It’s that time of year when the pace of real estate picks up and new luxury condos and developments sweep the market. At this time last year, we saw a heightened rental market marked by low inventory and high demand. This reality will likely continue into 2014’s spring rental season as well.
As 2014 progresses, we will see a rise in mortgage rates that will slow down the price increase of homes, therefore decreasing the amount of purchasing power currently in the hands of the buyer. In the rental market, I see the trend for spring 2014 leaning towards an increase in price for luxury rentals, giving landlords and owners the upper hand.
Here is our list of Top 10 New Developments for Spring 2014 in New York City below:
325 Lexington Ave
Location: Murray Hill
Completed in 2013, 325 Lexington Ave. is a newly constructed building developed by Times Square Construction & Development and designed by architect H. Thomas O’Hara. Midtown East is seeing a vast number of new luxury condo developments, and 325 Lexington Avenue in Murray Hill is a great example. As sighted on the developer’s website from Times Square Construction & Development, this 32-story building will feature a total of 125 apartments. Amenities include a fitness center, clubroom, and a residential rooftop terrace. Two penthouses with private terraces are available on the top floors. There is also a retail space on the ground floor. Occupancy is available in April 2014, four months ahead of schedule!
400 Park Avenue South
Location: Flatiron District
Dubbed “Sky Couture”, 400 Park Avenue South is a 40-story high-rise developed by Tolls Brothers that boasts a glass-blue angular facade that gives the appearance of living inside of a crystal. It is located in the Flatiron District between East 27th Street and East 28th Street on Park Avenue South. Designed by Pritzker Prize-winning architect Christian de Portzamparc, 400 Park Avenue South features world-class amenities, a collection of 1 to 5 bedroom units, and 18 floors total. Sales are expected to launch this spring in 2014.
21 West 20th Street
Location: Flatiron District
With only 3 penthouses up for grabs at 21 West 20th Street in the Flatiron District, this luxury condo development located between Fifth Avenue and Avenue of the Americas is almost fully booked. 21 West 20th Street is designed by David Mann who was recently named on the AD100 list in the Architectural Digest’s annual listing of the world’s top architects and interior designers. The penthouses at 21 West 20th Street range from $13.25 million to $35 million.
12 East 13th Street
Location: Greenwich Village
12 East 13th Street, located in the village, was formally a parking garage that was converted into a luxury condominium. Amenities will feature everything from a gym, to bike storage, to a private storage space for each apartment. 12 East 13th Street will be the first building in the city to use the robot parking system created by Park Plus, allowing residents to pull up to the private parking entrance on the first floor and then watch in awe as their car is lifted onto the second floor and parked by a robot. Nifty, right?
The Greenwich Lane
450 Sixth Ave
Location: West Village
Located in the West Village, The Greenwich Lane groups together five townhouses between 12th and 11th Streets off 7th Avenue. This collection of five sustainably designed townhouses are LEED-certified. Amenities at The Greenwich Lane include a landscaped central garden, an entertainment room, and a state-of-the-art fitness floor featuring everything from yoga, to golf, to a 25-meter pool. In addition, there is a chef’s kitchen, a separate catering room, screening room, private parking, and 24-hr attended lobby, with services.
180 Avenue of Americas
One Vandam has an utterly striking exterior constructed of limestone and glass designed by BKSK Architects. The contemporary interiors reflect the vibe of Downtown Manhattan while utilizing top of the line quality finishes. There is a beautiful residents’ terrace, fitness center, residents’ lounge, and luxurious landscaping surrounding the building interior and exterior. Sales began last Fall in 2013 for this 14-story Soho luxury residence located between Prince Street and Spring Street in Soho. Choose from a collection of 1 to 5 bedroom units.
50 West Street
Location: Financial District
Located between West Street and Washington Street, 50 West Street is currently under construction, with expected completion date of approximately 2016. Its exterior demonstrates a 500,000 sq.ft. glass-clad tower, designed by Helmut Jahn and developed by Time Equities. It is located in Lower Manhattan, where we will be seeing a number of new luxury developments pop up near the World Trade Center area. Expect many high rises, along with 50 West Street, to change the skyline of Lower Manhattan.
23 West 116th Street
Location: West Harlem
Built in 2013, 23 West 116th Street is a 12-story luxury residential condo with a total of 195 apartments. Located between Fifth Avenue and Lenox Avenue in Harlem, The Adeline is a new condominium that features plank oak floors and many modern design touches. There will be a selection of 1 to 4 bedroom units and a range of amenities from a 24-hour doorman, to a fitness room, resident’s lounge, children’s playroom, an anticipated 25-year tax abatement, and much more.
388 Bridge Street
Location: Downtown Brooklyn
Interest is not showing any signs waning in the neighborhoods within Brooklyn, a trend in the rental market that will continue for Spring 2014. 388 Bridge Street is currently the tallest residential building in Brooklyn to hit the market and giving tenants the option to buy or rent. Renters will be able to move in by February of this year.
146 South 4th Street
Location: Williamsburg, Brooklyn
146 South 4th Street is a new luxury rental building in Williamsburg, Brooklyn. Rooftop views showcase the Manhattan skyline from the Williamsburg Bridge all the way to Lower Manhattan. There is also a gym and community lounge exclusive for residents’ use. 146 South 4th Street offers a choice of studio to 1 and 2 bedroom units.