Are developers playing "chicken" with the market?


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Got it, now I understand what you meant. It never occurred to me that “sold out” could actually mean “80% sold”. Despite all my years on these forums, I am clearly not yet fluent in RE-speak.


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Some Skyline Tower condo owners say they were deceived​

Allegations about Chris Jiashu Xu’s Queens project “unsubstantiated,” sponsor says​

Life in Queens’ tallest condominium has not been what some of its unit owners expected.
Ninety buyers, representing fewer than 1 in 5 unit owners, filed a complaint this summer against Chris Jiashu Xu’s Skyline Tower in Long Island City with the attorney general’s office.

In a July 13 complaint obtained by The Real Deal, the owners cite issues with the 802-unit building’s marketing, management and construction, and raise questions about its sales and financial disclosures.

The 67-story luxury tower at 3 Court Square was the first to target a 10-figure sellout, with Xu projecting unit sales would add up to $1.1 billion. The complaint alleges that the sponsor’s sales and marketing agent, brokerage Modern Spaces, exaggerated the building’s success to a local website. Rapid sales can create urgency and inspire confidence among prospective buyers.

In an article published on Dec. 31, 2021, on, Modern Spaces CEO Eric Benaim claimed Skyline had sold nearly 60 percent of its units, and was the city’s “best-selling luxury building” that year. But the complaint says the project’s year-end financial statement showed only 339 units had sold, or roughly 42 percent.
Benaim said his 60 percent figure included units under contract.

Also, a Dec. 13, 2021, amendment to the building’s offering plan stated that 366 units had sold as of Nov. 1. The complaint asks how the number fell to 339 as of Dec. 31.

“We question how many units have actually been sold because this affects Unit Owners’ payment of actual operating expenses,” the complaint said. “If the Condo Board cannot keep track of its units sold in official documents, how can we expect it to administrate payment properly?”
Benaim referred questions about the building’s finances to Adam Kriegstein, a lawyer for the project sponsor.

“We, together with our client and the sales team, are extraordinarily proud of this project and maintain that the sponsor has at all times acted in good faith and in full compliance with the attorney general’s regulations,” Kriegstein responded in a statement.
The attorney noted that the concerned unit owners were granted full access to the condominium’s books and records and reviewed them. “Should the attorney general’s office wish to discuss the unsubstantiated claims in the letter, we welcome the opportunity,” Kriegstein added.

As of Aug. 18, roughly four years since sales began in the tower, 509 of its 802 units had sold.
The complaint also raised concerns about a flyer circulated by building staff regarding their right to organize for “the same wages, health care, job security, safety training, advancement opportunities and modest retirement afforded to over 35,000 building service workers across New York City.”

Skyline has suffered from construction issues, according to the complaint. There’s the delayed repair of the freight elevator, the delayed soundproofing of the mechanical room and punch lists that remain incomplete 120 days past closing.
The grievances listed in the complaint also populate the building’s Google Reviews, where users have submitted claims of structural defects, flooding and a lack of amenities.

Contract signings in Skyline slowed to a mere 35 in 2020 before bouncing back to 186 last year. As of August of this year, 116 have been signed.
Also, I think there were two different firms marketing here (at least that was the case when I was looking there with a client recently). Which creates more murkiness about the ways either then markets the sales velocity....


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I like the numbers MarketProof presents but find the conclusions are usually slanted to the rosy side. Especially considering the video I posted in the post directly above this one, I'm not nearly as sanguine about the health of the market.
I like the MP platform as a way to see a bit more clearly than what one also gets when interacting with the on site teams as well sometimes....

David Goldsmith

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Eliot Spitzer plans high-end condo on Fifth Ave​

Former governor’s firm files permits to replace luxury UES rental with 26 condos​

Eliot Spitzer wants to build New York’s next ultra-luxury condo on the Upper East Side.
The former governor’s development firm, Spitzer Enterprises, filed plans for a 26-unit condominium building at 985 Fifth Avenue, between East 79th and East 80th streets. The 19-story, SLCE-designed project will replace a 46-unit rental built by Spitzer’s late father, Bernard Spitzer, in 1969.

