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Manhattan's Top 10 Best-Selling Condo Projects So Far in 2015

     Manhattan's Top 10 Best-Selling Condo Projects So Far in 2015

    One big thing that’s changed over the last 18-24 months in Manhattan’s condo market is that there’s more supply of competitively-priced units in buildings with locations and amenities buyers want, says Megalith Capital principal Philip Watkins. Plans for Megalith's newest condo project, a JV with with Extell on the UWS, were filed last month. Will we see it on this list when sales start? Time'll tell. Here’s a look at Manhattan’s best-selling condo projects so far in 2015, according to data from Propertyshark.

    10. Morningside Gardens

    Owner: The Corcoran Group

    Neighborhood: Morningside Heights

    Address: 70 Lasalle St

    Units Sold: 32

    Median Sale Price: $555k

    Property managed by: Morningside Heights Housing Corp

    This six-building complex a few blocks off the Columbia University campus first opened in 1957. Much more recently, Columbia's $7B, 6.8M SF expansion into nearby Manhattanville is fueling a development boom that might account for so many units trading of late.

     

    9. The Corinthian

    Developer: Bernard Spitzer

    Neighborhood: Murray Hill

    Address: 330 East 38th St

    Units Sold: 48

    Median Sale Price: $1.3M

    With 55 stories and 870 units, the Corinthian first opened in 1988 as NYC's largest apartment building. It's known for its semi-circular fluted towers, which provide sweeping views. But development activity in the area, including a 42-story mixed-use tower across the street planned by Sheldon Solow, could impact those views.

    8. Fifty Third and Eighth

    Developer: HFZ Capital

    Neighborhood: Hell's Kithcen

    Address: 301 West 53rd St

    Units Sold: 50

    Median Sale Price: $1.5M

     

    A plan was launched in late 2013 to convert this 348k SF building from rental to condo. It's being marketed as "affordable luxury," with most units priced under $3M. Sales opened in January of this year. 

     

    7. 15 William

    Developer: CIM Group

    Neighborhood: Financial District

    Address: 15 William St

    Units Sold: 55

    Median Sale Price: $1.6M

     

    This 47-story ground-up development in the heart of the Financial District was originally concieved as a condo project. In 2010, it was reconvieved as a rental building, and its 1,625 SF penthouse rented for $111/SF in 2013--a record for the neighborhood. Since then it's gone back to condo, and evidently sales are brisk.

    6. The Adeline

    Developer: L+M Development Partners

    Neighborhood: Harlem

    Address: 23 West 116th St

    Units Sold: 64

    Median Sale Price: $1.1M

     

    The name of this 83-unit building is a nod to Adeline Waller, mother of jazz musician Fats Waller. It's one of seven ground-up residential projects L+M has done in Harlem. 

    5. 325 Lex

    Developer: Carmel Partners and Times Square Construction & Development

    Neighborhood: Murray Hill

    Address: 325 Lexington Ave

    Units Sold: 77

    Median Sale Price: $1.3M

     

    The original design for this 123-unit building, drawn up by Studio Dror Architects, called for a series of offset glass boxes stacked vertically. That plan was nixed sometime in 2013, a design built by H. Thomas O'Hara with a part of the building cantilevered over an adjoining low-rise apartment building.  

     

    4. River & Warren

    Developer: Centurion Real Estate Partners and Five Mile Capital

    Neighborhood: Battery Park City

    Address: 212 Warren St

    Units Sold: 82

    Median Sale Price: $2.6M

     

    This one's another rental-reborn-as-condo conversion. As a rental, the building had 324 units. That number was reduced to 169 for its new life as a condo development. 

    3. One Riverside Park

    Developer: Extell

    Neighborhood: Lincoln Square/Upper West Side

    Address: 50 Riverside Blvd

    Units Sold: 85

    Median Sale Price: $2M

     

    The building bore the brunt of the "poor door" controversy in 2014 when plans were announced that showed it would have a separate entrance serving its 55 affordable units.

    2. 540West

    Developer: Fortis Property Group and Wonder Works Construction

    Neighborhood: Hell's Kitchen

    Address: 540 West 49th St

    Units Sold: 86

    Median Sale Price: $1M

     

    This project is comprised of two seven-story buildings with a 6k SF courtyard in between, spanning the full block between 48th and 49th streets. Units top out around $3.5M. Nearby development like the Durst Organization's pyramidal 625 West 57th St. promise to fuel a development boom in the area that'll have major staying power. 

    1. Island House

    Ownership: Housing cooperative

    Redeveloper: Hudson Cos and Related Cos

    Neighborhood: Roosevelt Island

    Address: 551, 555 and 575 Main St, Roosevelt Island (technically part of Manhattan)

    Units Sold: 166

    Median Sale Price: $310,595 

    Existing residents of this former Mitchell-Lama development can buy a rehabbed unit at a steep discount--in the ballpark of $200/SF. As part of a program to keep Roosevelt Island affordable, folks who buy through the discount program and later sell can only sell to moderate-income buyers who'll also be paying under market rate. Market-rate units are also offered as part of a redevelopment by Hudson Cos and Related Cos. 

     

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