Construction market on the rise
New York is constantly changing: the old buildings are demolished, new buildings, the former industrial premises are transformed into multi-million dollar lofts, many areas covered by gentrification and renewal of housing stock.
According to the New York City Building Code Congress (New York Building Congress), in 2013 was issued 71% more building permits housing than in 2012 (a total of issued permits for 18,095 housing units in 1383 buildings). For the first time since 2008 the number of permits issued increased immediately in all five boroughs of New York. The most active construction is carried out in Brooklyn. There is planned for more than 1,000 housing units more than in Manhattan. The number of permits in percentage terms increased the most in Queens (107% per year). There, in the area of Long Island City, planned to build two high-rise buildings taller than 30 floors 925 apartments. Project called Hunter's Point South will be the largest since the time of Co-op City in the Bronx.
Now the majority of residential units in buildings under construction in Manhattan - a spacious apartment worth several million dollars. In the past, there was dominated by the apartment - both secondary and high price ranges. Today's market is focused on affluent buyers, mostly foreigners. According to Miller Samuel, more than half of the buyers of New York buildings - foreign investors. What percentage among them are Russian unknown, but, according to New York Times, among the buyers of primary residence in New York, the Russians as much as the Chinese and Brazilians. According to Knight Frank, at the New York elite primary real estate market as numerous buyers from the UK and India.
Some of the most outstanding new housing projects in New York:
28-1 West Street, 520. Near the High Line Park will be built building designed by renowned British architect Zaha Hadid. Luxury apartments cost from $ 4.6 million. Will have spacious terraces and floor-to-ceiling windows. Price for penthouse - $ 35 million.
Park Avenue 432. When completed in 2015, 425.5 m tall skyscraper will be the tallest residential building in New York. Penthouse located in the tower, is estimated at 76.5 million dollars.
Bond Street, 10. In I quarter of 2015 will complete the construction of buildings on 11 apartments cost from $ 4.5 million.
West 53rd Street, Tower 53 Tower Verre height of 320 meters is built next to the American Museum of Contemporary Art, designed by architect Jean Nouvel. Complete the construction of a building with 145 elite condominiums planned until 2018.
New Expensive faster than Resellers
According to the company Douglas Elliman, in Manhattan in the II quarter 2014 prices for secondary condominiums increased by 6.3% year on year, and the new buildings for the same period rose by 66.3%. That is the primary real estate in Manhattan is growing in value much faster.
As reported by Bloomberg, in 2013, builders paid for plots on average 8070 dollars. / M². Taking into account the costs of the construction cost per square meter increases to 18-26 thousand. Dollars. Thus, developers are hoping to make a decent profit risks.
Manhattan market for new condominiums - most overheated in New York. Foreign buyers prohibited from purchasing cooperatives, so they focus on condominiums. As in London and Hong Kong, foreigners prefer to primary housing: as a rule, modern apartments are spacious and have the opportunity to create the layout and design of the individual project. The average price for new buildings of Manhattan in the II quarter was $ 3.5 million.
New York is constantly changing: the old buildings are demolished, new buildings, the former industrial premises are transformed into multi-million dollar lofts, many areas covered by gentrification and renewal of housing stock.
According to the New York City Building Code Congress (New York Building Congress), in 2013 was issued 71% more building permits housing than in 2012 (a total of issued permits for 18,095 housing units in 1383 buildings). For the first time since 2008 the number of permits issued increased immediately in all five boroughs of New York. The most active construction is carried out in Brooklyn. There is planned for more than 1,000 housing units more than in Manhattan. The number of permits in percentage terms increased the most in Queens (107% per year). There, in the area of Long Island City, planned to build two high-rise buildings taller than 30 floors 925 apartments. Project called Hunter's Point South will be the largest since the time of Co-op City in the Bronx.
Now the majority of residential units in buildings under construction in Manhattan - a spacious apartment worth several million dollars. In the past, there was dominated by the apartment - both secondary and high price ranges. Today's market is focused on affluent buyers, mostly foreigners. According to Miller Samuel, more than half of the buyers of New York buildings - foreign investors. What percentage among them are Russian unknown, but, according to New York Times, among the buyers of primary residence in New York, the Russians as much as the Chinese and Brazilians. According to Knight Frank, at the New York elite primary real estate market as numerous buyers from the UK and India.
Some of the most outstanding new housing projects in New York:
28-1 West Street, 520. Near the High Line Park will be built building designed by renowned British architect Zaha Hadid. Luxury apartments cost from $ 4.6 million. Will have spacious terraces and floor-to-ceiling windows. Price for penthouse - $ 35 million.
Park Avenue 432. When completed in 2015, 425.5 m tall skyscraper will be the tallest residential building in New York. Penthouse located in the tower, is estimated at 76.5 million dollars.
Bond Street, 10. In I quarter of 2015 will complete the construction of buildings on 11 apartments cost from $ 4.5 million.
West 53rd Street, Tower 53 Tower Verre height of 320 meters is built next to the American Museum of Contemporary Art, designed by architect Jean Nouvel. Complete the construction of a building with 145 elite condominiums planned until 2018.
New Expensive faster than Resellers
According to the company Douglas Elliman, in Manhattan in the II quarter 2014 prices for secondary condominiums increased by 6.3% year on year, and the new buildings for the same period rose by 66.3%. That is the primary real estate in Manhattan is growing in value much faster.
As reported by Bloomberg, in 2013, builders paid for plots on average 8070 dollars. / M². Taking into account the costs of the construction cost per square meter increases to 18-26 thousand. Dollars. Thus, developers are hoping to make a decent profit risks.
Manhattan market for new condominiums - most overheated in New York. Foreign buyers prohibited from purchasing cooperatives, so they focus on condominiums. As in London and Hong Kong, foreigners prefer to primary housing: as a rule, modern apartments are spacious and have the opportunity to create the layout and design of the individual project. The average price for new buildings of Manhattan in the II quarter was $ 3.5 million.
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