What other new construction projects are in the works in the Midtown West neighborhood?
· Stella Tower at 425 West 50th Street is close to coming on the market with planned occupancy starting at the end of 2014
· A two story development on top of the post office at 320 West 52nd Street is planned and suppose to be approximately 48 apartments.
· 135 West 52nd Street is being converted from a hotel into a condominium building with sales to launch this Spring.
Exciting new condominium and rental projects always bring demand with them. A project like 540 West is a good example of how when priced and developed within the expectations of the buyer demand for a particular neighborhood you will see a large turnout and apartments will sell fast. One bedroom new construction condos priced less than $1.1 Million is near impossible to find now, but most of the inventory at 540 West was priced in this in demand segment of the one bedroom market.
With a variety of buildings planned for development in the neighborhood it will be exciting to see new inventory come on the market and how it sells within the context of what is already available.
We see 41 condominiums currently active for sale in Midtown West, ranging in price from $450,000 up to $5,995,000. This is down from 61 Condominiums we were tracking during the 4th Quarter of 2013.
- 9 Studio's currently for sale ranging in price from $450,000 up to $1,100,000
- 14-One Bedroom's currently for sale ranging in price from $799,000 up to $2,400,000
- 11-Two Bedroom's currently for sale ranging in price from $1,100,000 up to $3,200,000
- 6-Three Bedroom's Currently for sale ranging in price from $2,395,000 up to $5,995,000
- 1-Four Bedroom asking $3,997,000
We track 72 condominiums currently in-contract in Midtown West, ranging in price from $499,000 up to $4,900,000. This is up from 55 Condominiums currently in-contract as of the 4th Quarter of 2013.
- 9-Studios ranging in price from $469,000 to $760,000
- 40-One Bedrooms ranging in price from $550,000-$1,780,000
- 21-Two Bedrooms ranging in price from $999,000 - $2,600,000
- 2-Three Bedrooms ranging in price from $1,925,000 - $2,395,000
In all of 2013, we tracked the following closed transaction in the Midtown West Neighborhood.
82-Studio Condominium Sales closed in 2013. The price range was $410,000 to $1,150,000. The majority of the studio sales were selling in the$550,000 - $600,000 price range. Average price per sqft was just around $1250 sq/ft. Most of the sales taking place in the higher price points were either located at the Sheffield at 322 West 57th St or at the Orion Condominium at 350 West 42nd Street.
150-One Bedroom Condominiums closed in 2013. The price was from $485,000 to $2,400,000. Such a huge range, the reason is that the type of condo buildings that exist within the neighborhood. You have the smaller non-elevator buildings, all the way to the hi-rise new construction condominiums that command the highest prices.
Comparing the same time period in 2012 to 2013 this is what we find.
In 2013, we saw extremely limited supply across almost all segments of the condominium market, from studio to Three or Four Bedroom Apartments, there just wasn't a lot for sale. The result was typically large turnouts for the first open house, multiple offers being made and contracts being sent out extremely quickly.
When priced within the contexts of recent sales or other competitive apartments within the neighborhood an owner could expect good offers. A by-product of a robust sales market were some listings coming available that were priced well beyond any current sale. This is something that we plan to see more of in 2014.
For more information about what is happening in your condo building or your specific condo unit, call or email us directly (917) 837-8869 or email (Morgan.Evans@elliman.com), as we focus our expertise on the Midtown West neighborhood.