NYC Condo Market: 33,000 New Units On Their Way to Manhattan



As of 2017, there were more than 111 million renters that lived inside apartments across the United States. In one of the most popular cities in the entire world, apartments are great, but condos are the living space of choice, though not for the frugal spender.

The average sales price in Manhattan was $1.9 million for condos in existing buildings during 2017. Believe it or not, $1.9 million isn’t even that bad of a price when it comes to NYC condo living.

Two NYC condos have hit the market for much more than the $1.9 million average. Unfortunately, Anthony Bourdain is no longer with us, but his Manhattan condo was just placed on the market for $3.7 million.

According to the New York Daily News, the Upper East Side condo, at 40 E. 94th St., was purchased by the late celebrity chef and travel show star along with his wife Ottavia Busia in 2014. When the two purchased the condo, city property records show that they spent $3.35 million.

“The open gourmet kitchen is equipped with top-of-the-line appliances,” reads the luxury listing on Stribling and Associates’ website. Some of the amenities feature a “6 burner, double-oven Wolf range, Subzero refrigerator and freezer, Miele dishwasher and microwave, custom cabinets, porcelain floors, and granite countertops.

NBA icon Jason Kidd recently placed his Manhattan condo for sale, as well.

According to Variety, Kidd, a 10-time NBA All-Star point guard and two-time Olympic gold medal winner, is selling his 2,755-square-foot, 4-bedroom, and 4.5 bathroom condo for the low, low price of only $4.7 million, which is actually $600,000 under its $5.35 asking price.

Kidd is being represented throughout the sale by Douglas Elliman’s Andrew Azoulay and the buyers by Alexander Boriskin and Michael Lorber, both also with Douglas Elliman.

In other Manhattan condo news, a new 5-year plan will include 33,000 new condos and rental buildings in the area.

Bloomberg adds that 33,000 new units for sale or rent are expected to be constructed in Manhattan within the next five years, with the largest concentrations in the northern and southern parts of the iconic borough.

This new development could cause some issues, though. Despite the expensive price for some of NYC’s luxurious condos, there is actually a surplus of high-end condos and apartments due to a post-recession building boom.

“It’s really the top questions we get from our developer clients, after ‘How much can we sell this for?’ and ‘How fast can we sell it?'” said Joshua Silverbush, director of market insights for Marketing Directors, an NYC-based brokerage. “What else is coming up, and what are we competing against?”

An estimated 1,643 new rentals are expected to reach Manhattan by the end of 2018. Additionally, more than 2,000 new condos will arrive by 2019 and the apartment pipeline will expand to 3,831 in 2021.

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