The luxury real estate in NYC is being driven primarily by the surge in new condo development, a market that has become highly successful. Luxury real estate, specifically luxury new development, remains a hot topic in the luxury real estate industry.
New condo development, particularly in the luxury market sector, is on the rise as new developments spring up throughout NYC. In the midtown area alone 220 Central Park South, 111 West 57th Street, 432 Park Avenue, the Nordstrom Tower, and 53 West 53rd Street are just some of the new condo developments boasting luxury real estate in NYC. Highly sought after, these new developments also are experiencing a surge in sales thanks to the influx of foreign investors who are interested in investing in luxury real estate in NYC.
Considered a very desirable part of the city, the lower west side as well as the Upper West side has seen a surge in new development of luxury real estate as well. 210 West 77th Street, the Naftali Group’s new development reported that four units were on the market before even being under construction. The lower west side will see the construction from the ground up of an eleven story condo at 520 West 28th St. within close proximity of the High Line to be designed by renown architect Zaha Hadid.
As new developments spring up all over the city, the Upper East side is seeing its share of new developments in luxury real estate in NYC. Developers aim to convert 200 East 62nd Street, 160 East 88th Street and 305 East 86th Street into luxury condos this year. Perhaps the biggest news regarding the upper east side is upcoming plans to convert the rental building, Carnegie Park at 200 E. 94th Street into luxury residences.
Whether in the form of a new development construction from the ground up or the conversion of rental properties where demand has dropped, luxury real estate in NYC seems to be on a steady rise as the industry continues to see rentals converting to condos in this market that continues to remain steadfast.
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