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Manhattan Luxury Condos Shift North

What's Changing

NYC New Development Condos – Market Report & Properties Q3 2024

Summary:

Market Overview
Current Inventory Trends
Sales Activity Analysis
Geographic Market Split
Active Listings Update

Upper Manhattan Condos
Claremont Hall (Morningside Heights)
Vandewater (Seminary Row)
The Rockwell (West 103rd Street)
The Dovecote (Central Harlem)

Upper West Side Condos
720 West End Avenue
The Westly

Current Offerings & Pricing
Studio/One Bedroom Options
Two/Three Bedroom Options
Premium Residences
Amenity Highlights

FAQs
Timing the Market
Price Ranges
Geographic Market Differences

Thinking of purchasing a NYC condo? Perhaps you have your eye on a new development? Let me share how the landscape is changing and what you need to know.

The market shows fascinating patterns at the end of Q3 2024. While inventory levels match 2023 at 6,477 apartments, we’re seeing increased contract signings balancing new inventory additions. Despite healthy market activity, total sales reached only 400 units – a 27% decline year-over-year. Don’t worry – new developments haven’t fallen out of favor. This drop reflects our ninth consecutive quarter of declining Manhattan inventory. This trend is likely to continue as fewer new developments come to market.

I find it particularly interesting that above 34th Street, annual sales rose by 20% while dropping 47% below 34th Street. This likely reflects the shrinking product availability, according to The Q3 2024 Corcoran Report.

Explore NYC New Development Condos
Views from Claremont Hall

 

Active listings fell 5% annually to 887 units last quarter, but don’t think you’ll only find stale inventory. A total of 424 new residences hit the market in Q3. However, total available new apartments are down 47% from last year. If you’re considering a New Development Condominium, now is the time to look.

There’s still plenty of opportunity to purchase should you wish to look above 34th Street. Here are some Upper West Side condo opportunities to consider.

Upper Manhattan Condos

Claremont Hall – I have a particular fondness for this project which is deeply personal. This comes from spending so much time in the area when my son was very young attending The Weekday School at Riverside Church. Yet the sales numbers prove I’m not the only one who thinks this Robert A.M. Stern building and location is special. Full disclosure: I also happen to work part time with the sales team onsite. I never grow tired of showing Claremont Hall.

The building is located on Claremont Avenue, between 120th and 122nd Street. It sits across from the Manhattan School of Music and near Columbia University. You might feel smarter for just considering making this special Morningside Heights condominium your home. A full suite of amenities designed by Cetra Ruddy are available to all residences. This includes the magnificent Refectory Hall which now houses a 48-foot salt water pool.

Current Offerings:
• One bedroom from $1,280,000
• Three-bedroom with terrace up to $4,195,000
• Designer amenities by Cetra Ruddy
• Signature 48-foot salt water pool

Vandewater – This newcomer sits on the peak of Seminary Row at 543 West 122nd Street. The building rises thirty-three stories offering views of the historically significant Morningside Heights neighborhood. A history buff on the sales team went back to the eighteenth century. They discovered the area was originally called Vandewater Heights after a local Dutch landowner. Hence the building’s name. You might even feel like you live in a five-star hotel. The semicircular driveway and waiting concierge create that impression from the moment you arrive.

Current Offerings:
• One bedroom from $1,335,000
• Three-bedroom up to $4,150,000
• 24,000+ square feet of amenities
• Features include double-height lobby, pool, gym
• Dedicated spaces for young residents, remote work

The Rockwell – Can’t decide between living on the Upper West Side or immersing yourself in historic Morningside Heights? The Rockwell, located at 218 West 103rd Street, lets you straddle both options. It is also fun. I toured on a cloudy winter day. Even then, the vibe of the amenities was whimsical. Some of the residences look out onto Broadway. You can absorb all the pre-war architecture through your extra-large windows while living in a modern space.

Current Offerings:
• Studio with home office from $949,500
• Three-bedroom up to $3,495,000
• Two outdoor spaces
• Amenities include gym, resident lounge, music room, pet spa

The Dovecote – Here is a first! This new development condo in Central Harlem has its own poem engraved on the facade. Located at 11 West 126th Street, these full floor residences have living rooms with bright southern sunlight. The bedrooms are located over the backyard gardens. The building sits across the street from the New National Black Theater and near Mount Morris Park. You can feel the good Harlem culture vibes washing over the building.

Current Offerings:
• Two to three-bedroom homes: $1,400,000 – $1,800,000
• Private outdoor spaces
• Passive-House sustainable design
• Full-floor residences with southern exposure

Upper West Side Condos

720 West End Avenue – Thomas Juul-Hansen has worked his magic on this Emory Roth Renaissance Revival building. It retains its original facade, a picture of iconic New York City. Here residents will get the best of many worlds. There’s old world architecture and modern luxury living. You get all the Upper West Side has to offer, plus close proximity to Riverside Park. There’s even quick entry onto the Henry Hudson for time outside the city.

Current Offerings:
• One bedroom from $1,055,000
• Five-bedroom with terrace up to $11,600,000
• Hudson River views available
• Amenities include squash/basketball court, private bar, dining room, Billiards Lounge

The Westly – Let me share a personal story. When I first moved to New York City, I lived in a 300 square foot studio. It barely contained my shoe collection, black tie wardrobe and a hot plate. I used to talk my way into the building down the block which had a modest outdoor roof on the pool. Back then, I thought a rooftop pool was the ultimate in luxury. Of course, I had not yet begun my real estate career to learn about true luxury. The Westly has a serious upgrade to my rooftop of yesteryear. It offers views of the Hudson River and so much more. The building is nestled in the heart of the vibrant Upper West Side. Even a newcomer will feel at home in this chill neighborhood vibe.

Current Offerings:
• Two bedroom from $2,950,000
• Four-bedroom with rooftop terrace up to $11,995,000
• Dramatic marble lobby
• Rooftop pool with Hudson River views

FAQ

Q: Is this a good time to buy a new development condo in Manhattan?

A: Yes. While total sales have declined 27% year-over-year, this reflects declining inventory rather than lack of demand. With only 424 new residences hitting the market in Q3 and available new apartments down 47% from last year, current inventory presents a good opportunity before further reductions occur.

Q: What’s the price range for new development condos on the Upper West Side and Upper Manhattan?

A: Prices vary significantly by location and size:

Entry level: Studios/1-bedrooms start from $949,500 (The Rockwell) to $1.3M (Vandewater)
Mid-range: 2-3 bedrooms typically range from $1.4M to $4.2M
Luxury: Larger units with premium features (like terraces) can reach $11.6M-12M (720 West End Ave, The Westly)

Q: How do market conditions differ between Upper and Lower Manhattan?

A: There’s a notable split in market activity: areas above 34th Street saw a 20% increase in annual sales, while areas below 34th Street experienced a 47% decline. This suggests better buying opportunities in Upper Manhattan, where there’s more active market movement and new development activity.

Reach out today. As a real estate agent for two decades, I would be happy to guide you to find your home.

Julia Boland
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