New Development NYC for Sale

Inventory by Neighborhood

Midtown — 743 Units

Midtown has the most unsold developer inventory of any neighborhood. 74% of unsold Midtown Manhattan listings are in the super or ultra luxury segment, with starting prices well over $3,000 per square foot. These buildings are not for mere mortals.

The Waldorf Astoria

The Waldorf Astoria redevelopment accounts for a significant portion of Midtown's inventory. The finishes at the Waldorf are exceptional, and the service is certain to match. That said, the project experienced significant delays for various reasons, including Covid, which led to shifting delivery dates. As a result, some buyers lost interest and opted for competing developments. Now completed, however, the Waldorf is an extraordinary piece of history in the center of Manhattan. Covid emptied the surrounding neighborhood, but it's back and getting better with the new JP Morgan headquarters 1½ blocks south, Citadel building a nearby super-tall, and One Vanderbilt has been a big hit. It is very close to Grand Central, which is appealing to the pied-à-terre buyers from Westchester and Greenwich.

Billionaire's Row Update

Billionaire's Row on 57th Street, once seen as having an excess of ultra-luxury apartments, has sold many of its units in recent years. Buildings like One57, 432 Park, 520 Park, and 220 Central Park South are mostly sold out. Prices for these ultra-luxury apartments range from $4,000 to $10,000+ per square foot for a park view. The newer luxury buildings—Central Park Tower, 111 West 57th Street, and 53 W 53rd Street—are performing well once they lowered prices to meet the market.

Financial District — 650 Units

FiDi has the second-most unsold new development inventory of any neighborhood. If you have been down in the Financial District recently, you will have noticed how much the area has really changed for the better. It's bustling during the day, but also busier than ever at night.

One Wall Street

One Wall Street is a gorgeous office-to-condo conversion. This building has great retail in the base of the building, bringing in Whole Foods, Lifetime Fitness, and the gorgeous French department store Printemps. One Wall Street also offers great building amenities, including gyms, pools, doormen, laundry rooms, and outdoor spaces. These features make living in the Financial District more convenient and appealing.

The Greenwich (125 Greenwich)

The Greenwich by Rafael Viñoly, aka 125 Greenwich, is one of my favorite condo buildings in the Financial District. It has some of the most attractive contemporary architecture and finishes in Manhattan, as it was designed by the same architect as 432 Park—so very high-end feel to the building itself, units, and common areas. Several years after the developer defaulted on the construction loan, which stalled the project, it has now been completed and is ready for occupancy. Not only is the building itself stunning, but so are the amenities which sit on the top three floors!

Value Note: Both of these buildings have very reasonable pricing for what is being delivered, however, as they sell, they will continue to raise prices.

Upper West Side — 276 Units

The Upper West Side remains popular with families seeking proximity to Central Park, cultural institutions like Lincoln Center, and excellent public schools.

The Belnord

The Belnord is one of my favorite buildings on the Upper West Side. It's a conversion of a luxury rental building to condo—as renters leave, the units are converted to condos. While there are 100 unsold units on paper, many of these apartments are still occupied by renters. Currently, there are no sponsor units available for purchase.

720 West End Avenue is a lovely new conversion of a historic Emery Roth building by architect Thomas Juul-Hansen. Relatively low pricing has attracted a lot of buyers.

50 West 66th Street, a new ultra-luxury building by Extell, is similar to Central Park Tower and One 57. It has amazing Central Park views. A park view apartment here starts at about $20 million. There are also cheaper units without park views in the building. This building is special for the Upper West Side as it is a 70-story tower near Central Park West.

Clinton / Hell's Kitchen — 226 Units

Clinton (also known as Hell's Kitchen or Midtown West) has emerged as an attractive option for buyers seeking newer construction at relatively lower price points. The proximity to Hudson Yards and Midtown make it attractive for the right buyer.

Turtle Bay — 209 Units

Turtle Bay, stretching from East 43rd to East 53rd Streets between Lexington Avenue and the East River, is known for its proximity to the United Nations headquarters and numerous consulates, making it a hub for international diplomacy.

Kips Bay — 207 Units

Kips Bay, located south of Murray Hill down to 23rd Street, has seen a surge in new developments adding modern luxury to the area.

