New York’s 10 Best-Selling Condo Projects In 2015
Developer: HFZ Capital
Neighborhood: Hell’s Kitchen
Address: 301 W 53rd St
Units Sold: 50
Median Sale Price: $1.5M
In late 2013, the units in this 348k SF building were converted from rentals to condos. The newly refitted building is being billed as a slice of “true New York character in the heart of Manhattan” by the developer, with most of its “affordable luxury” units going for $3M or less. Sales opened in January of last year.
Developer: HFZ Capital
Neighborhood: Turtle Bay
Address: 305 E 51st
Units Sold: 76
Median Sale Price: $2.5M
This modern 32-story building features a total of 123 luxury units, with amenities like an indoor gym, a swimming pool, a yoga studio and a Rainbow Room-esque communal Sky Lounge.
Developer: The Stahl Organization
Neighborhood: Downtown Brooklyn
Address: 388 Bridge St
Units Sold: 88
Median Sale Price: $1.3M
Brooklyn’s tallest tower affords its residents sweeping views of the Manhattan skyline and the surrounding borough. The condo-rental hybrid has 234 rentals and 144 condo units, with all the amenities you’d expect from a Manhattan high-rise, like an indoor gym, a media room, a rooftop viewing deck and a communal lounge. Easy access to 11 different train lines makes commuting into Manhattan a breeze.
Developer: Cord Meyer Development
Neighborhood: Forest Hills
Address: 180-20 71st Ave
Units Sold: 89
Median Sale Price: $845k
The luxe units in this striking Queens tower are distinguished by designer kitchens, spa bathrooms and spacious, well-lit living rooms. Amenities include an indoor gym, an outdoor terrace and on-site parking.
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 spans the full block of 48th and 49th streets and consists of two seven-story buildings separated by a 6k SF courtyard. Units top out around $3.5M. Nearby developments 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.
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
Another rental-reborn-as-condo conversion. In this project, 324 rental units became 164 luxury condos, as well as a fitness center, a playroom and a rooftop park.
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, replaced with a design by H. Thomas O'Hara where part of the building is cantilevered over an adjoining low-rise apartment building.
Developer: Sigmund Sommer
Neighborhood: Glen Oaks
Address: 27240 Grand Pkwy
Units Sold: 112
Median Sale Price: $610k
Built in the early '70s, this three-building luxury co-op features a total of 1,800 residences framed by rolling lawns and an 18-hole golf course. The three towers are linked by a shopping arcade that includes dining, shopping and even a movie theater.
Developer: Extell
Neighborhood: Lincoln Square/Upper West Side
Address: 50 Riverside Blvd
Units Sold: 85
Median Sale Price: $2M
This 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: 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 per 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.
