When one looks at the real estate market in New York City—which, excluding such homeowners’ havens as Bay Ridge, Bayside and Staten Island, usually means the apartment market—one sees a picture similar to last year. All over the country, one hears about “the real estate bubble bursting,” but that metaphor doesn’t seem to have reached New York yet.
Whether looking at online or print listings, one sees hundreds of pages of new condos for sale in Williamsburg, Harlem, Tribeca, Bushwick, Prospect Heights and other areas. Prices can range from about $270,000 to tens of millions of dollars, and the names associated with new projects in the city read like a who’s who of real estate investment and development. Developers with projects on-deck for occupancy this year and 2009 include Gary Barnett (Extell), Richard Meier, Mario Percedo, Steven Ross (Related), Jeff Levine (Douglaston Development), Ron Moelis (L&M Equities), Toll Brothers, Veronica Hackett (The Clarett Group), Bruce Ratner (Forest City Ratner), Joe Moinan (the Moinan Group), Ed Minskoff (Minskoff Equities), The Albanese Organization, The Sheldrake Organization, LCOR, SJP Properties, Alchemy Properties, Boymelgreen, Don Capoccia (BFC Partners) and ARC Development.
“It’s not like anyone has stopped [building],” says Frank Percesepe, vice president of residential sales for The Corcoran Group in Brooklyn, and some companies have multiple projects in the works, or recently completed and ready for buyers. For example, Rockrose Development has just brought to market 99 John Deco Lofts, a 442-condo conversion in the Financial District, and a 184-unit development called The View at East Coast in Long Island City, reports Kathleen Scott, a spokesperson for the company.
According to Steven Spinola, president of the Real Estate Board of New York (REBNY), other high-profile development projects include Extell’s Rushmore, the Albanese Organization’s William Beaver House and Visionaire buildings, W New York Downtown by the Moinian Group. Other developments, such as the Brompton and Harrison condos by the Related Companies and Forest City Ratner’s Beekman Tower, are slated for occupancy in 2009.
To these, Percesepe adds 101 Warren Street, “A wonderful building waiting for occupancy and totally sold out”; the Superior Ink condos in the West Village, “A very high-end luxury building right on the Hudson River. Those are just the ones that come to mind. There are so many of them.”