The cracking. The bubble. Pressure. Whatever you call the current housing climate, the good news is that more concrete and steel boxes are coming to market soon.
According to Robin Schneiderman, general manager of Brown Harris Stevens Development Marketing, some 1,108 new condominium units in about a dozen buildings will be listed in Manhattan by the end of the year.
This number increases several times when the outer boroughs are counted – nevertheless, the citywide inventory is lower than it was before the pandemic and even from one decade to the next. Fewer than 6,000 units are available for the first time since before the pandemic.
“If Manhattan continues its annual pace of selling over 2,000 units in 2021, there will be fewer options for new development buyers through 2023 and beyond,” Schneiderman said.
The good news is that the upcoming new developments offer a lot to tell.
Along the High Line, the Bjarke Ingels-designed XI is stuck at 76 11th Ave. since its developer went bankrupt. Now, with new owners, construction is once again underway on the two twist towers, which have 87 and 149 units respectively, and sales could start as early as this year.
Meanwhile, 450 Washington, Related’s relaunch of the former Truffles Tribeca rental property on the West Side Highway may also begin selling before the end of the year. Another name change is the Selene at 100 E. 53rd St. He kicks off sales and reopens his Michelin-starred restaurant 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.
This is just a taste of the action to come in the city this year. Here’s a look at some of the most important new buildings that will launch sales in 2022.
Size matters to JDS, the developer behind Brooklyn’s tallest new building aptly dubbed Brooklyn Tower. Measuring 92 stories – just 10 stories lower than the Empire State Building – with 547 units, the mixed-use skyscraper sits on a triangular lot on DeKalb Avenue near Flatbush Avenue.
Opening later this summer, the tower launched sales of its 150 condominiums last month.
It also has 450 rental apartments, all of which start on the 52nd floor. The development, which began in 2018, was designed by SHoP Architects, the masterminds behind JDS’s other 11 W. 57th St. supertall in Manhattan. The hexagonal building’s interiors, which feature bronze, marble, and spire columns, were designed by Gachot Studios.
Amenities include 120,000 square feet of indoor and outdoor experiences like a 75-foot outdoor pool surrounded by a huge Guastavino dome, terraces, a hammock lounge, alfresco 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-bathroom penthouse. The apartments feature 11 foot ceilings, black granite counter tops, European white oak flooring, Miele appliances, floor to ceiling windows, Breccia Capraia marble walls and custom Bianco Dolomite hexagonal mosaic floors.
“The tower’s design is undeniably the most impressive in the borough,” said Michael Stern, founder and CEO of JDS Development. “This is the biggest new release on the horizon and our diverse inventory welcomes 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 newest 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 luxurious blocks paying homage to the building’s history, while introducing modern benefits. CetraRuddy Architecture took care of the design.
But it’s not just the history that makes this building one of a kind: thanks to legal changes introduced in 2019 that prohibit condo conversions, it’s the last condo rental project the city will likely see before many years.
Sales of the project launched in April and for $3.8 million buyers will get a 1,700 square foot, three bedroom, 2½ bathroom apartment, while for $7 million you can expand with a 2 700 square foot, four bedroom, 3½ bath home.
Benefits include custom cabinetry with fluted glass, handpicked variegated smoked oak and antique bronze finish, Naica quartzite countertops with subtle gold veining, European oak herringbone floors, modern millwork, ceilings to restored trays and bathrooms that are meant to be “reminiscent of a Parisian dressing room.” Amenities include a pet spa, “secret” gardens with formal seating, a banquet hall, fitness center form, various lounges and gathering spaces, including a children’s playroom.
“It’s a gem,” said Stephen Kliegerman, president of Brown Harris Stevens Development Marketing. “Our buyers will reside in a meticulously preserved pre-war building with access to modern interiors and amenities.”
Luxury hotel houses are all the rage and the Mandarin Oriental wants you to check in forever.
His residences will open soon, perched in the center of 53rd Street.
The original building designed by Sloan & Robertson from 1926 was remodeled by Michael Shvo. He partnered with Marin Architects to reimagine the 29-story, 69-unit conversion. Features include curated dining experiences by star chef Daniel Boulud, a rooftop lounge with fire pits, fully furnished apartments, a spa with a lounge, and the only rooftop pool on Fifth Avenue.
Inside, there are Molteni kitchens, custom champagne fixtures from Dornbracht gilded with 22-karat electroplated gold, Frette linens on hotel-style beds, Italian Acqua di Parma personal care products in the bathrooms. bathrooms, Lavazza espresso machines and more.
Sales launched in December and prices start at $2.4 million for a studio and $7.48 million for a two-bedroom, reaching as high as $15 million for one of three penthouses.
The former headquarters of Gucci, the project is expected to complete construction and welcome residents by the end of 2022.
The Corland555 W. 22nd St., Manhattan
Who said no to a water view?
The Cortland, a 25-story, 144-unit building designed by Robert AM Stern Architects and Olson Kundig was designed to look historic, but it’s actually brand new.
Made up of hand-laid bricks for the facade (how long did that take?!), the building at 555 W. 22nd St. fits right in with Chelsea’s maritime and industrial past, but promises the classiest extras on the market.
Its luxury amenities include a private car court, event lounge, game room, screening room, double-height children’s playroom, 75-foot swimming pool, children’s pool, squash court, a gym and a yoga studio.
Apartments feature high ceilings, open-plan living and dining areas, floor-to-ceiling windows with panoramic water views, marble fireplaces and outdoor terraces in some units, brushed Italian artisan metallic lacquered cabinetry by hand, Statuario Belgia marble imported from Carrara, marble bathrooms from the Henraux quarry (one of the oldest in Italy), rain showers, heated floors, etc.
The building should receive its occupancy certificate this summer.
“The Cortland is a truly design-driven building that represents a remarkable collaboration between two architectural icons,” said Andrew Orchulli, senior vice president at Related Companies. “The classic exterior, modern interiors, hospitality-focused amenities, and prime location across from Hudson River Park will provide a living experience that is only available at Cortland.”