The 106,000-square-foot building will feature two setbacks and a limestone-colored façade, according to a rendering shared with The Real Deal. A source close to the project said that while pricing has not been determined, the firm is targeting the highest echelon of the market.
Spitzer Enterprises’ Charles Morisi is listed as the project owner on the filing, and SLCE’s Luigi Russo as the architect of record.

While the 50-year-old rental building at 985 Fifth Avenue is not landmarked, it lies within the Metropolitan Museum Historic District, meaning the city’s landmarks commission will need to approve its demolition. The planned project can be built as-of-right, allowing the developer to avoid a costly rezoning.
The firm would forsake substantial rental income to build its project. A 20th-floor unit in the existing building with views of Central Park asks $17,000 a month, according to a listing, and a 1,900-square-foot penthouse rented earlier this year for $30,000 a month.
The Spitzer family has a long history in New York real estate. In 2014, the Spitzers sold the Crown Building to Jeff Sutton’s Wharton Properties and General Growth Properties — now owned by Brookfield — for $1.75 billion, a record sum at the time and still one of the most expensive office sales in city history.
For decades, Bernard Spitzer built rentals and high-end condos, including the 57-story Corinthian in Murray Hill, which was the city’s largest apartment building upon its completion in 1988.
While new development sales have flagged from their pandemic highs, ultra-wealthy buyers, who are typically less affected by rising mortgage rates, have continued to snap up the city’s most expensive homes.

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Let's hope this week is an outlier because a 76% YOY drop in contracts signed is not a good look. I don't think we've seen this level since COVID froze the Manhattan market.

This week's New Development Report from Sotheby's Kevin Brown Team. unnamed(75).jpg

David Goldsmith

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A nice bump from last week's outlier low of 13, but still 40 short of YOY number (contracts signed down 68%).

This week's New Development Report from Sotheby's Kevin Brown Team. unnamed(76).jpg

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Seaport Residences Remains Stalled at 161 Maiden Lane in Financial District, Manhattan​

161 Maiden Lane. Designed by Hill West Architects
By: Michael Young and Matt Pruznick 8:00 am on November 21, 2022
Kicking off our annual Turkey Week rundown of notable stalled projects is Seaport Residences, a 60-story residential skyscraper at 161 Maiden Lane along the border of Lower Manhattan’s Financial District and the South Street Seaport District. Designed by Hill West Architects and developed by Fortis Property Group, the 670-foot-tall tower has been on hold since sometime in late 2020, and its future remains uncertain. The 200,000-square-foot structure is planned to yield 80 units with interiors by Groves & Co. Ray Builders was the latest contractor for the property, which is located on a narrow rectangular site bound by South Street and Maiden Lane.

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young
Seaport Residences made headlines in early 2019 when it was reported that the superstructure was allegedly leaning three inches to the north. Despite this, Fortis had deemed the tower to be structurally safe, and progress resumed on the curtain wall with a new contractor. However, our visit in September 2020 revealed that a portion of the glass panels had been removed. Today, the tower remains in largely the same condition. Click here for YIMBY’s coverage of the building’s structural findings from April 2019.

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young
Below are additional photographs of Seaport Residences from the South Street Seaport District showing its height and contrast with the restored historic buildings along Fulton Street.

Seaport Residences. Photo by Michael Young

Seaport Residences. Photo by Michael Young
Should the project ultimately reach completion, residents will have convenient access to Jean-Georges Vongerichten’s recently opened seafood-themed market at the Tin Building next to Pier 17.

Seaport Residences (right). Photo by Michael Young

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Unsurprisingly the number receded given the week of Thanksgiving, but of possible interest is that the total dollars involved is almost 35% less than the week of November 13th when one less contract was signed.

