Manhattan

Manhattan Investment Market: Foreign Buyers Drive Activity, but Uncertainty Persists

By Columbus International,16 April 20249 November 2024

Manhattan’s investment sales market kicked off the year with a bang, boasting its most robust three-month period since 2022. However, the surge in activity primarily stems from affluent foreign investors with their sights set on a handful of select properties. During the first quarter, commercial property transactions across the city amounted to a staggering $3 billion, with Manhattan accounting for $2.2 billion of that sum.

Although the transaction count was lower than any point since Q1 2023, the last instance Manhattan saw CRE sales surpassing $2 billion was in the final three months of 2022. A significant portion of the borough’s sales tally was attributed to a single deal—the $963 million acquisition of 715-717 Fifth Ave. by Gucci’s parent company, Kering, from Wharton Properties and SL Green. James Nelson, Principal and Head of Tri-State Investment Sales at Avison Young, remarked, “This perfectly illustrates the trend of luxury retailers purchasing their own properties within this market.” Another notable transaction was the $153 million sale of retail condos anchored by Home Depot at 401 E. 60th St. from Israeli firm Gazit Horizons to Hennick & Co., the family office of Canadian real estate tycoon Jay Hennick. Reportedly, Chanel and LVMH are vying for another Fifth Avenue tower.

Brandon Polakoff, Principal at Avison Young, noted, “Sales activity and demand primarily stem from the private sector, particularly foreign high-net-worth individuals driving the mid-market, with end-users fueling the high end.” However, these high-end transactions do not reflect the broader market, which still experiences significantly less activity compared to the long-term average. If the pace of Manhattan sales in Q1 persisted throughout the year, it would be 62% lower than the 10-year annual average. Nelson expressed optimism that potential rate cuts could stimulate buyers and sellers, but recent inflation news has dampened investor enthusiasm for the market. Uncertainty continues to shroud office properties as tenants gravitate towards premier offerings, leaving Class-B and C properties in limbo.

Although trophy assets remain unsold, properties at the lower end of the market are changing hands, indicating a significant decline in value. Political uncertainty has also cast a shadow over the housing sector, hampering sales of development sites and existing multifamily properties. Multifamily properties accounted for just a quarter of the total dollar volume in the quarter, despite being the most frequently transacted asset class. The second-largest sale of the quarter was A&R Kalimian Realty’s luxury residential building, The Aire, acquired by a joint venture between The Carlyle Group and Gotham Organization for $265 million. Meanwhile, Kushner Cos. sold its East Village portfolio for $41 million to Penn South Capital. However, the sale of 120-125 Riverside Drive by BGO to Aya Acquisitions for $31 million signaled potential trouble for parts of NYC’s rental market. The lack of significant multifamily sales also impacted development sites, with sales volume down 10% from the previous quarter. Nonetheless, the dollar volume for development sales witnessed a threefold year-over-year increase, reaching $205 million, as more condo developers entered the fray. Investors are eagerly awaiting the outcome of housing legislation in the state budget, as decisions regarding good-cause eviction and 421-a incentives will significantly influence their strategies moving forward.

Source: Bisnow

$49 Million Manhattan Penthouse Contracted: One High Line Makes Waves with Major Real Estate Overhaul

By Columbus International,13 February 2024

In one of the premier real estate transactions of the year in New York City, a lavish penthouse in Manhattan with an initial asking price of $49 million has entered into a contract. Spanning approximately 7,375 square feet, this opulent penthouse, featuring five bedrooms, stands out as the largest residence within the newly constructed condominium, One High Line, situated in the vibrant Chelsea neighborhood.

Alex Witkoff, co-chief executive of the Witkoff Group, involved in the development alongside Len Blavatnik’s Access Industries, revealed this information while refraining from disclosing the final sale price. Offering panoramic views encompassing 360 degrees, the penthouse boasts approximately 4,830 square feet of outdoor space, as disclosed by Alex Witkoff. Formerly recognized as the XI, this condominium project, comprising 235 units, spans an entire city block above the renowned High Line park. Although sales commenced in 2018 under the auspices of the original developer, HFZ Capital Group, financial difficulties led to project delays. Stepping in over a year ago, Witkoff and Access Industries took over, rebranding the development as One High Line. Since August, the building has witnessed the closure of 80 units, according to a project spokesperson.

