New York, NY – Move over, trophy towers. There’s a new trend hitting Manhattan real estate this year: the billion-dollar diet. According to a recent article in Curbed, “The Eight Digit Boom … Is Finally Over,” the uber tower trend has finally peaked, leaving many high-profile developments, including One57 and 432 Park, scrambling to sell out. With an 18% drop in sales this year, developers are moving to Plan B, splitting units in two, slowing development of future projects, and cutting prices to lure more buyers. And while it’s premature to declare these skinny towers a billion dollar bust, the writing is on the wall. So where does the market go now?
According to a recent New York Times article, “In New York, a Falling Market for Trophy Homes in the Sky,” there’s renewed focus on the $3M range, which (go figure) is what the bulk of the market has been clamoring for all along. So break out that old neighborhood map, and a glass of (cheaper) champagne, and take a look at the new normal in Midtown luxury:
One57 – Still home to the priciest penthouse ever sold in Manhattan (at $101M), One57 now offers unparalleled luxury starting at $3.9M. The building stands 90 stories and overlooks Central Park, as well as most of Manhattan. Apartments range from one to five-bedroom suites, with modern style that emphasizes natural light and open spaces. Amenities include a fitness center, a screening and performance space, a library, a triple-height indoor swimming pool and custom Jacuzzi, an arts and crafts atelier room.
The Centurion – At 33 West 56th Street, The Centurion at the center of midtown Manhattan and just a short walk from Central Park. But what has made The Centurion one of Manhattan’s most sought-after new condominium listings is that it is one of the loveliest and most distinguished-looking new condominiums in Manhattan. Amenities include a 24-hour concierge, an attended garage, and a state-of-the-art fitness facility. Apartments range from one to four-bedrooms, and include floor-to-ceiling windows, skyline views, copious natural light, and top-of-the-line fixtures and finishes.
The Park Imperial – Starting at $1.75M, this 72-floor high-rise at 230 West 56th Street has 111 luxury condominiums. Apartments include ebony-stained mahogany floors that contrast powerfully against stark white walls, marble baths with flatscreen TVs. individual climate control, custom-fitted kitchen, and 10-foot ceilings and spacious windows result in a refreshingly well-lit, appealing space. Amenities include white-glove 24-hour concierge, terraces with grandiose views, an on-site garage with valet parking, fitness center, a business center, private resident lounge, a bar, and an entertainment space.
The Sheffield 57 – One of the most ambitious (and expensive) condominium conversions in Manhattan real estate history. Apartment range from studios to four-bedrooms, and are spacious, gracious, bathed in natural and appointed with the highest of high-end fixtures and finishes. Amenities include 24-hour doorman, attended parking garage, a state-of-the-art fitness facility, a Yoga/Pilates studio, and his-and-hers spa area complete with sauna and steam room, a glass-enclosed rooftop pool, three sundecks, children’s playroom, and a residents-only lounge.
Essex House – At 160 Central Park South, Essex House offers 1-3 bedroom residences starting at $1.2M atop the legendary hotel. Residences include classic French doors, 9-foot coffered ceilings, and open kitchens, floor-to-ceiling windows and private terraces. Amenities include a 24-hour doorman and bellman, room service, housekeeping, valet parking, dry cleaning and laundry, catering, turndown and linen service, fitness center, business center, private conference room and masseuse.
Metropolitan Tower – Just two blocks from Central Park, Metropolitan Tower at 146 West 57th Street offers residents high-end luxury with stunning views. The 716 foot high building in enclosed by a solar glass curtain wall it’s unique triangular tower stands out even amongst Manhattan’s elite luxury residential buildings. Metropolitan Tower features a suite of deluxe amenities including a concierge service, a full-time doorman, housekeeping and room service, and a rooftop deck, as well as a health and spa club with an indoor swimming pool.