This week's New Development Report from Sotheby's Kevin Brown Team. unnamed(77).jpg

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Trouble in paradise:
As far as I know 130 William Street has been the only FiDi condo with good sales volume.

Buyer sues Lightstone over $19M FiDi condo deal gone bad​

Sale at 130 William Street left hanging one year after promised closing, suit says​

Lightstone Group’s Mitchell C. Hochberg and 130 William Street (Getty, 130 William Street, Lightstone)
A buyer at the Lightstone Group’s Lower Manhattan property is seeking a refund, saying the developer failed to deliver.
The unidentified buyer is suing the firm to recover a $1.9 million down payment on a $19 million unit at 130 William Street. The sale was supposed to close in 2021, but never did, according to the lawsuit filed Monday in New York County Supreme Court.
The buyer — shielded behind the LLC “Rich Ning” — deposited $950,000 of the down payment to an escrow agent in May 2021 and another $950,000 in June 2021.
The apartment was to be delivered to the buyer in December 2021, but the date came and went. In October 2022, nearly a year later, the apartment was still not delivered.
As a result, the buyer demanded Lightstone return the down payment. Instead, the developer issued a notice claiming to schedule a closing for Nov. 18, 2022, which the complaint calls a “sham closing in an attempt to manufacture an excuse to wrongfully retain the down payment.”

The unit in question — PH65 — made headlines in 2021 when it went into contract after asking $20 million. At the time, it was the highest asking price for a Financial District condo.

A representative for Lightstone declined to comment. Lawyers for the buyer also declined to comment.
In 2014, Lightstone paid $60 million for a 12-story, 142,000-square-foot distressed office building at the address.

The 241-unit, 66-story residential building was designed by architect Sir David Adjaye and completed in 2020. Corcoran Sunshine is handling sales, and Lightstone has advertised having over $200 million in sales at the building this year.

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Argo’s Greenwich Village condo sees quick-fire sales​

Whisper campaign yields $3K psf deals​

Argo Real Estate sold almost all of its units at a new Greenwich Village condo building in 10 days as Manhattan’s luxury market plows ahead to top out a busy year.
Argo’s ongoing project at 64 University Place saw 24 of its 28 units sold in recent weeks, the Wall Street Journal reported. The condo sales came about by word of mouth, instead of a typical marketing blitz.

The average unit sold for $3.5 million, roughly $3,000 per square foot. That’s slightly above the recent average in the luxury condo market, which stood at $2,800 per square foot in the last four months, according to Olshan Realty’s Donna Olshan. The development team has notched nearly $100 million in sales overall.
Douglas Elliman’s Fredrik Eklund and John Gomes are not only the building’s brokers, but also buyers of their own two-bedroom units.
Despite challenges from a struggling stock market and rising interest rates, Olshan said 2022 was on pace to be the third-best year for the borough’s luxury sales in the past decade.

“This is stacking up to be a very good year,” Olshan told the outlet. “There’s a fairly deep pool of rich people running around that made a lot of money in the last 10 years.”

Last week, the asking prices for luxury homes — $4 million or more — that went into contract totaled $219 million, doubling the previous week’s total. At 24, the week notched 10 more deals than the previous period, according to Olshan Realty.
Argo and Bsafal acquired the Greenwich Village property from Bernard-Charles in 2019 for $30 million. It took time for the condo project to get off the ground due to permit issues and the pandemic, but work eventually started with the assistance of an $82 million construction loan from Fortress Investment Group.

KPF designed the building, while Danish firm Space Copenhagen designed the interiors. Construction on the 13-story building is expected to wrap by early 2024.

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Mixed news this week:
Huge jump from Thanksgiving week (50% in contracts volume and 250% in dollar volume!) but massively down YOY (almost 2/3 drop in contracts).