In addition to the aforementioned penthouse, another unit, with an asking price of $52 million, entered into a contract back in June but remains pending closure due to its incomplete status, as noted by the spokesperson. The developers attribute the robust sales at One High Line to the heightened demand for expansive residences and the scarcity of family-oriented apartments in downtown Manhattan. In 2023 alone, deals totaling $600 million were struck at the building, with approximately 35 transactions exceeding $5 million. Alex Witkoff expressed optimism for surpassing the previous year’s sales, highlighting that many deals were secured early in the year before macroeconomic concerns arose.

Designed by the acclaimed Bjarke Ingels Group, One High Line comprises two striking towers and boasts around 20,000 square feet of amenity space, including a 75-foot lap pool, whirlpool, fitness center, co-working area, children’s playroom, billiards room, and dining facilities. Additionally, one of the project’s towers is set to house a 120-key Faena Hotel, scheduled for opening in early 2025. Despite an overall deceleration in the luxury real estate market in the previous year, downtown Manhattan witnessed several notable high-value condo transactions. Noteworthy among these were the off-market sale of a penthouse at 150 Charles Street for $52 million and the sale of another penthouse at 151 Wooster Street for $50 million. According to real estate appraisal firm Miller Samuel, while the number of luxury sales in Manhattan experienced a 5.9% decline in the fourth quarter of 2023 compared to the same period in 2022, the average sale price for luxury properties surged by 7.3% year-over-year.

Source: WSJ

Photo: One High Line Residences

Unveiling the Pinnacle: Time Out’s Picks for the Finest Global Cities in 2024

By Columbus International,24 January 2024

In the realm of entertainment, where cities often take on the role of the main character in beloved TV shows and movies, and serve as the muse for countless songs and artworks, New York City stands out as an iconic destination. Time Out, a prominent media company, has recognized this by naming New York City as the best city for 2024. Drawing insights from the perspectives of around 20,000 city-dwellers globally, as well as input from its network of writers and editors, Time Out curated a list of the world’s best cities.

Criteria such as the culinary scene, architectural marvels, and cultural vibrancy played a crucial role in the evaluation. Time Out aims not only to inspire travel but also to offer a global snapshot of city living. New York City secured the top spot, with its plethora of museums and a thriving theater scene being highlighted as contributing factors. The city’s international reputation also played a significant role, as it was deemed the most desirable location for relocation by city-dwellers worldwide. Claiming the second position on Time Out’s list is Cape Town, South Africa, a city described unanimously by survey respondents as “beautiful.” Its enchanting blend of sea, cityscape, and majestic mountains contributes to its allure. Time Out commended Cape Town for its rich cultural offerings, including late-night museum events, theater, comedy shows at Theatre on the Bay, and the newly opened Time Out Market Cape Town. Despite the accolades, Katy Scott, a Cape Town native now residing in France, emphasizes the city’s contrasts. While praising its unpretentious coastal charm, Scott acknowledges that many of its attractions may not be accessible to the majority of citizens due to persistent inequality.

To gain a deeper understanding of the city and its people, Scott recommends venturing beyond the tourist bubble and exploring sites like Robben Island and the District Six museum, both endorsed by Time Out for their engagement with South Africa’s apartheid history. Time Out’s top five cities also include Berlin, Germany (celebrated for its vibrant nightlife), London, UK (recognized for legendary pubs and free museums), and Madrid, Spain (applauded for exceptional dining and drinking experiences). Notable smaller cities in the top 10 include Liverpool, UK (ranked 7th), and Porto, Portugal (ranked 10th), the latter being lauded for its romantic ambiance according to survey respondents. Grace Beard, Time Out’s travel editor, highlighted the common thread among all the cities on the list—a strong community spirit and an undeniable vibe.

