If there’s ever been a time start your house hunt and lock down the perfect pad, it’s right now.
From Midtown to Midwood, Boerum Hill to Bed-Stuy and Long Island City to Jersey City, there’s a gaggle of new residential projects coming to market this fall. Some are new development, while others are conversions. But all add to a massive rush of new opportunities for homebuyers citywide.
“We estimate that, in 2015, about 7,000 units are entering the market, and probably a similar, but lesser amount next year,” says property appraisal maven Jonathan Miller, though he adds this volume is still below the city’s 2004-to-2007 peak. “What you’re seeing took several years of planning … it’s at critical mass now. You’re seeing a ramp-up of product.”
And speaking of product it’s quite diverse: There will be everything from a super-tall Billionaires’ Row tower on 57th Street to a boutique synagogue-to-condo conversion in the East Village. Some projects are crafted by award-winning architects; others masterminded by up-and-comers.
Projects include 111 West 57th Street, 100 East 53rd Street, 118 East 59th Street, The Bryant, XOCO 325, 520 West 28th Street, Gramercy Square, 520 Park Avenue, 212 Fifth Avenue, The Fitzroy, 280 Saint Marks Avenue, 77 Condominiums, 415 East 6th Street, 1 Great Jones Alley, 52 Wooster, Citizen360, 465 Pacific Street, 55 West 17th Street, 275 West 10th Street, 180 East 88th Street, The Sorting House, 30 Warren, Thirteen East + West, The Gibraltar, 40 Somers Street, 19 Park Place, The Lighthouse Condos, Navy Green, State + Bond, The Residences at Prince, Flushing Commons, The Dutch and The Oakman.
To be sure, New York real estate is so hot that prices are high, but that also means developers are doing everything they can to build, build, build so that there are enough apartments to go around at every price point.
After reading this, you can brag about knowing some Catalan — a regional language largely spoken in eastern Spain. The 21-unit XOCO 325 (”xoco” meaning chocolate in Catalan) is a ground-up condo aptly situated on the site of a 19th-century chocolate factory, and it is launching sales this fall. Located at 325 West Broadway in SoHo, the DDG-developed, designed, built and managed project will have one- to four-bedroom pads standing 1,055 to 4,837 square feet, with prices from $3 million. Apartments will have custom-designed white oak and white lacquer cabinetry with solid wood edging in the kitchens, as well as Gaggenau appliances and Sub-Zero wine coolers. XOCO 325 will also include a fitness center, 24/7 concierge/doorman, a private garden, private storage and bike storage. Occupancy and completion are slated for 2016.
180 East 88th Street
Meanwhile, DDG has another project in the works on the Upper East Side.
It’s developing, designing and building 180 East 88th Street — a 32-story condo project with 48 plush pads. Reports say it’ll be the tallest Upper East Side tower north of 72nd Street.
The exterior, which will have 30-foot-high masonry arches on its top floors, will feature hand-crafted brick imported from Denmark.
Two-bedroom homes will start around $3.4 million, three-beds will start around $4.5 million and four-bedrooms will list for roughly $7 million when sales launch this fall.