This week's New Development Report from Sotheby's Kevin Brown Team. unnamed(78).jpg

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TikTok investor buys twice at 111 West 57th Street​

Tim Gong paid $34M for two condos at JDS Billionaires’ Row supertall​

A TikTok investor found JDS Development’s supertall on Billionaires’ Row so nice, he bought twice.
Tim Gong paid $34 million for two units at 111 West 57th Street, the New York Post reported. The sales were for sponsor units at the tower, which Michael Stern’s firm developed with Property Markets Group.

The more expensive of the homes was a full-floor unit, No. 52, which Gong bought for $25.6 million. The 4,200-square-foot unit includes three bedrooms, three-and-a-half bathrooms and floor-to-ceiling windows with Central Park views.

The other unit is in Steinway Hall, the former showroom of Steinway & Sons. Gong paid $8.1 million for the 2,800-square-foot unit in the restored section, a pad with two bedrooms, three-and-a-half bathrooms and a wraparound terrace.
Elegran Real Estate’s Chris Fry represented Gong in the purchases of both condos, which were sponsor units. Gong also owns homes in Philadelphia and Montana.

Gong is the managing director of the Asia venture-capital unit at Susquehanna International Group, a high-speed trading firm. Susquehanna owns approximately 15 percent of ByteDance, TikTok’s parent company making it the largest outside investor in the social media company with a stake reportedly worth an estimated $15 billion.

Developers of 111 West 57th Street started marketing the 60-unit building in 2016 off of floor plans. The 82-story building rises nearly 1,500 feet on the site of the former Steinway & Sons piano store, making it one of the tallest buildings in the Western Hemisphere. SHoP Architects designed the supertall condo property.

Completion of the building is expected by the end of the year or by next year’s first quarter.
Corcoran in February took over sales at the building from Douglas Elliman Development Marketing. The Douglas Elliman arm was appointed for marketing and sales in July 2018, launching the effort two months later.

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Adams Plan Would Relax Rules for Developers Amid N.Y.C. Housing Crisis​

The mayor proposed reducing requirements that he said slow the construction of new homes as the city contends with a housing crisis

Mayor Eric Adams announced a plan on Thursday to combat New York City’s affordable housing crisis by streamlining some of the city’s many rules and requirements that he said have slowed the construction of new homes at a moment when they are desperately needed.
The plan calls for a number of changes focused mainly on reducing bureaucratic obstacles for builders, including eliminating environmental reviews for some residential buildings and simplifying the approval process for many new projects. Taken together, the mayor said, the proposals would speed project timelines by 50 percent, which would help reduce building costs.
Mr. Adams put the city’s housing problems in stark terms in a speech at City Hall, calling out New Yorkers and suburban residents who have opposed new housing and describing his own experience with housing instability as a child. He noted that the creation of new housing has lagged far behind population growth.

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The bargain hunters: Buyers target cheaper new development units​

Deals rise after horrible October​

After months of whiplash in residential markets, November brought some welcome stability to new development sales in New York.

Developers reported 186 contract signings last month, an 11 percent increase from an abysmal October, according to a new report from Marketproof. That’s still down 21 percent from November 2019, but roughly on par with other months since the Federal Reserve began raising interest rates.

The contracts were for apartments asking a combined $548.5 million, up nearly 50 percent from October’s total. The median price of the units was $2.4 million, down about 10 percent.
How many of the deals close, and at what prices, will not be known until they hit property records. But the increased activity and lower median price suggest that rate-sensitive buyers are beginning to step off the sidelines after several months of inactivity, during which ultra-luxury contracts carried the market.

As the merely wealthy begin buying again, developers have started to add incentives. The builders of CBSK Ironstate’s 547 West 47th Street are offering two years of waived common charges. Other sweeteners are becoming more common.
“All those things are enough to keep the prices up,” said Kael Goodman, founder of Marketproof. “What we’re not really seeing is the prices coming down in any significant way.”

