Looking at the new development market in New York City you will find that the majority of projects are luxury condos in New York.
No longer is it profitable for developers to pursue ground up rental projects in New York City. With that in mind, development of luxury condos in New York is at an all time high. Land prices at an all time high have driven developers to turn to luxury condos in New York, especially with both foreign and domestic investors demanding luxury condos in New York. As a result the average price of luxury condos in New York have risen just under twenty percent in the past year. And though the pockets of the luxury condo buyers have become deeper, the current trend in today’s condo development is the taller, the skinnier the better.
In Midtown Manhattan alone, four super tall skyscrapers have been built within a handful of blocks of each other. Currently One57 holds the record at 1005 feet making it the tallest residential building in New York City. While luxury condos in New York continue to boom it seems this record will soon be broken. It’s predicted that within the next two years two other luxury condos in New York will take the crown, with 432 Park Avenue and 111 W. 57th Street expected to be looking down at One57. Looking further down the road, 2018 expects to see the Nordstrom Tower at 225 West 57th Street open at 1,775 feet, only being a foot shy of the new One World Trade Center. It seems wherever space is limited, particularly in cities like New York, luxury condos are growing, both in demand and in height. And with available lot space tending to be on the smaller side, it makes sense that the buildings are getting skinnier than condos that have been in New York City for decades.
Those in the real estate industry in New York City say there are several factors at play. Most notably is the demand for luxury condos in New York by international buyers and corporate big wigs looking for an investment for their money. As in the case of One57, this hot spot for residential development attributes its highly desired proximity to Central Park and a special Midtown zoning district with no height restrictions. Developers are taking that freedom and reaching new heights, offering future residents spectacular views of Central Park and the river.
With the demand for luxury condos in New York far from cooling, the market will continue to ask for the highest prices seen in luxury real estate in years and as long as there is demand, developers will continue to ride the boom.
This blog is brought to you by: http://www.blurealtygroup.com