2016 has been a bumpy year for NYC’s residential real estate market. In the third quarter, sales fell 18.6 percent in comparison to 2015. In 2016, only 17% of listings sold for above the asking price, compared to 31% in 2015. The city’s market for luxury apartments suffered, and proved unequivocally that the boom is over. Developers are now scrambling to build apartments geared towards a more practical $1 million to $3 million budget.
Here is the not too shabby list of the top ranked condo offering projects accepted by the Attorney General in the past year, as per The Real Deal. The most expensive project approved for the year is valued at a $1.7 billion at 15 Hudson Yards. A joint effort by developers Related Companies and Oxford Properties Group, the 88-story tower, approved in June, will build 285 market-rate condos and 106 affordable units. Construction commenced in 2014 and is expected to be completed in 2018. The average price for the condos, based on the 17 active sales reported by Street Easy, is $5.4 million, or $2,884 per square foot.
Related Companies is also the developer for the second most pricey project, that at 70 Vestry Street in Tribeca. Of the full amenity luxury building’s 47 apartments, 26 units will have price tags over $10 million, with two penthouses priced above $50 million. The value of the building, based on projected sellout, is almost $698 million.
The next building on the list is 565 Broome Street, designed by Renzo Piano, the Pritzker Prize-winning architect. The development is valued at $650.9 million. Of the 115 apartments in the building, which should be ready next year, prices range between $1 million to $20 million.
Developed by Extell, The Kent at 200 East 95th Street, boasts a value of $535 million. The 23-story, upper-east-side development, will have 104 units upon completion next year. Based on the current seven active sales, the average price of apartments is $4.8 million or $2,246 per square foot.
The fifth priciest residential development approved in 2016 is at 121 East 22nd Street. Valued at $459.2 million, the building is being developed by Toll Brothers City Living. The building, located between Lexington and Park avenues, will have 133 apartments ranging from studios to five bedrooms.
By Helen Zaboulani