Wave of new developments in New York and Miami
Published: Jul 11, 2013
The developers of one of the most luxurious buildings in Manhattan, 15 Central Park West, have their eyes set on midtown east (also known as Turtle Bay) – specifically First Avenue near 46th Street where a new luxury condo project is under construction. Arthur and William Lie Zeckendorf’s latest development, a 44-story tower, will be the area’s first new residential project since 2001 when the Trump World Tower was completed and is poised to set price records for that area. It’s located across the street from the United Nations, at 50 UN Plaza, hoping to attract like-minded wealthy buyers from around the world who are fueling demand and price increases at One57 and 432 Park Avenue.
Zeckendorf’s plans call for 88 apartments, with prices starting at $2.8 million for a one-bedroom unit. Two-bedroom units range from $3.6 million to $9.4 million. A 9,700=square-foot (900-square-meter) duplex penthouse spanning the 43rd and 44th floors will be listed for $55 million. According to preliminary plans, the property includes five bedrooms as well as a pool and terrace on the top floor. Sales will begin in the third quarter.
The Lower East Side neighborhood of Manhattan is an up-and-coming area for future city development. The construction company Extell paid nearly $150 million for a site at 227 Cherry Street and is expected to build a high rise residential rental tower on the site (apparently its name will be The Lo-Down).
More importantly a 1.65 million-square-foot development site, the largest piece of undeveloped city-owned land south of 96th Street that has been vacant since 1967 when the site was vacated and bulldozed, is on the market and bids from the largest development companies in New York were due in May. The site is called Seward Park. Unsuccessful attempts to develop it were made in 1981 and 2003. This time something tells me the story will be different, given the City desperately needs some new construction. The project calls for a total of about 1,000 apartments and 600,000 square feet of retail.
Thousands of new condos are being sold in Miami, with many projects already under construction. A few examples of new condos include the 352-unit Centro (which is being planned for a site next to the Olympia Theater at the Gusman Center for the Performing Arts in downtown Miami), the 157-unit Echo Brickell (which is being constructed by Property Markets Group in the Brickell neighborhood of Miami), and The Related Group’s 1100 Millecento project (part of a new wave of condominium development in Brickell).
Part of the driver for the development push is a significant uptick in unit values, according to a study the new Miami Downtown Development Authority commissioned.
The Miami-Dade Tax Appraiser has recorded a 6.4 percent year-over-year increase in assessed values. Since 2009, the average unit sales price has grown by 21 percent.
This is it for today, dear readers. I am available to answer your questions and provide you with more information on New York City, Miami and U.S. real estate.
• Riccardo Ravasini is a real estate maven and an active agent in New York and Miami. He grew up in Italy, where he studied Business and Finance at Bocconi University in Milan before moving to the U.S. He enjoys assisting people in the search for the perfect rental apartment as well as international buyers looking for smart investment properties. Contact him at +1-917-214-2509 or firstname.lastname@example.org.