Luxury residential buildings are adding to the New York skyline as development and construction stay strong for 2018. The Corcoran Sunshine Marketing Group predict that there will be roughly 4,000 to 5,000 new apartments in NYC for 2018.[1] These residential units will mostly be condos, rather than co-ops. Currently there is a higher demand for condos as buyers prefer their flexibility and ownership structure. Foreign buyers also have a better chance of purchasing condos as co-ops typically do not permit units being purchased as pieds-à-terre.[2]
520 West 28th Street
520 West 28th Street has received plenty of attention along the Chelsea High Line. Architect Zaha Hadid has designed the innovative and modern building to have plenty of natural light for every unit. “The building’s elegant hand-rubbed metal façade is driven by one continuous line, which loops its way skywards. These dynamic curves create a distinctive chevron pattern that embraces interlacing levels, maximizing privacy and security between residences.”[3] Amenities for this new luxury condo include a pool situated under a skylight, private IMAX theatre, fitness center, secured parking and private spa.
20 East End Avenue
The firm leading the project is Robert A.M. Stern Architects, infamous for its work in New York such as 15 Central Park West for Zeckendorf Development and 30 Park Place (Residences at the Four Seasons Hotel) for Silverstein Properties. This new development is in New York’s noteworthy developments list as Stern is known for “perfecting a craft and embracing lessons learned through rigorous research and study of the neighborhood’s connect and history … Stern creates buildings that fit seamlessly with their surroundings and give the impression they’ve been there forever.”[4] This Upper East Side condo will have 43 units ranging from 2 to 6 bedrooms, in addition to 2 private town homes. Amenities will include valet parking, 24 hour doorman, library, junior lounge, fitness center and spa, wine cellar and game room. The condo is near a variety of high end stores, schools, public transportation and multiple parks such as Carl Schurz Park.
70 Vestry in Tribeca
This new 14-story luxury residential building, also designed by Robert A.M. Stern and Daniel Romualdez, is Tribeca’s new waterfront gem. The building’s façade is made of limestone and the large windows provide excellent views onto the waterfront for its 46 condos. The luxury building will provide amenities such as a spa, lounge, and a children’s playroom. This building is in high demand and is “poised to hatter pricing records when closings begin next year, 70 Vestry has shown that high design, water views, and thoughtful amenities resonate with buyers at the highest price points.”[5]
[1] King, W.B. (Jan. 2018) “new Construction and Development.” The Cooperator. Available at: https://cooperator.com/article/new-construction-development/full#cut. Accessed on Jan. 17, 2018.
[2] See, Guzov, LLC (Aug, 18, 2017) “A Pied-a-Terre Tax?” Available at: http://guzovllc.com/pied-terre-tax/.
[3] 520 West 28th. “Architecture.” Available at: https://www.520w28.com/architecture. Accessed on Jan. 17, 2018.
[4] No. 20 East End Avenue. “Architect”. Available at: https://20eastend.com/architect. Accessed on Jan. 17, 2018.
[5] Op. Cit. n1.