Still, concessions can only go so far. “Discounts are next,” Goodman said.

Manhattan’s new developments posted 92 deals, up nearly 25 percent from October. That’s roughly where contract signings were in 2019, but down 60 percent from the sugar high of last November, when the S&P 500 index had doubled from its pandemic nadir. (It is down about 17 percent since.)

Zeckendorf Development’s 1289 Lexington in Carnegie Hill notched nine contracts last month, the most of any new development in the city. Brown Harris Stevens is handling sales with Jeffrey Stockwell, according to Marketproof. The Zeckendorf brothers bought it out of foreclosure.
The city’s top contract by asking price was a five-bedroom unit at Central Park Tower, which was marketed for $66 million.

Developers in Brooklyn reported 79 sponsor deals, roughly equal to the previous month’s total. The borough’s most expensive buildings, notably Quay Tower and Olympia Dumbo, continued to find buyers.
In all, Brooklyn new developments pulled in three deals asking above $4 million and prices rose across the board. The 79 sponsor contracts were for units asking a combined $124.4 million, up 15 percent from October. Median unit price rose 24 percent to $1.2 million, or $1,308 per square foot.

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Based on these numbers it looks like the sellout period for 1 Manhattan Square will be over 11 years.
6.5 years and only 56% sold?
Extell refinances 355 unsold units at One Manhattan Square for $266M

Extell Development reached two agreements to refinance portions of its One Manhattan Square condo development.

The developer landed loans of $217 million from Bank of America and $49 million from Athene Annuity and Life Company for its Two Bridges residential tower, according to public records.

The larger loan covers 242 unsold condo units and a garage unit. The smaller one is secured by 113 unsold condo units. Together, that’s 44 percent of the apartments in the 847-foot luxury development.

The refinancings retired debt previously provided by Forethought Life Insurance Company. A mortgage severance agreement noted the retirement of $189 million in debt.

Extell did not immediately respond to a request for comment.

Extell lands $690M refinancing package for One Manhattan Square
Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square
It’s not clear why Extell decided to refinance the unsold units now, but it’s possible the previous debt was set to come due soon. Interest rates have risen considerably in recent months as the Federal Reserve has acted to tame inflation, so Extell may be stuck with higher interest rates than it could have gotten early this year — and higher than on the loan it replaced.

In 2019, Extell landed a $690 million refinancing package for the entire 80-story, 815-unit Two Bridges condo tower. Blackstone was the lender on that deal, which was divided between a $553 million senior inventory loan and $138 million mezzanine loan.

A majority of that loan went toward retiring a $750 million construction loan provided in 2016 by a consortium led by Deutsche Bank, Bank of China and Natixis.

Sales at One Manhattan Square have a long way to go, although the project’s website calls it the “Manhattan’s best-selling waterfront condominium.” Marketproof data recently reported by Bloomberg revealed only 57 percent of units have sold.

Gary Barnett’s firm has attempted to soothe buyers’ concerns about borrowing costs by offering a “Rate Rewind” program at both One Manhattan Square and Brooklyn Point in Downtown Brooklyn. Under the program, the sponsor buys down mortgage interest rates by 2 percentage points during the first three years of the mortgage.

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Check out 2022’s most valuable Manhattan condo projects

JVP’s Sutton Tower led list as New York developers shift from rentals​

For decades a city of rentals and co-ops, New York now has condos across town. And that trend figures to accelerate.
New York has condos in the sky and shaped like a sail. The future promises still more as lawmakers let a property tax break for rentals expire but kept the abatement for condominiums.

However, after a rip-roaring start to 2022, sponsor unit sales cooled as the Fed hiked interest rates and mortgage rates followed suit. The high end was largely unaffected as the ultra-rich continued to purchase in titanic projects such as the Aman New York, but merely-well-off buyers were more sensitive to financing costs.
As the 421a tax break expired in June, developers largely stopped fundraising for new rental projects and figure to build condos or nothing as their 421a pipelines peter out. Developers say it is almost impossible to make multifamily rental developments pencil out without a property tax abatement, and some, like Douglaston’s Jed Resnick, don’t expect one any time soon.

