addition, click on the image below to access our foreign buyer Infographic that summarizes the buying process when buying a property in Manhattan  or Miami.

Posted by ricardo on 3/27/2015 | No Comments |

1110 Park Avenue Luxury Condos Hit The Market

1110-park-avenue-luxury-condos

1110 Park Avenue is a boutique condominium that features only nine residences in New York. Each unit boasts great views of Park Avenue with all of its greenery, through oversized windows. The design of the buildings is very classic and in keeping in line with those trophy buildings in the immediate neighborhood. The building’s façade

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Posted by ricardo on 3/24/2015 | No Comments |

A sneak peek on 220 Central Park South prices

“How will the ultra-luxe condos at 220 Central Park South stack up? Earlier this week, The Real Deal headed down to the New York Attorney General’s office to check out the just-approved offering plan, and revealed that the priciest penthouse could ask up to $175 million.”

Source: therealdeal.com

Recently, The Real Deal provided a sneak peak into pricing and floor plans of one of the most anticipated ultra-luxury new development, 220 Central Park South in New York. Based on the Real Deal article, the cheapest unit will be just under $5,000 per square foot and $12 million for a 2 bedroom, 2.5 bath apartment with Central Park views on the 22nd floor. Check out the Schedule A prices that are listed in the article. These are preliminary prices that will go up and up, with the many rounds of price increases that the building will go through before the building is sold out, as happens with pre-construction new developments.

The architect of the project, Robert A. M. Stern, is famous for designing 15 CPW, as well as two pre-construction projects, 520 Park Avenue and 20 East End Avenue, that are also currently for sale in pre-construction pricing. At 220 Central Park South, expect classic finishes reminiscent of the turn of the century buildings along Central Park West, Park Avenue and Fifth Avenue, but with modern convenience. Also, the views of Central Park will be unbeatable.

To learn more about 220 Central Park South prices and some of the other buildings that are coming to Billionaires Row and environs, check out our blog that talks about New Developments Condos around 57 Street

Posted by ricardo on 3/22/2015 | No Comments |

New York Condo Amenities Aim to keep residents’ kids busy

The latest residential amenities aim to eliminate rainy-day blues for the underage set (and their parents).

Source: observer.com

Not only are these New York condo amenities keeping the kids busy, they are also keeping the adults busy.  At the Aldyn, you will find many adults using the 40,000 fitness center, full basketball court, and two lane bowling alley.  The excellent fitness facilities at Sheffield, Laurel and Laureate are always full of adults working out or doing yoga and pilates.

 

For a more clubby feel, new developments 45 East 22 Street and 20 East End Avenue have a sophisticated take on their amenities. 45 East 22nd St. features an entire Club floor and both include libraries, billiard room, private wine storage and private dining rooms

 

Even renters are more concerned with the building’s amenity space than solely the location of the apartment these days, making those building further afield from public transportation primary options now. 

Posted by ricardo on 3/20/2015 | No Comments |

Chinese investors buying New York Real Estate

“Chinese investors shelled out $3.35 billion on New York City real estate, both residential and commercial, in 2014, a roughly $1 billion jump from the year before, according to research firm Real Capital Analytics.”

Source: www.businessinsider.com

For us, this isn’t news – Chinese investors buying New York Real Estate. Not only are the Chinese buying commercial properties in Manhattan, but individual Chinese have been buying up Manhattan condos as well. We have been seeing this trend for years. We even created a Foreign Buyer Guide in Chinese to help our clients sift through the maze of buying a property in NYC.

With recent approval of the new 10-year tourist visa rules for the Chinese, we expect that the Chinese will also continue to invest in residential properties, but at a more rapid pace. The Chinese are looking to diversify their investments outside of Asia, and China in particular and many see the US as the safest place to invest. 

When buying New York Real Estate, Chinese buyers like to keep their privacy. Most often, they set up the purchase under a LLC and or BVI which grants their anonymity, as well as other protections. Prior to their purchases we, with the help of our attorneys and accountants, advise the benefits of buying a property with a LLC and structuring the investment to minimizing the taxes they will ultimately have to pay. 

Our Chinese buyers love the new developments in New York, with 56 Leonard, Aldyn, Rushmore, Baccarat Residences and the Sheffield particular favorites. Most of them prefer established neighborhoods like Upper East Side, Upper West Side, and the area of Columbus Circle and Central Park South

We are also seeing great interest from UHNWI Chinese in buying trophy properties, such as those at One57, 15 Central Park West and 432 Park Avenue, to name a few. 

Posted by ricardo on 3/12/2015 | |

River & Warren the newest Battery Park Condo

Battery Park’s luxury building, River & Warren, is making a splash in Lower Manhattan.


The 28-story tower located right off the Hudson River overlooking Nelson A. Rockefeller Park is a condo conversion from a rental building.

Source: rew-online.com

River & Warren, aka 212 Warren, is a gut renovation of a rental building into luxury condos in Battery Park NY. What we love most about the building is its position along the Hudson River and Rockefeller Park, as well as the luxurious interiors that are designed with neutral tones – think white, oak and grey.

The building is located in North Battery Park, just a 5-minute walk to Tribeca, where you will find Whole Foods and some of the finest restaurants in the city. It’s also 5 minutes to Brookfield Place and the new underground Westfield mall at the World Trade Center – the New Downtown!

River and Warren has been selling very quickly, with over 60% sold in just a few months. Perhaps, it’s the reasonable prices, or maybe the stunning views. But, the building has been selling so well that its neighbor, 400 Chambers, is up for sale and will likely become condos too.

Contact our team today if you are looking to buy a Battery Park Condo or need assistance in selling yours.

Posted by ricardo on 3/11/2015 | |
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