West Chelsea — 176 Units

While many people dream about living in the West Village, the housing stock makes it prohibitive, as it is mostly a low-rise historic district full of townhomes. West Chelsea is the next best thing. The proximity to the West Village and Hudson Yards is a key factor of the neighborhood's popularity. Note: The 176 units includes 80 units at 550 W 21st Street, which really hasn't been released yet.

One High Line

One High Line, formerly known as The XI, reopened in September 2022 after a significant transformation. The development features two twisting limestone towers designed by architect Bjarke Ingels, situated along the Hudson River. Initially developed by HFZ Capital Group, the project faced financial difficulties and was acquired at auction by new developers Witkoff Group and Access Industries. Under their leadership, some unit prices were adjusted, leading to brisk sales activity.

The Cortland

The Cortland, designed by Robert A.M. Stern (the architect behind 520 Park, 15 Central Park West, and 220 Central Park South), now has only 12 units remaining—92% sold. This affirms what we have been telling our clients since it launched: it's a great building.

The Village (Greenwich Village and West Village) — 270 Units

The Grand Dame of Downtown has always been the Village. Most Village real estate has landmark protection. Because of this, there are rarely new projects and it is perpetually a seller's market. Those projects that do get the green light are usually on the smaller side. The Village is famous for historic townhomes, charming streets, shops, and many dog parks.

80 Clarkson Street

The Zeckendorfs, of 15 Central Park West fame, are building a 45-story luxury condo, offering ultra-luxury residences with panoramic views of the city and the Hudson River. It lies on the border of the West Village and West SoHo just North of the new Google Headquarters. This will be Downtown Manhattan's new development crown jewel.

*Note: Over $1 billion in contracts have been signed at 80 Clarkson, but sales have not yet been publicly reported. The building is selling extremely well.

The Village West (525 Sixth Avenue)

On the edge of the West Village and Chelsea, The Village West is spread over 13 floors at the corner of 14th Street and Sixth Avenue. The building features a distinctive red brick façade with rounded corners and stepped setbacks, complemented by rusted copper paneling.

Market Note: Both 80 Clarkson and The Village West are selling fast—a testament to the enduring demand for new development in the Village.

Hudson Yards — 144 Units

Hudson Yards stands as Manhattan's newest neighborhood—a transformative development on the Far West Side built atop the Hudson Rail Yards. This ambitious project, spearheaded by Related Companies and Oxford Properties Group, encompasses 28 acres and is recognized as the largest private real estate development in U.S. history. The area has rapidly evolved into a hub for major corporations including BlackRock, Meta Platforms, Wells Fargo, and KKR.

Lower East Side — 116 Units

The Lower East Side has seen significant development activity in recent years, with large-scale projects bringing new inventory to this historically more affordable neighborhood.

Upper East Side — 260 Units

The prime UES area (Fifth to Lexington) is dominated by co-ops, limiting new development. Construction typically occurs from Third Avenue to the East River. When boutique buildings launch in this neighborhood, they sell out quickly.

The Strathmore

Prices at The Strathmore are great, and that area of the Upper East Side is very popular now.

SoHo — 80 Units

SoHo has abundant co-ops, shops, and low-rise buildings limiting new construction. When boutique buildings do launch, they sell out quickly.

Why Supply is Shrinking

• End of Tax Abatements: The expiration of 421a, 421g, and J-51 tax abatements has made development significantly more expensive
• 485X Tax Break Failure: Only three Manhattan projects totaling 120 units have applied for this new tax break—it's essentially a dud
• 2019 Tenant Protection Law: Raised conversion thresholds from 15% to 51%, effectively eliminating rental-to-condo conversions. The law also made rent stabilized apartments permanently rent stabilized.
• Rising Construction Costs: Trump-era tariffs on steel, aluminum, lumber, gypsum, and copper drove costs up 20-30%
• Mortgage Lock-In Effect: Homeowners with 2.5% pandemic-era rates are unwilling to move to properties with 6-7% mortgages

Market Outlook: We expect continued upward pressure on housing prices from the supply side for years to come, especially in popular neighborhoods.

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