What are the top-grossing new condo developments in New York City of the past few years? We hear that question a lot but when we turned to Google for a quick answer we found no meaningful results.
Therefore we decided to create a top 10 of New York’s largest new developments by their gross income. We started analyzing residential sales (sales of retail spaces were not included) in new condo developments that closed starting January 2005. We made an exception in the case of the Time Warner Center, where we have included sales that closed prior to 2005, in order to include all sales made in the development.
|1. 15 Central Park West
According to an article in Barron’s dated July 2007, 15 Central Park West was not only New York’s largest new development by gross income, but the largest in North America. The building had the highest average sale price per unit and a duplex on the 39th floor has been sold for $45,000,000.
Sales in the building seem not to have been affected by the market slowdown. A study made by PropertyShark a year ago showed resale prices to average a whopping 63%.
|2. 768 5th Avenue | The Plaza
The landmark luxury hotel was bought for $675 million by El Ad Properties in 2004, which reportedly invested another $400 million in renovating the property and converting 181 units into apartments. In 2008, an apartment sold for $45,100,956, the most expensive ever pad to be sold in New York City at the time.
|3. 80 Columbus Circle | Time Warner Center
The Time Warner Center is among the very few condo developments in New York that made it above the $1 billion mark. The most expensive apartment sold by the developers was for $30 million, among the highest prices paid at that time for a condominium in New York.
A penthouse on the 75th floor is currently on the market for an asking price of $44,950,000.
|4. 101 Warren Street
101 Warren Street sold out after four years on the market. In a press release made shortly afterwards, the developer named the building the largest and most successful condominium offering in Downtown Manhattan.
|5. 151 East 58th Street – One Beacon Court
|6. 350 West 42nd Street (The Orion)||Sales: $490,938,056|
|7. 2 River Terrace (Riverhouse)||Sales: $473,422,202|
|8. 80 Riverside Boulevard (The Rushmore)||Sales: $469,713,779|
|9. 635 West 42nd Street (The Atelier)||Sales: $458,789,178|
|10. 15 Broad Street (The Downtown by Starck)||Sales: $424,498,695|