From the far West Side to the Lower East Side to Downtown, scaffolds are being raised and new residences are being built all over Manhattan. Just a few years ago, new construction of these types would have been scoffed at. Now the times they are a-changin,’ to quote Bob Dylan.
“There are a number of very active developers in New York today developing condominium properties,” says Stephen Kliegerman, President of Halstead Property Development Marketing in Manhattan. “The difference between the developers of today and those who developed pre-2008 is that now most of the developments are being done by major developers rather than first-timers – developers like L&M, Savanna, SJP Properties, Adam American, Toll Brothers, Related, Extell, and Tishman are but a few of the top developers active in today’s market.”
According to Gordon Hoppe, Executive Vice President of Corcoran Sunshine Marketing Group, also in Manhattan, there will be approximately 4,000 to 5,000 new residential units added to the Manhattan market in the coming year or so.
“2018 will be an exciting year for new development as major developments across several neighborhoods come to market,” notes Hoppe. “Developers have been cautious about flooding the market with new inventory and are making measured decisions about exactly when to bring their product to market.”
The majority of new development and construction generally happens below 34th Street, explains Hoppe. This is due, in part, to the many prime residential neighborhoods to choose from in this area of Manhattan.