M
anhattan's real estate market is still recovering from the downturn that began several years ago. In 2023, the top 10 most expensive developments in Manhattan totaled just $1.3 billion, a significant decrease from previous years. This year's priciest projects have a total sellout value of $2.6 billion, which is lower than pre-pandemic levels but an improvement over last year.
The condo market has been struggling since the mid-2010s, when a surge in luxury unit sales left many unsold units on the market. The pandemic further exacerbated this issue, with construction costs and interest rates rising to combat inflation. As a result, the priciest condos have seen their prices decrease for five consecutive years.
However, some recent developments are showing promise. Naftali Group's 255 East 77th Street is expected to sell for over $500 million, while The Henry on the Upper West Side has already sold more than one-third of its units since sales began two months ago. Other notable projects include Glacier Equities and InterVest Capital Partners' 720 West End Avenue, which will feature 131 units priced between $1 million and over $12 million.
Other developments filed this year include:
- 520 Fifth Avenue: A supertall building from Mickey Rabina that will be the tallest on Fifth Avenue, with prices ranging from $1.8 to over $12 million.
- 200 East 75th Street: A 36-unit development from Ted Segal's EJS Development, priced between $3 million and $23 million.
- 609 Second Avenue: A 65-unit condo in Kips Bay developed by The Leser Group and The Horizon Group, with prices ranging from under $1 million to just under $4 million.
- 429 Second Avenue: A 60-unit development from New Empire Real Estate that features indoor and al fresco co-working spaces, priced between under $1 million and over $4 million.
- 83 Thompson Street: Seven boutique residences developed by Madison Realty Capital, SK Development, and CB, priced between $3 million and $29.5 million.
- 83-85 Worth Street: Five boutique residences in Soho developed by Ariel Lahmi's Beekman Real Estate Investment Management, priced at $11.3 million each.
- 370 Lenox Avenue / 60 West 129th Street: A five-year restoration of a 1898 building in Harlem that yielded 55 units ranging from $500,000 to $1.5 million.