Using plans filed with the attorney general, as well as data from city repositories Pluto and ACRIS, The Real Deal looked at the 10 most expensive condo projects filed this year, ranked by the sales projected by their developers. (Actual results may vary, of course.)
The top spot goes to Gamma Real Estate and JVP Management’s Sutton Tower at 430 East 58th Street. With a projected sellout of $873.3 million, the building contains 121 apartments, including a duplex penthouse. Designed by Danish architect Thomas Juul-Hansen, the 850-foot tower is made of Bavarian limestone and rises just south of the Ed Koch Queensboro Bridge.
The developers plan to ask $72 million for the 9,000-square-foot penthouse. The one-bedroom, one-and-a-half-bath units start at $2.4 million. In the amenities space race, the building offers four floors — 22,000 square feet — of shared playspace including a spa, golf simulator and screening room.

The tower was subject to years of squabbling over debt and a rezoning. Gamma purchased the site out of bankruptcy after the spectacular failure of Joseph Beninati’s Bauhouse Group.

The second-most valuable condo project is from JVP Management as well. Nicknamed “96 + Broadway,” the Upper West Side development is also designed by Thomas Juul-Hansen and also uses Bavarian limestone drawn from quarries that are apparently converted into owl habitats.

The development’s apartments range from one-bedrooms to five-bedrooms. Compass is handling sales at the building. Some of the 96 + Broadway’s selling points include a hybrid squash and basketball court and a 75-foot saltwater pool.
JVP has its hand in many pots. Thirty blocks south, it has partnered with Extell on 50 West 66th, a controversial 69-story condo.
A 191-unit tower in Midtown East by Hopson Development rounds out the top three. Hopson is aiming for a $294 million sellout at the project, which was designed by Ismael Leyva Architects and Neri & Hu.
Hopson bought the site from Bentley Zhao’s New Empire Real Estate in 2019 for $115 million. In May, it took on a $156 million construction loan from Fortress as Josh Schuster’s Silverback Development left the project.

Below is the full list of the 10 most valuable Manhattan condo filings of 2022:
1. 430 East 58th Street | Gamma Real Estate and JVP Management | $873M
2. 250 West 96th Street | JVP Management | $459M
3. 135 East 47th Street | Hopson Development | $294M
4. 111 West 56th Street | GFI Realty | $246M
5. 2688 Broadway | Toll Brothers | $166M
6. 222 East Broadway | RoundSquare Development, Optimum Asset Management and Ascend Group | $157M
7. 100 Claremont Avenue | L+M, Lendlease | $133M
8. 64 University Place | Argo Real Estate and Bsafal | $128

9. 7 West 57th Street | Soloviev Group | $75M
10. 441 West 54th Street | Yaus Special Clinton District LLC | $64M

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Here are the priciest Brooklyn and Queens condo filings of 2022​

Ten developments aim for $1B projected sellout​

Condo projects are still a big part of the development picture in the outer boroughs, but Queens and Brooklyn took a step back in the value of its top condo filings this year.
The total projected sellout of the 10 largest projects registered with the state this year in Queens and Brooklyn was $1.06 billion, an 18 percent decline from $1.29 billion last year. It was still nearly triple the $384 million total of the top 10 from pandemic-ravaged 2020, but half of the 2019 sum.

Last year’s list was buoyed by Fortis’ Olympia Dumbo, which blew away all rivals with a $375 million projected sellout. This year’s top project was barely two-thirds of that.
Outside of the top spot, however, this year’s top 10 goes toe-to-toe with 2021’s. There are the same number of $150 million projected sellouts (three) and only one fewer $100 million sellout than a year ago.
Below are this year’s priciest condo filings in Brooklyn and Queens, based on offering plans accepted through Dec. 1 by the state attorney general.

