With the New York City real-estate market sagging under the weight of too much inventory following a credit-driven surge in multifamily housing in recent years, the return of Manhattan’s marginal buyer could finally be at hand.
A ranking of the city’s best-selling condo buildings from Property Shark hints at how the ultra-high end of the market, where units can sell for $20 million or more, appears increasingly vulnerable. While some of the top-selling buildings have racked up impressive sales totals, some have vacancy rates as high as 40%.
Recognizable names like 15 Central Park West and “billionaires row” member One57 top the Property Shark rankings. Lower down, Brooklyn makes its entry into the top 50 with One Brooklyn Bridge Park, as the increasingly trendy borough attracts financial and tech types who might’ve once preferred the East Village or Chelsea. However, despite the rapid ascent of Brooklyn property values, 49 of the city’s top-50 selling buildings remain in Manhattan.
Central Park is the hotspot with the largest share of best-selling buildings, with six of the top 10 clustered around the landmark. 230-unit Central Park West, the city’s all-time best-seller, has achieved total sales volume of nearly $1.9 billion. Condos in the building regularly sell for more than $8 million.
Units in One57 regularly sell for more than $20 million, though 12% of its inventory currently remains unsold.
The third best-selling building, 432 Park Avenue, averages $20.2 million per condo, though 37% of its inventory remains on the market. In another indication of how inaccessible the city’s property market has become for buyers who are merely wealthy, the building with the lowest median apartment price in the PropertyShark ranking is the 551-Unit Orion Condominium, located near Times Square, where units sell for $900,000. It came in at No. 22.
Here’s a breakdown of the top 10:
No. 10 – 150 Charles St.
“With a total sales volume of $786,532,443, 105 Charles Street ranks as the #10 best-selling building of all times in New York City. Originally built in 1901, the condo conversion has sold 97% of its stock at an average of $8,937,869 per unit. The 91-unit West Village best-seller is a landmark structure.”
No. 9 – The Sheffield 57
“Built in 2005 as one of the largest apartment developments in New York City, the 609-unit Sheffield57 is currently one of the city’s best-selling condos buildings. Sales volume in The Sheffield57 has reached $803,155,159, with 12% of units yet to be sold. Luxe amenities of course abound in what is one of the most expensive condo conversions in the city. They include an indoor/outdoor swimming pool, 3 sun decks overlooking Midtown Manhattan, a spa and a sleek fitness center with yoga/Pilates studio among others.”
No. 8 – 56 Leonard Street
“One of Tribeca’s most luxurious residential developments, 56 Leonard Street made NYC’s best-selling top 10 thanks to an $890,414,761 sales volume – a total projected to expand with the sale of the remaining 14% of units. It showcases a Herzog & de Meuron-designed two-floor amenity complex with a 75-foot infinity lap pool as one of its most striking features. Residents can also access the building’s conference room, indoor/outdoor theater and sleek fitness center, among many other exclusive amenities.”
No. 7 – Manhattan House Condo
“Built in 1950 as a landmark apartment development on the Upper East Side, the extensively renovated 575-unit development is currently New York’s 7th residential structure with sales topping $1 billion, With 31% of its units still on the market, and the average sale price clocking in at $2,618,276, the luxurious development will grow well over its current sales volume of $1,034,219,13. Manhattan House Condo residents enjoy access to the rooftop Manhattan Club with its indoor/outdoor entertaining areas, a luxe fitness center and yoga studio and sizeable private garden.”
No. 6 – The Time Warner Center
“Once boasting the highest market value in New York City, Time Warner Center’s residential component is still among the city’s most successful. Having reached $1,076,2228,720 in sales, units in the 97%-sold development go for an average of $5,519,122. Exclusive amenities at the 2004-built asset include concierge services, a ballroom, landscaped roof deck, fitness center and health club, complete with pool and access to the Mandarin Oriental Hotel’s spa and the luxurious shopping available in the building’s commercial component.”
No. 5 – The Plaza
“Originally built in 1907 as a hotel, the French chateau-styled building has become an icon of the city, featured in countless movies and F. Scott Fitzgerald’s landmark novel The Great Gatsby. Concierge and hotel services are made available to residents, along with a host of high-priced amenities. Units here sold for $7,956,261 on average for a total sales volume of $1,296,870,614 to date.”
No. 4 – The Greenwich Line
“Having amassed $1,513,709,635 in sales to date, the 5-building development is currently 91% sold with units going for an average of $8,138,223. Green spaces, walking trails and a sizeable private garden characterize the 204-unit development. Each structure in Greenwich Lane features a full fitness floor, complete with golf, yoga and wellness rooms. Additional features include a 75-foot indoor pool, 22-seat screening room with wet bar and Thomas O’Brien-designed interiors.”
No. 3 – 432 Park Avenue
“Currently the tallest residential building in New York and the western hemisphere, and the 3rd best-selling one, 432 Park Avenue has already exceeded $1.77 billion in sales. Its final sales volume is projected to cross over the $2 billion threshold to make it New York City’s #1 best-selling building ever. Three floors of luxurious amenities have enticed deep-pocketed buyers to invest in the 96-story tower. An executive boardroom, 18-seat screening room, library complete with billiards room and a 75-foor two-lane indoor swimming pool are just a few of the building’s exclusive amenities, along with a resident-only restaurant led by a Michelin-starred chef.”
No. 2 – One57
“At $21,134,400, One57 has the most expensive average sale price among the city’s top-selling buildings. Projected to surpass $2 billion in sales, the 83-unit development is the city’s all-time bestselling building and its 2nd tallest residential structure. Known as “The Billionaire Building”, One57 showcases a private function room, performance and screening venue, art atelier and a library complete with pool table and 24-foot aquarium. Residents can also access hotel amenities at the Park Hyatt below, including the triple-height indoor swimming pool and health club complete with yoga studio, and spa and steam rooms.”
No. 1 – 15 Central Park West
“One of the most hyped buildings of the early ‘00s, Central Park West is a two-part development – The Tower soars 35 stories high on Broadway, while the 19-story The House boasts coveted Central Park views. With 229 units sold for a total of $1,881,982,784, The House is New York City’s best-selling building ever. Residents can access an impressive amenity package that includes a 14,000-square-foot fitness center, a 75-foot sky-lit lap pool, spa-level treatment rooms, a 20-seat private theater and an outdoor terrace. Past and present celebrity residents include Robert De Niro, Denzel Washington, Sting and Goldman Sachs CEO Lloyd Blankfein.”
See 11-50 here.