The crunch. The bubble. The squeeze. Whatever you want to call the current housing climate, the good news is that more concrete and steel boxes are hitting the market soon.
Some 1,108 new condominium units in roughly one dozen buildings will list in Manhattan by year’s end, according to Robin Schneiderman, managing director at Brown Harris Stevens Development Marketing.
That number increases several fold when the outer boroughs are tallied in — nevertheless, citywide inventory is lower than it was pre-pandemic and even decade-over-decade. Fewer than 6,000 units are available for the first time since before the pandemic.
“If Manhattan continues its 2021 annual pace of selling 2,000-plus units, there will be less options for new development buyers into 2023 and beyond,” said Schneiderman.
The good news is that the new developments that are coming offer plenty to write home about.
Along the High Line, the Bjarke Ingels-designed XI has been stalled at 76 11th Ave. since its developer went under. Now, with new ownership, construction is again underway on the two twisting towers, which boast 87 units and 149 respectively, and sales could launch as soon as this year.
Meanwhile, 450 Washington, Related’s relaunch of the former Truffles Tribeca rental building on the West Side Highway, could also start selling before the year’s end. Another rebrand is the Selene at 100 E. 53rd St. It’s launching sales and reopening its Michelin-starred eatery Le Jardinier. Near Madison Square Garden, a brand-new tower is also launching at 300 W. 30th St. with 69 units starting at $950,000.
That’s just a taste of the action coming to the city this year. Here’s a look at the most significant new buildings launching sales in 2022.
Size matters to JDS, the developer behind Brooklyn’s tallest new building dubbed, aptly, Brooklyn Tower. Measuring 92 stories — just 10 floors shy of the Empire State Building — with 547 units, the mixed-use skyscraper sits on a triangular lot at DeKalb Avenue near Flatbush Avenue.
Opening later this summer, the tower launched sales for its 150 condominiums last month.
It also has 450 rental apartments, all of which start on the 52nd floor. The development, which first broke ground in 2018, was conceived by SHoP Architects, the masterminds behind JDS’s other supertall 11 W. 57th St. in Manhattan. The interiors of the hexagonal building, which feature bronze, marble and soaring columns were designed by firm Gachot Studios.
Amenities include 120,000 square feet of inside and out experiences like a 75-foot outdoor swimming pool surrounded by an immense Guastavino dome, sundecks, hammock lounge, outdoor dining with grills, lounges, a fire pit and outdoor showers.
Apartments start at $905,000 for a 438-foot studio and go up to $6.1 million for a 2,432-square-foot, four-bedroom, 4½-bath penthouse. Apartments boast 11-foot ceilings, black granite countertops, European white oak flooring, Miele appliances, floor-to-ceiling windows, Breccia Capraia marble walls and custom Bianco Dolomite hexagon mosaic floors.
“The tower’s design is undeniably the most impressive in the borough,” said Michael Stern, founder and CEO of JDS Development. “It is the most prominent new arrival to the skyline and our diversified inventory accommodates many different types of buyers.”
The building at 393 West End Ave. on the Upper West Side isn’t far from new, but that doesn’t mean it’s not one of the freshest projects of the year.
Originally built in 1927, the 16-story building was a rental for most of its life. But in 2018, its developers Rabina and Simon Baron Development began a massive condo conversion. The project reduced the building’s original 114 units to just 88 ritzy pads paying homage to the building’s history, while introducing modern perks. CetraRuddy Architecture handled the design.
But it’s not just history that makes this building one of a kind: Thanks to legal changes introduced in 2019 that bar condo conversions, it’s the last rental-to-condo project the city is likely to see for many years.
Sales at the project launched in April and for $3.8 million, buyers will get a 1,700-square-foot, three-bedroom, 2½-bath apartment, while for $7 million you can spread out with a 2,700-square-foot, four-bedroom, 3½-bathroom home.
Perks include custom cabinetry with fluted glass, handpicked variegated smoke oak and an antique bronze finish, Naica quartzite countertops with subtle gold veining, European oak chevron floors, modern millwork, restored tray ceilings and bathrooms that are intended to be “reminiscent of a Parisian dressing room.” Amenities include a pet spa, “secret” gardens with formal seating, a banquet area, a fitness center, various lounges and gathering spaces, including a children’s cottage playroom.
“It’s a gem,” said Stephen Kliegerman, president of Brown Harris Stevens Development Marketing. “Our buyers will reside in a meticulously preserved prewar building with access to the modern interiors and amenities.”
Luxury hotel homes are all the rage and the Mandarin Oriental wants you to check-in forever.
Opening soon are its Residences, perched in the center of it all at 53rd Street.
The original Sloan & Robertson-designed building from 1926 has been redeveloped by Michael Shvo. He teamed up with Marin Architects to reimagine the 29-story, 69-unit conversion. Features include dining experiences curated by Michelin-starred chef Daniel Boulud, a rooftop lounge with fire pits, fully furnished apartments, a spa with a salon and Fifth Avenue’s only rooftop pool.
Inside there’s Molteni kitchens, custom champagne fixtures by Dornbracht gilded in 22-k galvanized gold, Frette sheets on hotel-styled beds, Italian Acqua di Parma personal care products in bathrooms, Lavazza espresso makers and more.
Sales launched in December and prices start at $2.4 million for a studio and $7.48 million for a two-bedroom — rising to as much as $15 million for one of the three penthouses.
Formerly Gucci’s headquarters, the project is scheduled to wrap up construction and welcome residents by the end of 2022.
The Cortland, a 25-story, 144-unit building designed by Robert A.M. Stern Architects and Olson Kundig was made to look historic, but it’s actually brand spanking new.
Composed of hand-laid bricks for the façade (how long did that take?!), the building at 555 W. 22nd St. fits right in with Chelsea’s sea-faring, industrial past, but promises the swankiest extras on the market.
Its luxury amenities include a private motor court, an event lounge, a game room, a screening room, a double-height children’s playroom, a 75-foot pool, a children’s pool, a squash court, a gym and a yoga studio.
Apartments feature high ceilings, open-plan living and dining areas, floor-to-ceiling windows with sweeping water views, marble fireplaces and outdoor terraces in some units, hand-brushed artisanal Italian metallic lacquered cabinets, imported Statuario Belgia marble from Carrara, marble bathrooms from the Henraux quarry (one of Italy’s oldest), rain showers, heated floors and more.
The building should receive its certificate of occupancy this summer.
“The Cortland is a truly design-driven building that represents a remarkable collaboration between two architecture icons,” said Andrew Orchulli, senior vice president at Related Companies. “The classic exterior, modern interiors, hospitality-driven amenities and prime location across from Hudson River Park will deliver a living experience that is only available at the Cortland.”