1. 29 Huron Street, Greenpoint | Quadrum Global | $252 million​

The most valuable filing outside of Manhattan this year belongs to Quadrum’s The Huron in Brooklyn.
The London-based firm bought a vacant warehouse on the site for $45.5 million in 2014. The development will include 171 units, ranging from studios to four-bedroom apartments. Amenities for the 175,000-square-foot, two-building development include an indoor saltwater pool, fitness center, playground and coworking spaces.
Sales for the Morris Adjmi Architects–designed project — which got a $126 million construction loan in July — launched in September when broker Ryan Serhant captained a boat party on the Greenpoint waterfront.

2. 144-49 Northern Boulevard, Flushing | CW Northern | $196 million​

Sponsor CW Northern LLC filed plans to build Northern Parc in Queens four years ago. The HCRE-developed property will span 213,000 square feet, split between residential, commercial and community space.
The 17-story development will have 172 units. It is being designed by My Architect PC.

3. 45-30 Pearson Street, Long Island City | Ascent | $155 million​

Ascent Development’s 130-unit Greene hit a bump earlier this year when brokerage Modern Spaces sued, alleging the developer canceled the brokerage’s exclusive sales agreement without cause.
Ascent bought eight properties to assemble the development site, spending $33.8 million over four years. In May 2021, the developer landed $48.2 million in construction loans to build the project, increasing its unit volume by 30 percent from initial plans filed in 2019.

4. 533 Pacific Street, Boerum Hill | Sterling Town Equities | $87 million​

Sterling Town is putting up 41 units in Brooklyn, between 3rd and 4th avenues. The 11-story Post House is being designed by Isaac & Stern Architects.
Amenities planned for the development include a greenhouse that opens to a private courtyard, a fitness center, a children’s playroom and a pet spa. Compass launched sales at the condo in May, according to New York Yimby, and closings are expected to begin early next year.
Fourth Avenue, the western border of Park Slope, is gradually being converted from a vehicular thoroughfare lined with low-scale commercial properties into a more pedestrian-friendly residential boulevard with boxy apartment buildings and some restaurants.

5. 37-26 32nd Street, Long Island City | Zhongyin Lyu, Jianfei Chen | $78 million​

Designed by Andreas Escobar and Steven Jacobs of SBJ Group, Eden Condominium was finished this summer, two years after construction began. It stands seven stories and includes 70 units.
Developers Zhongyin Lyu and Jianfei Chen projected a sellout of $71 million. Nest Seekers International is handling sales, with units priced at $550,000 to $1.2 million, or an average of $1,200 per square foot, according to BuzzBuzzHome.

6. 37-19 32nd Street, Long Island City | Yiming Li | $68 million​

Fewer than 500 feet away from Eden Condominium is competition in the form of Meridian Towers Condominium. The project is set to include 86 units. Yiming Li is the principal of the development group behind it.

7. 10 Quincy Street, Clinton Hill | Loketch, Meral | $68 million​

The 46-unit development is underway at a site where the Salvation Army sold a warehouse to Loketch Group and Meral Property Group for $28.5 million in January 2020. S3 Capital Partners provided $50 million for the acquisition and redevelopment of the Brooklyn property.
Sales, led by Corcoran, launched in March, Brownstoner reported. Only two units are priced at more than $2 million at the site, which formerly housed a four-story, 19th century industrial building designed by Francis Kimball.

8. 350 Butler Street, Park Slope | Brooklyn Home Company | $56 million​

The project, one of the largest condo filings in the second quarter, is being designed by Robert Litchfield Architect. Its 34 units are priced at an average of $1.6 million.

Exterior work on the 48,000-square-foot property was ongoing in June, according to New York Yimby. Construction of the 11-story building is expected be completed early next year, the publication noted.