Resurgence in Big Apple Retail: A Beacon of Hope Amidst Economic Challenges

By Columbus International,23 January 2024

In the face of the pandemic’s challenges, New York City’s retail sector has not only weathered the storm but has emerged stronger than ever. Unlike many other segments of the city’s commercial market, retail has experienced a remarkable resurgence, with owners seizing opportunities to lease prime spaces at reduced rates and shorter terms, triggering a notable revival. Gene Spiegelman of Ripco remarked, “We’ve seen a fairly healthy amount of recovery, with rents down by an impressive 50%.” This decline in rental costs has sparked a feeding frenzy for well-located spaces, particularly benefiting vacant restaurants and luxury fashion fronts. A noteworthy transaction in this revitalized landscape is Dolce & Gabbana securing the unique former Hermès store at 695 Madison Ave. Similarly, Prada made a significant investment, paying $835 million to retail tycoon Jeff Sutton for a building at 724 Fifth Ave., along with the adjacent structure at 720 Fifth Ave., formerly dominated by Abercrombie & Fitch. Jeff Sutton had initially planned a slender new tower in the area next to the Aman Hotel in the Crown Building. However, it remains uncertain whether this development will proceed as originally envisioned.

The positive momentum in the retail sector is further complemented by favorable changes in mortgage rates. Since November, mortgage rates have been on a downward trend, aligning with a decrease in the 10-year Treasury yield—a crucial factor influencing loan pricing. The easing of these rates reflects optimism that inflation has cooled sufficiently for the Federal Reserve to consider interest rate cuts later this year. Currently, the average rate on a 30-year home loan stands at 6.6%, according to Freddie Mac. While this rate is lower than in previous weeks, it remains significantly higher than the 3.56% recorded just two years ago. This disparity has contributed to a limited inventory of previously occupied homes on the market, dissuading homeowners from selling due to the contrast in interest rates. Despite the easing of mortgage rates, existing home sales experienced a 1% decline in December compared to the previous month, reaching a seasonally adjusted annual rate of 3.78 million—the slowest sales pace since August 2010, according to the National Association of Realtors (NAR). Sales for December fell by 6.2% from the previous year, falling short of economists’ expectations. Lawrence Yun, Chief Economist at NAR, expressed optimism, stating, “The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.” In the midst of economic uncertainties, the resilience and resurgence of the Big Apple’s retail sector stand as a beacon of hope, signaling potential positive shifts in the real estate landscape as the new year unfolds.

Macy’s Stocks Surge 17% on Potential Acquisition Offer by Arkhouse and Brigade Capital

By Columbus International,12 December 2023

Macy’s experienced a significant surge of over 17% in its stock value early on Monday, driven by a Wall Street Journal report (via CNN Business) suggesting that the longstanding 165-year-old retailer, closely associated with the holiday season, may be the target of a potential acquisition. According to the report, Arkhouse Management, a real estate-focused investment firm, and Brigade Capital Management, a global asset manager, have proposed an offer that would provide shareholders with a 32% premium above Friday’s closing stock price.

The bidders have reportedly engaged in discussions with Macy’s about the proposal. The retailer’s response to the offer remains uncertain, with no official comments from Macy’s or Arkhouse. Brigade Capital Management has yet to respond to requests for comment. Macy’s, with 722 store locations across 43 states, Washington, DC, Puerto Rico, and Guam, operates a diverse portfolio, including 500 Macy’s branded stores, 55 Bloomingdale’s branded stores, and 160 Bluemercury beauty and skincare chain locations acquired in 2015. Industry analysts, such as Neil Saunders from GlobalData, speculate that Arkhouse may see potential value in Macy’s real estate. However, Saunders warns that a strategy focused on selling off real estate and potentially spinning off the e-commerce business could harm Macy’s as a retailer in the long run unless profits are reinvested to revitalize the core retail business.

