It accompanies a report on the astronomical rise of new development in Manhattan
With all of the new buildings rising in Manhattan right now, it can be difficult to imagine what the skyline will look like in five years, let alone 25 or 50. But in conjunction with a new report on Manhattan development, the folks at CityRealty have attempted to visualize the skyline of the future (well, of 2020—who knows what’ll happen beyond that), showing the placement of skyline-dominating supertalls (Nordstrom Tower, 111 West 57th Street) along with megaprojects like Hudson Yards and its neighbor, Manhattan West. (Alas, it doesn't show the possible shadows these tall towers could cast over Central Park, though the green space is the anchor point of the whole thing.)
The report (PDF!) that the rendering accompanies posits that condo sales in Manhattan are poised to reach an all-time high in the next few years. The total price of new development sales is projected to hit $8.4 billion this year, and as much as $10 billion by 2018. Pricey developments like 53W53 and 220 Central Park South are leading the charge, but the sheer number of luxury buildings that have hit the market in the past year has also helped drive that number up. (That glut of luxury development isn’t necessarily a good thing, as recent reports have shown it can lead to a rise in demand—and prices—at the lower end of the market.)
Other interesting tidbits: The neighborhoods with the highest numbers of projected sales in the next few years are, in order, Midtown West, Tribeca, and Central Park South (we can thank Robert A.M. Stern for that last one); the average sale price of a condo in a new development is $4.4 million; and the neighborhood with the most new units is the Financial District.
- Manhattan New Development Report [CityRealty]