New Development Spotlight

Summer Highlights

Was there a summer slowdown? Maybe for some but not for all. Despite naysayers chattering about higher interest rates, harsh inflation and stock market swings, August saw increased new development activity compared to July. According to Marketproof, 259 contracts were signed, just shy of the 261 signed in June.

The strong August may be due to improvement in the stock market in the first half or the month, temporary reduction in interest rates, and buyers wanting to be settled in time for the fall. This indicates the continuation of a stable level of demand in NYC and developers are confidently selling at pre-Covid levels.

Here are some developments which saw consistent demand this summer:

The Cortland: Elegran agents toured this elegant water-facing property overlooking the Hudson River developed by the Related Companies and designed by RAMSA. There are 144 residences located across two towers offering studios through 5 bedrooms and priced from $1.7M. Closings have begun. The site is reporting an impressive 8 sales per month and approximately 15% of the 144 residences have sold, with two of the largest homes in contract. Amenities include; the Related Life array of lifestyle services complimented by an entertainment lounge, the Hudson Terrace, wellness and fitness spaces, a 75-foot pool, golf simulator, screening room, children’s play room and more!

208 Delancey launched just over a year ago and already reports that more than 50% of the 85 units are in contract. Developed by New Empire Corp and designed by ODA architecture, SM Tam Architect, the building offers studios through 3 bedrooms priced from $699K to over $3M at an average price per square foot of $1,890. The unique curved design and abundance of outdoor space has resonated within the marketplace. Amenities include a courtyard oasis, parlor and resident lounges, dining, billiards, conference rooms, fitness center, rooftop terrace and storage for sale.

Front & York and Magnolia Dumbo: Another interesting, expansive offering is the condo/rental development of Front & York and Magnolia Dumbo. Elegran recently toured the latter, developed by RXR and designed by Morris Adjmi Architects. Located at 160 Front Street, Magnolia Dumbo, the rental component offers studios through 3 bedroom apartments. Current concessions include a free month on a 1 year lease and 2 free months on a 2 year lease. Rents start from approximately $3,900. Residents have exclusive access to the Magnolia Club on-site amenities for $100p/m, including a pool. Life Time fitness will offer an additional array of fitness and wellness amenities to members and is accessible to both the rental and condo components. Both properties surround an expansive private park.

Developer CIM Group, LIVWRK has been marketing the 207 condominiums located at 180 Front Street which completes the four buildings surrounding the private park. Sales began mid-2019 and have reported the third most contracts signed in the borough in 2021. Prices range from $960K — $8M and includes studios through 4 bedrooms. The Level 8 provide residents with an elaborate resort-style amenity club.

Honorable mentions: Two of Extell’s largest properties; One Manhattan Square sold 441 out of the 814 units (55%) and is the building with the most units sold in the past 12 months. Brooklyn Point has sold 307 of the 482 residences (64%) with an impressive pace of 7–8 sales per month over the past year*

Please contact us if you would like to learn more …