Macy’s, along with other traditional department stores, has faced ongoing challenges, grappling with competition from online giants like Amazon and major retailers like Walmart and Target. The company has responded to these challenges by closing stores to cut costs, resulting in a 74% decrease in net income in the first three quarters of the current fiscal year compared to the previous year. Despite Macy’s attempts to support its declining stock price through share repurchases, the share price has fallen significantly from its peak of $73 per share in June 2015. The proposed $5.8 billion offer, while a 32% increase from the previous closing valuation, reflects a 75% decrease from the 2015 peak. Macy’s CEO, Jeff Gennette, who has led the retailer for the past seven years, announced plans to retire in 2024. The challenging retail landscape has prompted investor groups, including private equity funds and hedge funds, to consider acquiring struggling retailers. However, such interventions have not always led to successful turnarounds, often resulting in closures, as seen with notable examples like Lord & Taylor, Toys R Us, and Sears Holdings.

Valentino’s latest boutique has just landed at 654 Madison Avenue (Source: V Magazine)

By Columbus International,10 November 20239 November 2024

Valentino‘s latest boutique has just landed at 654 Madison Avenue. After introducing their innovative global retail concept in 2022, which revolves around creating distinctive spaces based on a reinterpretation of the building’s structure through various sales experiences and approaches to interior architecture, the new flagship store in Manhattan is now a pivotal destination for Valentino enthusiasts. Boasting a selling space of 1142 sqm, the new establishment is situated on the corner of Madison Avenue and 60th Street. The building spans three floors, including a basement, a ground floor, a mezzanine, and a second floor. Adorned with iconic columns and tall windows, the space is meticulously designed to provide a glimpse into the materials and architectural silhouettes that define the essence of the boutique’s interiors.

Each floor narrates a unique visual story through chromatic compositions and thoughtfully curated materials palettes, incorporating the maison’s signature red tone. Upon entering, customers are welcomed by grand double doors featuring sculptural marble handles, inspired by the work of artisans whose creations are showcased in Valentino stores worldwide. These handles, crafted in ceramic by the artist Massimiliano Pipolo, are also incorporated within the store. Visitors can explore the grand features of the building, including seven-meter-high ceilings, exposed steel columns (spanning all floors), and a rough concrete finish around the perimeter, highlighted by illuminated shelving dedicated to Valentino Garavani Accessories.

The space is intelligently divided into functional zones through bespoke elements, such as a commanding green onyx display unit at the center, and diverse materials like marble carpets and concrete on the floors that delineate specific areas and functions. Towards the rear of the store, various interpretations of the iconic Rosso Valentino are displayed, along with a dedicated area for footwear featuring floors and seating in contrasting travertine red against the luminous onyx and concrete shelving. On the second floor, the Valentino Women Ready-to-Wear collection is showcased in oversized red lacquered wardrobe structures and matching seating, complemented by chequered floors in white Botticino and black Nero Marquina marbles. La nuova boutique di Valentino è appena sbarcata al 654 di Madison Avenue

Source: V Magazine

In the Last Decade, Tech Titans Redefine Manhattan Real Estate Landscape: Google’s Bold Moves Leading the Way

By Columbus International,13 September 2023

In the past ten years, Google has taken massive strides in the Manhattan real estate sector, acquiring both the iconic Chelsea Market and the sprawling New York headquarters. The tech giant continued its expansion shortly after the pandemic with a historic $2.1 billion investment in the St. John’s Terminal construction project, marking the largest real estate transaction in the United States since the pandemic’s onset. This surge in real estate acquisition is not exclusive to Google alone. Amazon, Microsoft, Apple, Facebook, and Salesforce have also established their campuses on Manhattan’s West Side. This trend underscores how technology companies are rapidly overshadowing their counterparts in the banking and finance sectors, emerging as the dominant industry in the city post-pandemic.

These tech giants not only lead in employment growth but also dominate in terms of the number of companies. Twenty years ago, Tim Armstrong, now 50, became Google’s first New York-based employee. Reflecting on those early days, Armstrong remarked, “If you were hosting a cocktail party for everyone working on the internet in New York, you could have fit them all in a bar. Now, I imagine you’d have to take over Madison Square Garden and the Javits Center to accommodate everyone.” Data provided by the New York State Comptroller’s Office, as reported by Forbes, paints a vivid picture of this transformation. In 2020, the number of tech companies in the city exceeded 10,000, more than double the count from two decades prior, and nearly double the number of securities companies.

