New development sales in Manhattan expected to hit $12B by 2020

According to CityRealty’s 2017 Manhattan New Development Report, things are really going to heat up over the next few years. While new development sales dropped to $8.3 billion in 2017 from $9.4 billion in 2016 (attributed to a softening in the luxury market), there are a number of new big-time buildings that will commence closings and have the potential to drive total sales up to a whopping $11.9 billion by 2020. One key player is Extell Development’s One Manhattan Square on the Lower East Side. With 815 apartments, it will be the largest condo by unit count ever constructed in the city. And up on Billionaires’ Row, Extell’s Central Park Tower will have the city’s biggest sell-out ever at $4 billion, while Vornado’s 220 Central Park South is looking to set the record for highest price per square foot ever in NYC.

Thanks to One Manhattan Square, the Lower East Side will see the most condos completed over the next few years, with 1,1118 units under construction. Midtown West follows with 990 units, most of which will be located in the Billionaires’ Row buildings Central Park Tower, 220 Central Park South, and 111 West 57th Street.

Though 2017 fell in terms of aggregate sales volume, it actually reached record highs in two other metrics–average price ($5 million) and average price per square foot ($2,350). CityRealty projects that these numbers will grow to $5.5 million and $2,975, respectively, by 2020.

You can view the full report here >>

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All charts and aerial renderings via CityRealty