By Ilana Siyance
Developers’ aspirations are quite higher this year compared to last year. The 10 most pricey condo offering plans accepted by the attorney general’s office this year showoff a total projected sellout of $3.14 billion. As reported by the Real Deal, that’s close to 70 percent higher than last year’s top 10 most expensive condo projects, which had an expected sellout of only $1.86 billion. The 2021’s filing were emulated 2019, when the top 10 projects amounted to $3.1 billion. The 2021 filings are still quite shy from 2018’s accepted projects, where the top 10 projects expected a total sellout of a whopping $7.3 billion. That year, there were two star projects, which each sought $2 billion in total for the condos. Since then, we have not again seen even a $1 billion condo project.
The top 10 condo filing list for 2021 features four projects on the Upper East Side, with a projected total of 187 residences and a combined sellout of $1.18 billion. Naftali Group is behind two of those projects, namely The Bellemont and 200 East 83rd Street. In total, for the two projects, Naftali is aiming to add 98 luxury homes for a total selling price of $765 million.
As per The Real Deal, the most expensive filing for 2021, with a sellout price of $560 million is The Cortland, in West Chelsea. Related Companies aims to develop a 25-story building with 144 units overlooking the Hudson River and Hudson River Park. Next on the list is 200 East 83rd Street, by Naftali together with Rockefeller Group, with a projected sellout price is $544 million. The tower, being designed by Robert A.M. Stern Architects, will boast 83 condos, an automated parking garage, children’s game rooms, and a fitness center with a 70-foot pool. Third on the list is The Solaire in Battery Park with a total sellout price of $475 million. The building, being developed by Albanese Organization and Northwestern Mutual, will have 293 units.
Developer Michael Shvo’s conversion from offices at 685 Fifth Avenue made it to fourth on the list. Ten floors will be added to the existing building to deliver 69 posh residences, with a rooftop pool and terrace. The project sellout price is $343 million. Number 5 on the list is The Era, with a sellout price of $275 million. The Upper West Side building, being developed by Adam America Real Estate and Northlink Capital, will offer 57 condo units.
Notably, this year’s filings have no glassy towers. Stone and brick facades with large windows are the new faze.