Recent Record-Breaking Sales Signal NYC Market’s Ongoing Strength

Vandewater, a brand new residential condominium constructing in Manhattan’s Morningside Heights neighborhood, … [+] established a number of gross sales information in the course of the pandemic.

Eric Petschek

Fifty-million-dollar gross sales seize headlines. However a greater reflection of how New York Metropolis’s actual property market has fared lately are what is likely to be referred to as “common” luxurious gross sales. File-busting transactions in Brooklyn’s Park Slope and Manhattan’s Morningside Heights show the pandemic has not stripped the life from the sector. Removed from it.

Observers who imagine Covid has accomplished an actual quantity on the Brooklyn and Manhattan luxurious actual property market in all probability haven’t seen different numbers, like these in Compass’ Fourth Quarter market studies. The Manhattan report exhibits residential actual property contract exercise rose four% vis-à-vis This autumn 2019. The Brooklyn report divulges contracts leaped 20% in 2020’s remaining quarter, and that the general median worth soared 10% to $880,000.
Need a couple examples of the phenomenon? Attempt these.
One Prospect Park West

Of us searching for true park residing come away wowed by this renovation and adaptive reuse of the historic Knights of Columbus constructing on the northwest nook of Park Slope’s Prospect Park. When full, the WORKSTEAD-designed residential condominium will characteristic 64 residences in additional than 40 distinctive flooring plans, showcasing particulars that gracefully mix pre-war and fashionable design touches. A 30-day interval from early December to early January noticed the signing of $30 million in contracts. A contract for a $6.5 million penthouse, the priciest rental in Park Slope historical past, was inked mere weeks earlier than a residence asking $5.99 million went beneath contract.

“Taking the constructing’s golden period previous into consideration, we commissioned WORKSTEAD, the acclaimed design studio with Hudson, N.Y. and Brooklyn roots, to convey the venture to life, whereas additionally honoring its historical past, authentic particulars and spirit,” says Ramon Maislen of One Prospect Park West developer Sugar Hill Capital Companions. “The top result’s a complicated assortment of townhouse-inspired residences that really feel like residence from the second you step inside, together with an unmatched park-side location.”

Douglas Elliman’s Doug Bowen, who with Patty LaRocco and Douglas Elliman Growth Advertising is dealing with gross sales and advertising and marketing for the constructing, believes it’s little surprise purchasers are descending on One Prospect Park West. By pairing new growth options and finishes with the historic gravitas of a pre-war constructing, One Prospect Park West stands as a one-of-a-kind treasure in Park Slope, he says. “This distinctive mixture of options is attracting a spread of consumers, together with households, former townhouse house owners and Manhattanites, lots of whom had by no means thought-about residing in Brooklyn previous to the pandemic. At a time when entry to area, mild and greenery is of utmost significance, One Prospect Park West is the best residence.”
Luxurious growth
On the opposite aspect of the river, one other luxurious constructing can be demolishing gross sales information. Developed by Savanna and designed by INC Structure & Design, Vandewater is within the vanguard of luxurious buildings opening throughout an unprecedented luxurious residential growth within the Manhattan enclave of Morningside Heights.
The constructing has lured Higher West Siders, these linked to Columbia College, and Westchesterians intent on sustaining a metropolis foothold. Not way back, the event notched new gross sales worth benchmarks for the neighborhood, when a four-bedroom fetched $four.55 million and a penthouse deal went down for $four.05 million.
“Individuals are coming to us as a result of they’re closely prioritizing traditional design, spacious layouts and an historic and distinctly New York neighborhood like Morningside Heights,” says Peter Denby, gross sales supervisor for Brown Harris Stevens Growth Advertising. “Vandewater meets all these wants, in a beautiful West Aspect location that gives easy accessibility out and in of town, which makes it much more fascinating for younger households, empty nesters and residents with second properties. Moreover, the constructing provides an unprecedented stage of facilities, together with a 70-foot indoor pool, and personal, on-site parking for buy.”

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