It’s the hottest New York condo market in years, and condo construction in New York is in full swing. In 2013, approximately 50 residential buildings opened in Manhattan, with a total of 2,269 units.
During condo construction in New York, developers focused on building high-end condos full of amenities. These days, condo buyers aren’t only thinking about ceiling heights and square footage. Condo buildings all over the city are sparing no expense in providing buyers with impressive amenities. In most cases, prices of these new condos met or exceeded expectations. In the downtown market, 260 deals over $7 million took place, the majority of these in new condo developments.
In New York, condo construction expects massive growth within several years, with over 70 construction projects underway. Lower Manhattan’s skyward expansion is in the form of 24 new apartment constructions, adding 3,100 units to the area.
One condo that has grabbed attention is 56 Leonard Street. This project is one of several major projects slated for construction and is expected to reshape and enhance the skyline of Lower Manhattan. Despite not being finished, this building already has most of its units signed.
As the real estate market continues to regain its former glory, condo construction in New York continues to remind New Yorkers just what makes their city the greatest on earth. All areas of New York have been experiencing tremendous condo construction. With a variety of condos in different price ranges and location, condo construction in New York has shown no signs of slowing down.