It’s been a dazzling year so far in the new development sales market with a steady increase of prices in Manhattan.
Since 2012, new developments have been steadily climbing in price point. Median new development condos rose in price 22.8% to $3,306,000. Additionally, 2017 will bring more than 40 new developments to the NYC skyline. Many of these buildings will include novel amenities for new experiences for tenants beyond the plain vanilla spas and game rooms.
Expect to see a rise of new buildings in the Upper Est Side of Manhattan too. The Second Avenue subway line is operational and the reason why this neighborhood is set to explode with new apartment buildings. Luxury condo sales over the $4.5 million price point accounted for 20% of the units in Manhattan
Many of these units were located downtown with the majority of the luxury units selling in the Upper East Side. It’s no wonder that according to a recent New York Post article, NYC is now home to the most expensive construction building sites and there is no sign of it slowing down. So keep your eyes on the skyline for the changes that just keep coming, it will be a magnificent sight to behold.