Developers in New York City, anxious to recover from the country’s years-long economic and housing slump, have turned to condo projects to beef up their bottom line. The lack of new construction paired with the high demand that has been back logged over the last few years means that new condo developments are springing up all over town.
Experts say there are approximately 50 new condo buildings with hundreds of new units that are on the market in New York City. The number of units expected to come available in the next few years is estimated at 5,580. By contrast, New York sees around 7,500 new condo units absorbed annually.
This high demand coupled with a shortage of inventory has developers jumping at the chance to get in on this lucrative game. Here’s a look at some of the developments underway here in Manhattan.
Located in the West Village at 607 Hudson Street, this former nursing home features 10 units, including two penthouses. The penthouse units came on the market in April and are listed for $21 million and $19.5 million. Six other units were put up for sale last month.
Developers decided to release the penthouse apartments first to allow potential residents the option to customize their apartments and possibly combine units. Both penthouses are currently in negotiations for close to the asking prices.
The other units are all large in size at more than 3,200 square feet each. The smallest is listed for $8.75 million, while the largest is on the market for $10.75 million. The two remaining ground floor units will be available in the fall.
Located at 482 Greenwich Street in fashionable Soho, this nine-story building is the former studio of the late artist Arman. The building is comprised of eight units and was designed by Karl Fischer. Only three units remain.
Occupancy is scheduled for fall. Units are full floors approximately 2,470 square feet in size and feature three bedrooms. The remaining units are listed between $3.9 million and $6 million.
250 East 57th Street
This midtown development is currently under construction. It is situated on a 1.5 acre site and will include a Whole Foods Market, two new schools and a 59 story condo project with 320 units. It will also feature 78,000 square feet of retail space.
Whole Foods is scheduled to open this fall, and the residential units will be unveiled at the beginning of the year.
The Madison Jackson
Located at 371 Madison Street in the city’s Lower East Side, the Madison Jackson is a former school being converted into a 110 unit condo project. The loftlike units will range in size from 700 to 1,600 square feet, with a 7,000 square foot penthouse. Prices will start at $542,000.
The Toy Building
This 16 story property in the Flatiron district will be converted into 145 condos. Although plans are underway, it is not clear when units will hit the market.
211 East 13th Street
82 units comprise this condo project in the East Village, to be completed sometime next year. The building will feature a mix of studios, one, two, and three bedroom apartments, plus 4,500 square feet of ground floor retail space. Sales will launch in the spring of 2013.