Manhattan's Top 10 Best-Selling Condo Projects So Far in 2015
One big thing that’s changed over the last 18-24 months in Manhattan’s condo market is that there’s more supply of competitively-priced units in buildings with locations and amenities buyers want, says Megalith Capital principal Philip Watkins. Plans for Megalith's newest condo project, a JV with with Extell on the UWS, were filed last month. Will we see it on this list when sales start? Time'll tell. Here’s a look at Manhattan’s best-selling condo projects so far in 2015, according to data from Propertyshark.
Owner: The Corcoran Group
Neighborhood: Morningside Heights
Address: 70 Lasalle St
Units Sold: 32
Median Sale Price: $555k
Property managed by: Morningside Heights Housing Corp
This six-building complex a few blocks off the Columbia University campus first opened in 1957. Much more recently, Columbia's $7B, 6.8M SF expansion into nearby Manhattanville is fueling a development boom that might account for so many units trading of late.
Developer: Bernard Spitzer
Neighborhood: Murray Hill
Address: 330 East 38th St
Units Sold: 48
Median Sale Price: $1.3M
With 55 stories and 870 units, the Corinthian first opened in 1988 as NYC's largest apartment building. It's known for its semi-circular fluted towers, which provide sweeping views. But development activity in the area, including a 42-story mixed-use tower across the street planned by Sheldon Solow, could impact those views.
Developer: HFZ Capital
Neighborhood: Hell's Kithcen
Address: 301 West 53rd St
Units Sold: 50
Median Sale Price: $1.5M
A plan was launched in late 2013 to convert this 348k SF building from rental to condo. It's being marketed as "affordable luxury," with most units priced under $3M. Sales opened in January of this year.
Developer: CIM Group
Neighborhood: Financial District
Address: 15 William St
Units Sold: 55
Median Sale Price: $1.6M
This 47-story ground-up development in the heart of the Financial District was originally concieved as a condo project. In 2010, it was reconvieved as a rental building, and its 1,625 SF penthouse rented for $111/SF in 2013--a record for the neighborhood. Since then it's gone back to condo, and evidently sales are brisk.
Developer: L+M Development Partners
Neighborhood: Harlem
Address: 23 West 116th St
Units Sold: 64
Median Sale Price: $1.1M
The name of this 83-unit building is a nod to Adeline Waller, mother of jazz musician Fats Waller. It's one of seven ground-up residential projects L+M has done in Harlem.
Developer: Carmel Partners and Times Square Construction & Development
Neighborhood: Murray Hill
Address: 325 Lexington Ave
Units Sold: 77
Median Sale Price: $1.3M
The original design for this 123-unit building, drawn up by Studio Dror Architects, called for a series of offset glass boxes stacked vertically. That plan was nixed sometime in 2013, a design built by H. Thomas O'Hara with a part of the building cantilevered over an adjoining low-rise apartment building.
Developer: Centurion Real Estate Partners and Five Mile Capital
Neighborhood: Battery Park City
Address: 212 Warren St
Units Sold: 82
Median Sale Price: $2.6M
This one's another rental-reborn-as-condo conversion. As a rental, the building had 324 units. That number was reduced to 169 for its new life as a condo development.
Developer: Extell
Neighborhood: Lincoln Square/Upper West Side
Address: 50 Riverside Blvd
Units Sold: 85
Median Sale Price: $2M
The building bore the brunt of the "poor door" controversy in 2014 when plans were announced that showed it would have a separate entrance serving its 55 affordable units.
Developer: Fortis Property Group and Wonder Works Construction
Neighborhood: Hell's Kitchen
Address: 540 West 49th St
Units Sold: 86
Median Sale Price: $1M
This project is comprised of two seven-story buildings with a 6k SF courtyard in between, spanning the full block between 48th and 49th streets. Units top out around $3.5M. Nearby development like the Durst Organization's pyramidal 625 West 57th St. promise to fuel a development boom in the area that'll have major staying power.
Ownership: Housing cooperative
Redeveloper: Hudson Cos and Related Cos
Neighborhood: Roosevelt Island
Address: 551, 555 and 575 Main St, Roosevelt Island (technically part of Manhattan)
Units Sold: 166
Median Sale Price: $310,595
Existing residents of this former Mitchell-Lama development can buy a rehabbed unit at a steep discount--in the ballpark of $200/SF. As part of a program to keep Roosevelt Island affordable, folks who buy through the discount program and later sell can only sell to moderate-income buyers who'll also be paying under market rate. Market-rate units are also offered as part of a redevelopment by Hudson Cos and Related Cos.
