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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

The Real Deal

NYCs New Condo Wave

A close-up on the new construction projects on the market and in the pipeline

By Katherine Clarke

New development condos have been in the spotlight recently, thanks in part to the success of Extell Development’s One57.

In May, Extell announced that the building (after hitting the market six months earlier) had sold 50 percent of its units, and had reached a milestone of $1 billion in sales. The 90-story glass tower, which topped off last month, also announced that one of its penthouses had sold for somewhere between $90 and $100 million, a new high mark for condo prices in New York City.

Extell president Gary Barnett told The Real Deal that the lack of new construction in the last few years has helped drum up demand for his project.

“For the next couple of years, we’re probably the only game in town — especially for that kind of quality,” he said.

But One57 isn’t the only new development in the city doing well. The median listing price for new development condos in Manhattan grew by 10 percent in May to $1.49 million, up from the same period of last year, according to a report released by listings aggregator StreetEasy.

Contract activity and median sales prices for new homes in Manhattan and Brooklyn also increased year-over-year, the report said.

This month, The Real Deal mapped out all of the major Manhattan and Brooklyn for-sale buildings with at least five sponsor units still on the market. We found around 55 buildings in Manhattan, and roughly 20 in Brooklyn. We also took stock of the projects currently in the pipeline and slated to hit the market in the next several years.

The condos on our list came from StreetEasy, which often receives advance information about upcoming new developments, as well as from brokers, developers and news reports.

It’s tricky to pin down exact figures about units in the pipeline, since developers often keep details under wraps when a project is in the planning stages. But TRD’s analysis found more than 50 new condo buildings — roughly half in Manhattan and half in Brooklyn — some with hundreds of new units on the drawing board. The Marketing Directors put the number of condo units expected to hit the market in the next several years at about 5,580. In contrast, around 7,500 new condo units per year are absorbed in the city annually, according to the firm.

As a result of this inventory shortage, prices are expected to rise for all condos, new and old.

“There’s not a whole lot of people going crazy [building new developments,]” Barnett added. “It’s not easy to get projects done. It’s not easy to get financing. The leverage levels are way down.”

Extell, he noted, has several projects in the pipeline, including the 68-unit Helmsley Carlton House, a former hotel property set to return as a luxury condo in 2013.

Read on for a closer look at the Manhattan and Brooklyn buildings that hit the market in 2012, and a sneak peak at what’s coming down the pike.

Fino 122 (19 units)

122 Adelphi Street

Fort Greene

New Fort Greene condo Fino 122 launched sales in February. The 11-story property is comprised of one-, two- and three-bedroom units with price tags ranging from $295,000 to $3.3 million.

The building, developed by Fort Greene resident and Venezuela native Antonio Calvo, is more than 15 percent sold, according to Halstead Property Development Marketing, which is handling the sales.

The project features private, keyed elevator access to all apartments, parking, a private roof terrace and a fitness and recreation room.

The project is Calvo’s fourth in Fort Greene. He told TRD that he first acquired the site in 2005, but spent three years acquiring surrounding air rights before starting construction. The development was held up for another year because of an error on a document he submitted to the city Department of Buildings, he said.

Sunday, July 01, 2012

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