Tech employment has similarly grown, from 108,000 in 2000 to 167,000 in 2020, while the number of securities employees decreased from 190,000 to 176,000 during the same period. The tech industry’s dominance in Manhattan is evident in both overt and subtle ways. For instance, the Salesforce logo now adorns 1095 Sixth Avenue, replacing the previous MetLife sign near Bryant Park. Meanwhile, bank offices have quietly retreated. Since the aftermath of the 2008 financial crisis, the five largest U.S. banks by total assets—JPMorgan, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—collectively relinquished nearly 5.5 million square feet of office space in Manhattan, according to data provided by Real Capital Analytics. During the same period, just two tech firms—Google and Amazon—acquired approximately 6.5 million square feet of office space. Additionally, Apple, Microsoft, and Facebook secured leases covering millions of square feet across the city. In the midst of the pandemic, Facebook expanded its Manhattan footprint to 2.2 million square feet by leasing 730,000 square feet at the Farley Post Office building in Midtown. Apple also signed a 220,000-square-foot lease nearby at 11 Penn Plaza. Microsoft, on the other hand, holds an additional 200,000 square feet of leased space at 11 Times Square and was recently in negotiations to secure another 100,000 square feet at an undisclosed building in the Flatiron District.

Darcy Stacom, a commercial broker who represented Google in its real estate acquisitions, commented, “The city was always considered a financial services city, and now it’s seen as a financial services and tech city. It has never been said before in my career.” With over four decades of experience in New York City real estate, Stacom believes that this recent surge could position the tech industry to surpass finance as the largest occupier of commercial real estate in New York by the end of the decade. Google asserts that it is strengthening its presence in New York because of the city’s abundant talent pool, a rationale echoed by Amazon, Facebook, and Microsoft. In 2021, in the midst of the pandemic, Google announced its intention to hire an additional 2,000 people in the city, expanding its local workforce to 14,000 individuals, with a focus on sales and marketing personnel at its new property. William Floyd, Google’s head of public policy and government affairs, affirmed, “With concerns about whether New York would bounce back, we thought this would be the perfect illustration of our corporate commitment to New York. In New York, tech is not only an industry but also a vital part of the city’s other industries.”

Manhattan’s Luxury Real Estate: One High Line and 432 Park Avenue Lead the Way with 19 Prime Contracts Amidst Summer’s Heatwave

By Columbus International,21 August 2023

Last week, the luxury property market in Manhattan continued to move at a slow pace during the hot summer days. However, between August 14 and 18, a total of 19 homes were placed under contract, as reported in Olshan Realty’s weekly real estate transaction report for properties in the neighborhood with prices of $4 million or more.

The most prestigious contract of the week was awarded to a condominium located at 500 West 18th Street. This marks the fourth time that the Witkoff Group, led by Steve Wikoff, and Len Blavatnik’s Access Industries have secured the top contract of the week with their One High Line project. Unit PH32A, which was initially listed at $25 million, saw its price drop by $3 million from its launch in 2018 when it was known as the Xi. The project, consisting of two buildings – a hotel and a residential property – faced a foreclosure of over a billion dollars two years ago before being reintroduced to the market. The 5,700-square-foot apartment boasts five bedrooms and 5.5 bathrooms. Its standout features include a spacious kitchen, a 48-foot living area, and a living room that opens onto a 240-foot loggia. Residents can enjoy amenities from the adjacent Faena Hotel, such as a fitness center, a 75-foot lap pool, a golf simulator, and spa facilities.

The second-highest priced unit to go under contract last week was unit 63B at 432 Park Avenue. Originally listed at $24.5 million, the price was reduced from the $28 million it was listed for when it hit the market in February 2022. This corner unit spans 4,000 square feet and offers three bedrooms, 4.5 bathrooms, and 10×10 windows that provide views of Central Park, the city skyline, and the river. The unit features 12.5-foot ceilings and was purchased by the seller for $24.6 million in 2016. The supertall building located on Billionaire’s Row boasts 96 stories and offers top-notch amenities including a fitness center, a 75-foot lap pool, a private dining room, a garden, and a children’s playroom.

