A spate of new condo towers will change the downtown skyline over the next few years.
Only a few years ago, buyers would flock to the Financial District in search of deals on the condo conversions that made up the majority of its housing inventory. While conversions are still taking place, there’s a fresh favorite in this part of town: new construction. Developers are clearing empty lots and new buildings are racing up towards the heavens. But, don’t expect value or discounts here. Expect world-class architecture and interiors that will satisfy buyers looking for the utmost in luxury living.
The Financial District is now officially on the map for the high-end buyer. With the redevelopment of the the World Trade Center, Brookfield Place and the still-in-the-works Pier 17 at South Street Seaport, there’s no shortage of reasons to consider Lower Manhattan. Let’s look some of the new buildings expected to hit the pre-development market in the coming months.
> Six Reasons You Should Consider Buying in a New Development
A rendering of 125 Greenwich. (Source: Rafael Viñoly)
125 Greenwich St.
Located near the World Trade Center and designed by the esteemed architect behind 432 Park Ave., Rafael Viñoly, this elegant condominium building will offer 273 units, from studios to 3-bedrooms. One of the defining features of this building is that the upper three floors will be reserved for amenities, including a lap pool, fitness center, screening room and more. This is highly unusual, as most developers save the top floors for multimillion-dollar penthouses with the most sweeping views possible. Another exciting feature of this building is its curved glass corners, which should offer incredible views to those lucky enough to live behind them. According to a recent New York Times article, the 88-floor building will have studios starting at $1.2 million, 1-bedrooms starting at $1.775 million, 2-bedrooms starting at $3.225 million and 3-bedrooms starting at $4.625 million. The sales gallery will be opening soon at the World Trade Center; move-ins are expected to take place in 2019.
A rendering of 77 Greenwich St. (Source: FXFOWLE)
77 Greenwich St.
This luxury condo tower will rise at the site of the iconic former Syms clothing store, where it seems there’s still some demolition to be done before any new building begins to rise. The project is being developed by architects of FXFOWLE and is rumored to be rising 500 feet with 90 condo residences. Of course, no offering plan has been filed yet, so details may change. What I find most interesting is that the marketing name was changed from the original 42 Trinity Place address to 77 Greenwich St., reflecting the increasing popularity and marketability of Greenwich Street. Close to the Greenwich Club at 88 Greenwich, this will be one of Manhattan’s southernmost new developments. It will also house a public school. While the details are still up in the air, I expect prices to range from $2,000 to $3,000 per square foot.
A rendering of the exterior detail of 45 Broad St.
45 Broad St.
Talk about being a stone’s throw away from the New York Stock Exchange. The developers of 45 Broad have stated that the project will come in just short of 1,000 feet tall, making it the tallest apartment building in Lower Manhattan. The project will include an expected 206 residences, with some lower floors devoted to flexible office space. Current pricing is slated to begin at $1 million and reach to the $6 million mark. With details about the interior design still unclear, the one thing we can get excited by is the exterior rendering designed by CetraRuddy Architecture. This is the same group that helped restore the star-studded 443 Greenwich St. in TriBeCa.
A rendering of 25 Park Row. (Source: BuzzBuzz Home)
25 Park Row
If you ask any New Yorker about J&R, they’ll tell you about a time they went there to buy the latest technology, whether audio equipment or a computer. After the famed downtown retailer shuttered in 2014, its property became a prime development opportunity. Located in the shadows of the recently developed 5 Beekman St., 25 Park Row is a prized location amid the epicenter of development near City Hall Park. Designed by COOKFOX Architects, the condominium building is expected to hold a total of 108 residences and will be fully stocked with amenities.
One thing all of these developments have in common at the time of writing is that sales offices have yet to begin accepting clients and sending out contracts. It does seem like 125 Greenwich is well on its way, while the other developments will take a bit longer to come to market. This means that plans for these projects may still change. If you’re interested in learning about new developments and condo conversions already available for previewing, make sure you take a look at five new condo developments that will transform Downtown.
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