What you need to know if you are buying a New Construction condominium in New York City.
1. There are multiple levels of the new construction marketplace:
The headline grabbers- The buildings with the penthouses that are being sold for over $100 Million USD, the buildings fighting for the designation of tallest residential building in the Western Hemisphere. Buildings that fall into this category such as 432 Park Avenue, 220 Central Park South, 520 Park Avenue, 111 West 57th Street, the Woolworth Building.
These are buildings where the typical price point starts at $15,000,000+, price per square feet of $5,000+, they offer something unique, whether its the best views of Manhattan, a high level of privacy, access to the best amenities and quality of design and construction. Naturally the pool of buyer’s who are looking and buying at these buildings are all looking at the same group of buildings coming up and deciding which one best suits their distinct needs.
2. The next group of new construction is the ground up new construction in prime neighborhood locations. These are the types of buildings that are being built in the most well established neighborhoods, typically comprised of larger apartments, Two and Three Bedroom apartments would be the smallest in the building and typically offer a real unique feature. That feature may be some of the units have unobstructed views of the Manhattan skyline, of Madison Square Park, of the High-line Park.
You can expect price per square foot for these units in the $3,000+ range, with the best units in the building selling in the $4000+ sq/ft range.
3. The entry level new construction buildings. First things first, these buildings are still selling at a premium compared to almost all resale condominiums, its just that within this segment of the new construction market, they are the entry level price points.
These buildings we see apartments priced in the $2,000 sq/ft range. So a very compact one bedroom might start in the $1,300,000 range, Two Bedrooms will be in the $2,500,000 range.
Some takeaways in this category:
The lowest priced apartments in these buildings will sell immediately once they come available.
These buildings won’t have everything, you probably will not have views, you probably are not located directly near a landmark Manhattan location. There will be some drawbacks, but this is reflected in the pricing.
We find this segment of the market is being directly marketed to right now. There are a number of rental to new condo conversions that are being priced for this segment of the market. Most of them are selling extremely well. We have seen first hand with some of our buyers just how quickly these apartments will get purchased if decisions are not made.
We are always examining different New Construction on the daily basis for our clients. If you are interested in purchasing a New York new construction condo and not sure where to stay, we can provide you with some stress-free guidance to ensure your purchase is most suitable to your needs. Call us today, (917)837-8869.
