march!6,!2017! new york city makes way for large ... york city makes way for large developments and...

March 6, 2017 New York City Makes Way for Large Developments and Boutique Condos Here’s what’s coming to the Big Apple in spring 2017 BY ARIEL RAMCHANDANI ORIGINALLY PUBLISHED ON MARCH 06, 2017| MANSION GLOBAL | A residence at 121 E. 22nd Street, an 18-story development slated for completion in fall 2018. 121E22ND.COM To make up for a lack of available land, New York City developers have, in recent years, been building increasingly taller towers, and making even more use of vertical space. But these sky-high developments have also created an oversupply in the market, and, according to a recent Olshan Luxury Market Report, the average Manhattan luxury property was on the market for 368 days, with an average price reduction of 6% off the original sales price. That said, there’s plenty more coming down the pipeline—both large developments and small boutique buildings—in what appears to be a more buyer-friendly market.

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March 6, 2017

New York City Makes Way for Large Developments and Boutique Condos Here’s what’s coming to the Big Apple in spring 2017 BY ARIEL RAMCHANDANIORIGINALLY PUBLISHED ON MARCH 06, 2017|MANSION GLOBAL|

A residence at 121 E. 22nd Street, an 18-story development slated for completion in fall 2018. 121E22ND.COM To make up for a lack of available land, New York City developers have, in recent years, been building increasingly taller towers, and making even more use of vertical space. But these sky-high developments have also created an oversupply in the market, and, according to a recent Olshan Luxury Market Report, the average Manhattan luxury property was on the market for 368 days, with an average price reduction of 6% off the original sales price. That said, there’s plenty more coming down the pipeline—both large developments and small boutique buildings—in what appears to be a more buyer-friendly market.

Page 2: March!6,!2017! New York City Makes Way for Large ... York City Makes Way for Large Developments and Boutique Condos ... developments have also created an oversupply in the market,

And, as part of a continuing trend, luxury has pushed past the confines of Central Park, into new neighborhoods all over the city such as Murray Hill, The Financial District, downtown and the West Side. Here are some new developments coming onto the market this spring: The Greenpoint at 21 India St., Greenpoint

thegreenpoint.nyc Located on the East River in Brooklyn’s Greenpoint neighborhood, right next to the ferry stop, the 95 condos begin on the 28th floor (with rentals below) for amazing views of the water and the Manhattan skyline. With over 30,000 square feet devoted to them, amenities will be a focus. There’s also 12,000 square feet of outdoor space, in addition to the waterfront park. The building will launch this spring and is slated to be finished in the spring of next year. Number of units: 95 Price range: To be announced Developer/architect: Mack Real Estate Group, Palin Enterprises/Urban Development/Ismael Leyva Architects Apartment sizes: Studio to three bedroom apartments Amenities: 30,000-square-foot amenities space including 12,000-square-foot outdoor space Website: thegreenpoint.nyc

http://www.mansionglobal.com/articles/55548-new-york-city-makes-way-for-large-developments-and-boutique-condos

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