Of the 19 properties that were placed under contract last week, 14 were condominiums and four were co-op units. The only townhouse that was placed under contract belonged to the late Stephen Sondheim. The home of the eight-time Tony Award winner, located at 246 East 49th Street, was listed for sale in July with an asking price of $7 million. The combined asking price for all the properties amounted to $167.6 million, resulting in an average price of $8.8 million and a median price of $5.8 million. On average, properties remained on the market for 657 days and received a 9 percent discount.

New York City’s Urban Renaissance: from Offices to Homes, Unveiling the City’s Bold Transformations

By Columbus International,17 August 2023

There has been significant discussion surrounding the transformation of office spaces into residential properties in New York, accompanied by inquiries into the entities successfully executing these endeavors.

An analysis conducted by The Real Deal delved into alteration permits filed between 2022 and 2023, revealing the most substantial office-to-residential conversion projects.

The following are summaries of the five most notable ventures:

25 Water Street

Following the inauguration of Harry Macklowe’s One Wall Street in March, the mantle for the largest office-to-residential conversion in the country shifted to 25 Water Street. This project involves altering over 900,000 square feet of the building’s 1.1 million square feet. Formerly recognized as 4 New York Plaza, this 22-story office edifice previously housed notable occupants like the New York Daily News, American Media, and J.P. Morgan Chase. In the wake of the pandemic, these entities vacated the premises. The property was acquired by GFP Real Estate and Nathan Berman’s Metro Loft Management for $250 million in December. Their vision encompasses adding 10 additional floors and reimagining the interior to create open and well-lit spaces, including courtyards. Anticipated to yield around 1,200 rentals, the apartments will span from studios to four-bedroom units, accommodating approximately 50 residences on each floor. Certain units will feature 10-foot ceilings and dedicated home office spaces.

160 Water Street

The transformation of this 487,000-square-foot former office building in the Financial District is overseen by architecture firm Gensler. The project entails augmenting the existing 24-story structure by five floors. The resulting 586 rental units will enjoy access to shared amenities such as a rooftop terrace, gymnasium, co-working areas, dining spaces, a bowling alley, and a spa. The expansive redesign and expansion have secured financing through a $272.5 million loan from Brookfield Real Estate Financial Partners. Vanbarton Group, the developer, intends to reconfigure the building’s facade as part of the revitalization. Occupants are expected to begin moving in starting September 2024.

55 Broad Street

Located in proximity to the site of Lower Manhattan’s forthcoming tallest residential tower at 45 Broad Street, Silverstein Properties and Metro Loft Management are collaborating on the conversion of 55 Broad Street. This office building will be transformed into 571 market-rate rental units. The acquisition of the property, made in July from Rudin Management at a cost of $172.5 million, involved the former owner retaining a stake in the project. Recent permits filed in August have designated 49 Broad Street as the locus for a construction endeavor encompassing more than 400,000 square feet. This entails the addition of six stories to the existing 30-story structure. Among the amenities planned are a private club, fitness facilities, co-working spaces, and a rooftop pool featuring a landscaped sundeck and grilling area. The construction is slated to commence this month.

650 First Avenue

Acquired by Lalezarian Properties for $33.5 million on March 23, this eight-story office building in Murray Hill received the green light from the Department of Buildings for conversion into residential spaces. Upon completion, the property will encompass 23,000 square feet of commercial area and over 116,000 square feet of housing, according to official filings.

330 West 42nd Street

In Midtown, Resolution Real Estate is embarking on a significant undertaking involving the partial conversion of the McGraw-Hill Building at 330 West 42nd Street. As a designated city landmark with 33 stories and art deco architecture, the tower will witness the transformation of more than 560,000 square feet into 224 rental units. These units will span from studios to two-bedroom residences and will occupy floors 12 through 32. Notably, the renovation, totaling $100 million, will not impact office contracts; corporate lessees will continue to rent space on the lower floors. Prior to this overhaul, the owners expended $40 million to restore the building’s historic appearance, which included the removal of non-historical windows along one of the city’s prominent thoroughfares.

