While the real estate market across the country has cooled in general, it's still going strong in New York. The New York City market has always stood apart from the rest of the country, for reasons that everybody here practically knows by heart: limited space, high demand, lots of people with lots of money, and highly desirable, one-of-a-kind properties. Whether buyers hope to reside in historic buildings or state-of-the art modern architecture, New York's real estate market without question offers some of the most sought-after properties in the world.
To meet the demand for apartments, a multitude of new projects have been completed for 2007, are currently underway or are on the horizon for the near future. Interestingly, a significant number of new construction projects are condominiums, which will put more condos on the market than in years past.
New construction, conversions and development are occurring across the entire city, but for 2007, several areas are seeing more concentrated growth.
"We're seeing a lot of new development in West Chelsea, which is fast becoming one of New York City's most important artistic centers," says Kelly Mack, president of Corcoran Sunshine Marketing Group. "With the breadth of art galleries coupled with so many top architects like Jean Nouvel and Audrey Matluck designing new buildings in the area, West Chelsea is becoming one of New York City's most vibrant neighborhoods."
Pamela Liebman, president and chief executive officer of The Corcoran Group, concurs. "The new Jean Nouvel Tower at 100 11th Street is an example of really beautiful architecture, and it's going to attract a lot of attention from downtown buyers," she says.