New York City — especially Manhattan — may seem to have little room left on which to build, but when it comes to finding space for new residential construction, there’s always something new around the corner. While the occasional co-op building does still get built from scratch in the city, the vast majority of conversions and new construction are intended as condos, says Tim Norton of Cantor Pecorella, a marketing firm that represents many developers and their projects.
The reasons for the disparity are simple, according to Norton. “There are a lot more benefits to condominiums than co-ops,” he says. “With a condominium, you own your home free and clear, there are a lot fewer restrictions, and more freedom for the individual owner.”
And while talk of a slowdown in the city’s real estate market has been swirling for months, it appears to be mostly rumor and conjecture, at least for some developers and brokerages. For example, developer Related Residential Sales claims that in less than a year, their own newest properties are between 65 percent and 85 percent occupied, and sales are brisk. With that in mind, here’s an update on some of the city’s newest and upcoming properties.
In every neighborhood and borough it seems, the noise of construction activity is evident. From the farthest reaches of Manhattan to across the Verrazano Bridge, projects are going up faster than a supersonic transport. According to Yale Robbins Inc.’s Guide to Construction Activity in New York City, there were 7,954 newly constructed and renovated units scheduled to come online in 2005, and another 7,562 on tap for 2006 just in Manhattan alone up to 96th Street. Further uptown north of 96th Street in Manhattan another 4,459 units are either in the process of being built or on the drawing board. Proposed new construction and alterations planned for Manhattan neighborhoods in 2007 and beyond is nearly 25,000 units. In Brooklyn over 15,000 units are in the pipeline or proposed; Queens has 9,340 units of new construction and renovations planned; the Bronx, 3,866 units of new construction; and Staten Island, nearly 300 units.
The Upper East
Related Residential Sales has several new projects in the works all across the city, mostly focusing on super luxury high-rise condominiums. One of the company’s three newest projects is One Carnegie Hill, at 215 East 96th Street, which features amenities and interiors designed by David Rockwell, and is offering both rental and for-sale apartments. Ground broke on the 42-story, 475-unit tower in the summer of 2004, and the project was finished this past summer. Future Related developments include Riverwalk Place and Riverwalk Landing — two projects Related is promoting as the first luxury condominiums on Roosevelt Island.