ExclusiveIndustry News

Wave of new construction slated for Manhattan

Construction, condo sales expected to heat up

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Led by luxury development projects on the Lower East Side and Midtown West, Manhattan is set to undergo an unprecedented wave of new construction over the next three years, with projected condominium sales expected to reach record highs in 2020, according to a CityRealty report. Released Tuesday, the Manhattan New Development Report forecasts residential sales of $9.8 billion in 2018, largely due to the completion of One Manhattan Square, a luxury Extell Development sky-rise featuring 815 condo units that will be among the largest in the city's history. In Midtown West, residential towers including 220 Central Park South, 111 West 57th Street and Central Park Tower, another Extell property, will thrust an additional 1,000 units into the market. Sales are projected to rise to $11.6 billion in 2019 and $11.9 billion in 2020, according to the report. “What we saw this past year, in particular, was a slight fall off in terms of sales volume, number of units and aggregate sales haul...