I recently interviewed Corcoran’s Vice President of New Development John Felicetti, to get the scoop on the latest in NYC new developments. I really value what he has to say because Corcoran Sunshine has always been the #1 marketing agent for new developments, with data driven analytics on what sells, what buyers like, what neighborhoods, etc. They really are key advisers on suggesting what works in certain buildings regarding layouts, amenities, and the like. ALL developers should work with them for a succsessful, informed project.
Top 10 selling NYC new development condos in the 2019 challenging market….
John Felicetti: In core Manhattan, Manhattan Square reported the most sales and Waterline Square reported a very close second so far in 2019. Of the top ten highest selling new developments in core Manhattan, Corcoran Sunshine represented half — more than any other firm. These include Citizen360 and Hudson Yards as well as 130 William, 25 Park Row, and The Park Loggia, which all recently launched into the market to strong success.
The new “lifestyle” amenities that today’s buyers value and appreciate
John Felicetti: Where there is the opportunity to build large-scale amenities that have a shock and awe affect, like the indoor tennis court at Waterline Square — a first at a residential building — buyers are excited to rethink their lifestyle.
In more boutique buildings buyers still want to see some level of amenity and outdoor space is at the top of that list. It’s important in smaller buildings that amenities don’t overly drive up common charges, which buyers are increasingly sensitive to. We are seeing an emphasis on flexible spaces that can serve more than one purpose, for instance a playroom that can flex into a lounge. Interestingly, a few buildings are forgoing small gyms considering the incredible amount of fitness studios in every corner of the city. A recent project in the planning stage, where space was very limited, skipped the gym in favor of more private storage rooms for buyers since a focus group revealed potential buyers would prefer it in this location which was Williamsburg.
What new neighborhoods are the best investments/ what new developments drive buyers to certain areas
John Felicetti: Hudson Yards is an incredible opportunity for an owner to be a part of an entirely new neighborhood with hotels, culture, and dramatic shopping, and maybe they will even work there too. There have been few opportunities to play, live, and work all in a single new neighborhood before.
Buildings like 11 Hoyt, which offer striking world-class design paired with robust amenities, are drawing buyers and investors across the bridge to Brooklyn who might not have looked so seriously at the borough before.
And back to Waterline Square, which offers the chance to live in a neighborhood that has been 25 years in the making and is now reaching completion. It will offer a new Cipriani market, Empellon Taqueria, a large new park, and — of great importance in the current market — a tax abatement. That’s certainly pulling new groups and types of buyers to the West Side of Manhattan along the Hudson.
Contact me for more details and deals on today’s new developments.