9. 30-05 Vernon Boulevard, Astoria | $56 million​

The Marina Astoria in the titular Queens neighborhood has projected sellout similar to that of 350 Butler but nearly twice as many units. Plans were filed for the 52,000-square-foot building nearly seven years ago.
Its 67 units are being sold for an average of $1,249 per square foot, according to NewDevRev. Nest Seekers International is marketing the luxury waterfront property, which includes a landscaped courtyard, fitness center, library, pet spa and co-working space.

10. 132-27 41st Road, Flushing | NY Excelsior Development | $41 million​

Rounding out the outer boroughs’ top 10 is Century Tower in downtown Flushing. NY Excelsior filed plans in 2018 for a nine-story, mixed-use building, according to New York Yimby. There are 30 units in the development.

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Mapping luxury condos with the most unsold units in New York​

Top developers weather years of low activity at primo apartment towers across city​

During the pandemic, it seemed like every week there was another $50 million condo sale, but the market has cooled off in recent months, and an analysis of public data shows that some top tier projects still have large amounts of unsold inventory.
Before we dig in, let’s set the table. Here’s a map of the 66 condo projects filed in New York since 2018 that are projected to sell out for $100 million or more, according to the latest filings with the state Attorney General.

On average, these projects are 71 percent sold (the median is 77 percent). Eight of the projects have sold out already, but none of those contain more than 70 units. Altogether, these projects have collective sales of $17 billion.
Within Manhattan, the Upper East Side has been good to developers. Extell Development has just one unsold condo left at 1010 Park Avenue, an 11-unit project with a projected $178 million sellout. Just south, the Naftali Group has its own low-density, high-sellout play with the Benson. The 16-unit boutique project sits on Madison Avenue, just a block east of the MoMA. Naftali is targeting a $238 million sellout, and is on pace to run out of inventory soon: Since declaring sales in the summer of 2021, the developer has sold all but three units.
The Far West Side has also seen a spate of pricey condo filings. Related and Oxford Property Group have sold 238 of the 285 condos and 15 Hudson Yards, a colossal glass high-rise with a projected $1.74 billion sellout. Just north lies 35 Hudson Yards, another collaboration between Related and Oxford. That project is just shy of 40 percent sold and is targeting a $1.65 billion sellout.
Further south sits a project that basically qualifies for diplomatic immunity. Zeckendorf Development and Global Holdings’ 50 United Nations Plaza is 92 percent sold. Buyers at the 44-story highrise, launched sales in 2013, include the U.S. Mission to the United Nations, the British Consulate-General in New York, the head of the New Zealand delegation, and the Permanent Mission of the State of Qatar, which purchased four apartments for about $45 million. Zeckendorf and Global previously teamed up on 15 Central Park West, the limestone opus credited with sparking the Central Park West condo boom.
The Queens condos are mostly clustered in Long Island City. One exception is Tangram House South, a 192-unit project in Downtown Flushing developed by F&T Group and Shanghai Construction Group America. With a $220 million projected sellout, this project is making a big bet on luxury demand deep in the outerboros.

For the most part, Long Island City developers favor boutique projects, and even the largest condos tend not to exceed 200 units. Skyline Tower breaks that tendency, a Manhattan-style condo on the wrong side of the East River. Four years after launching sales, developer Chris Jiashu Xu has sold 63 percent of the project’s 801 units.
The map below shows the 49 condo projects opened in recent years that are less than 60 percent sold. Of course, some have only just launched, and condos take years to sell out. For bigger projects, developers often do not try to sell every unit right away.

One high-profile example is Extell’s One Manhattan Square, an 815-unit tower in Two Bridges that the developer markets as “Manhattan’s best-selling waterfront condominium,” even though it is only 56 percent of the way to sell out. The developer recently refinanced 355 of the unsold apartments, a complicated maneuver given current rates.
In total, there are 4,414 unsold condos in the city, according to data from TRD Pro.