While the luxury condo slowdown is hard to escape in New York commercial real estate news, the actual pace of sales around New York City has continued at great speed. Helping the NYC multifamily market: the emergence of Brooklyn, where two of the three top-selling new condo buildings in 2016 are. Here are the buildings that sold the most units last year, according to PropertyShark.
1. The Greenwich Lane
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Developer: Rudin family, Global Holdings
Architect: FXFowle
Units sold: 145
Median price: $6.2M
It is no surprise The Greenwich Lane tops the list of best-selling new developments of 2016, considering it was 90% sold before it even opened, as Bill and Samantha Rudin told Bisnow last year, from The Greenwich Lane's model unit. The property is a rare bit of new supply in the West Village, and it is broken into the tower on West 11th Street, along with townhouses and other units "scattered about," as Bill Rudin said.
2. The Oosten
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Developer: XIN Development
Architect: Piet Boon
Units sold: 100
Median price: $1.3M
The top-selling condo project in Brooklyn, the Oosten building in Williamsburg boasts a huge interior courtyard and views of Manhattan over the East River. Dutch firm Piet Boon designed, and named, the project, at 429 Kent Ave., in a nod to its Netherlands heritage. Some of the buyers can even get all-expense-paid trips to Amsterdam. There are 216 condos in the building, and a penthouse set the record in 2015 for most paid ever for a Williamsburg condo, at $6.5M.
3. Navy Green
Developer: Dunn Development, L+M Development Partners
Architect: FXFowle
Units sold: 92
Median price: $423k
The cheapest building on this list, Navy Green was developed as affordable for-sale housing, and the demand is no surprise. The affordable condos started at $230k and were released by lottery in 2015.
4. 56 Leonard
Developer: Hines, Alexico Group
Architect: Herzog & de Meuron
Units sold: 83
Median price: $4.6M
This stunningly designed project towers over Downtown, getting more intricate as it ascends. It just opened last summer with buyers lined up to move in or invest. Even the new buyers are trying to cash in; weeks after someone snapped up a $29M penthouse, the same buyer is trying to flip it for a $6M profit. It delivered almost completely sold, 10 years after it started construction.
5. 432 Park Ave.
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Developer: CIM Group, Macklowe Properties
Architect: Rafael Viñoly Architects, SLCE Architects
Units sold: 81
Median price: $18.4M
This controversial supertall had by far the highest price per unit of any building last year. Its string of lawsuits has not stopped buyers from shelling out record-breaking amounts for pads with unmatched views (right now, anyway) of Central Park. Although it will soon have plenty of competition on Billionaire's Row, 432 Park has the benefit of being first, and it is paying off.
6. 53rd and 8th
Developer: HFZ Capital Group
Architect: BP Architects
Units sold: 76
Median price: $1.7M
The cheapest Manhattan building on this list, this Hell's Kitchen building is mostly brick on the outside, which is part of the "New York Character" aesthetic it espouses in its marketing materials. It was considered a forerunner of the "Affordable Luxury" movement when it was being developed in 2015.
7. 135 West 52nd St.
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Developer: Chetrit Group, Clipper Equity
Architect: CetraRuddy
Units sold: 59
Median price: $3.2M
Formerly the Flatotel, the JV of Clipper Equity and Chetrit Group combined to reimagine this sleek, glass, mid-block building into luxury condos. While demand for the building has been high, so has the scrutiny; some money used to buy units is being held while the federal government investigates money laundering allegations.
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