New Property Projects in Manhattan 2015

111 Murray in Tribeca

111 Murray is Tribeca's new super tower, expected completion 2018.  Designed by Kohn Pedersen Fox, 111 Murray rises to 800 feet and 64 stories, culminating with a distinctive crown at the top.  It is located one block from the World Trade Center and across from Goldman Sachs.

One bedrooms start at $2 million and 2 bedrooms between $4.5m to $5m.

Website:  111 Murray

New Property Projects in New York

520  Park Avenue

520 Park Avenue, 54-storey limetone tower designed by star architect Robert A.M. Stern, aims to be the next 15 Central Park West.  It will have 23 full-floor residences of 4,600 square feet each ranging from $16 million to $37 million.  In addition, 7 duplexes and one triplex, ranging from $70 million to $100 million.

Amenities include a garden, pool and white glove service.  But unfortunately, entrance is on 60th Street (not Park Avenue).

Website:  520 Park Avenue 

New York residential property projects

We are seeing a wave of new residential property projects in Manhattan, New York with expected completion date between Spring 2015 and Spring 2016.

Buyers would typically put down 20 percent to book a unit and come up with the rest at time of closing.   If there is financing involved, the mortgage loan comes in at closing and the mortgage payments only start after closing date.

New condominiums being built again

From left, Arch Partners; SLCE Architects; Herzog & de Meuron; below, Fred R. Conrad/The New York Times

New residential condominium buildings are being built again in New York.  The New York Times reports that prices of the new buildings such as the Baccarat Hotel Residences, 56 Leonard and the revived One Madison Park are higher at $2000 to $4000 per square foot.  While this wave of new developments is not as large as during the pre-recession, it signifies a comeback for New York high end residential property.