Manhattan’s Mega Condo Boom: Unveiling the Towering Gems Redefining the Skyline! (New York Post)

By Columbus International,19 July 202319 July 2023

Manhattan’s real estate market is witnessing a mix of boutique and larger-scale properties hitting the scene. Let’s take a look at some of the notable developments:

Eastlight (501 Third Ave.): Eastlight is the tallest building in Kips Bay, soaring 34 stories high. The condominium, designed by CetraRuddy, offers 144 units ranging from studios to two-bedroom apartments, with prices starting at $780,000. Notably, 17 of these residences feature “flex spaces” that can serve as home offices, gyms, or creative studios. On the 34th floor, residents can enjoy amenities like a terrace lounge with a dining area, a game room, and a fitness center.

212 W. 72nd St.: CetraRuddy is also involved in the conversion of 212 W. 72nd St., a former luxury rental building. The property now offers 126 units ranging from one to five-bedroom layouts. Prices start at $1.25 million for a 714-square-foot one-bedroom and go up to $8.3 million for a spacious 2,534-square-foot four-bedroom apartment. The apartments feature open living and dining areas, floor-to-ceiling windows, and master bathrooms with custom-designed vanities. The building provides various amenities, including a residents’ lounge, children’s playroom, fitness center with outdoor space for yoga, and a rooftop deck with lounges and grills. Sales are being handled by Corcoran Sunshine.

200 Amsterdam: Anticipated to open this summer, 200 Amsterdam on the Upper West Side offers 112 units. Prices start at approximately $2.62 million for one-bedroom units and go up to $17 million for full-floor penthouses. The architecture was handled by Elkus Manfredi, and the interiors were designed by CetraRuddy. The kitchens feature waterfall edge islands, and the living and dining areas are wrapped with floor-to-ceiling windows. Amenities include a 75-foot saltwater pool, infrared sauna, gym, dog spa, and a music practice room. Sales are managed by Brown Harris Stevens Development Marketing.

VU New York (368 Third Ave.): VU New York, located in Kips Bay, offers 100 units with starting prices at $829,000 for a studio. The 36-story building, designed by Paris Forino (interiors) and SLCE (exteriors), showcases stunning views of the Manhattan skyline. The units include three-bedroom layouts and two duplex penthouses with outdoor terraces. Sales are handled by Brown Harris Stevens Development Marketing, and closings are expected to begin in the fall.

Essex Crossing (202 Broome St.): One Essex Crossing, situated in the Lower East Side’s Essex Crossing development, houses 83 units with prices ranging from $890,000 for a studio to $6.68 million for a penthouse. The building features a 9,000-plus-square-foot landscaped “Garden” with lounge seating and grills, a playroom, and a gym. The Market Line food hall is conveniently located below, offering various vendors. Sales are being managed by Corcoran Sunshine.

Bloom on Forty Fifth (500 W. 45th St.): Located in Hell’s Kitchen, the Bloom on Forty Fifth condo launched with studios starting at $750,000 and three-bedrooms at $2.87 million. The eight-story building features 92 residences, some with private terraces, all boasting oversized windows, open kitchens, and spacious bathrooms. Residents can enjoy shared amenities, including an 8,000-square-foot landscaped courtyard and a fitness center. Sales are handled by Compass Development Marketing Group.

208 Delancey: For downtown living, the ODA-designed 208 Delancey condo offers 85 units ranging from studios to three-bedroom apartments, with prices starting from $630,000. Most homes come with private outdoor spaces, and all feature custom-crafted kitchens. The building’s amenities include a fitness center with a meditation terrace and yoga room, as well as a landscaped rooftop with grills and dining space. The development is represented by Compass.

The Solaire (20 River Terrace, Battery Park City): The Solaire is undergoing a co-op conversion, featuring 291 units with prices starting around $800,000 for studios to three-bedroom apartments. Notably, the co-op rules will be akin to condo rules, meaning no board interviews will be required for prospective homeowners. The property offers amenities like a doorman, live-in manager, fitness center, bike storage, and a landscaped roof terrace with lounge and dining areas. Additional parking and storage come at an extra cost. Sales are expected to launch in the spring.

Source: New York Post