Manhattan has already earned its spot among the most iconic metropolitan skylines in the world, but since when has New York settled for just being one of the best? According to CityRealty’s recently released development report of Manhattan, developers won’t be slowing construction on mega tall (and exorbitantly expensive) condominiums any time soon. The renderings of New York City’s skyline showcase clusters of tall glass building in Midtown and Downtown Manhattan, suggesting that by 2020, the city’s center is going to be even more crowded.
Current projections forecast sales inching to a level that hasn’t been achieved since last decade. “In total, 92 condominium projects with roughly 8,000 new apartments are under construction or proposed,” the report reads. The report also notes that a large portion of this construction will take place in Manhattan’s Financial District, with 1,250 new apartments slated to go up, as opposed to Midtown, where a lot of construction has taken place in recent years.
Prices for these condos are expected to increase as well, due to a new trend in development style that’s become more popular over the past eight years. Developers are saying the name of the game is quality over quantity: instead of focusing on the quantity of new apartments, developers are creating buildings with fewer apartments at higher prices. The average price of new developments is expected to reach $4.4 million this year and will continue increasing in subsequent years.
As far as aesthetic goes, the number of futuristic-looking glass buildings is going to increase between now and 2020. As you’ll see in the renderings that came with the new development report, there will be an influx of slender, tall, glass buildings. The renderings make downtown Manhattan appear slightly overcrowded in certain areas, but at least this material boasts better thermal insulation, solar control, noise control, and fire resistance compared to buildings made from cement or concrete.
The report also provides a brief look at some of the most notable of these developments. The Jean Nouvel-designed tower going up at 53 West 53rd Street (“53W53” for short) will rise 1,050 feet adjacent to the Museum of Modern Art and include three stories of museum gallery space. Extell Development’s One Manhattan Square will be the second largest condo ever built in New York City, with 815 apartment complexes and other amenities including a putting green and a 70-person movie theater. The SHoP Architects-designed building at 111 West 57th Street with a terra cotta facade will steal the title of the second tallest building in New York from 432 Park Avenue when it reaches its 1,400-foot height.
Manhattan’s slated developments surely further the city’s grandiose appeal, but keep in mind that it’s going to cost you millions to live in any of these buildings. So unless you’re prepared to cough up that kind of money, get ready for these massive condos to edge you out of Midtown and the Financial District. The bright side to all this? At least we know that the inescapable scaffolding and the jack hammers that wake us up at 8 a.m. on Saturday are leading to something.