Since New Yorkers don’t have space for the McMansions of suburban America, they’re settling for massive condos,
says The WSJ.
The average condos size in 2007 was 1,265 square feet. Since then, it’s jumped 24% to 1,564 square feet, according to Corcoran Sunshine Marketing Group.
Plus, now the condos have to have sick amenities like *gasp* a built-in garage.
Of course, this means some may think that Manhattan’s space isn’t being used as economically as it should be (some like incoming Mayor Bill de Blasio, for example).
When work on the Charles, a 32-story glass and limestone tower designed by Ismael Leyva, resumed earlier this year on First Avenue on the far Upper East Side, it had fewer condos: only 29 four-bedroom apartments of at least 3,100 square feet each. Building plans filed in 2008 called for 51 units.
The developer, Bluerock Real Estate, announced last week that buyers had signed contracts on $US73 million worth of apartments, with interiors designed by the late David Collins.
This included five apartments on the top six floors of the building, for more than $US10 million each, including a $US16.5 million duplex penthouse with two terraces.
This trend isn’t confined to the Upper East Side either, developments like this are popping up in Flatiron, the West Village…
We’ll see how this turns out.
Business Insider Emails & Alerts
Site highlights each day to your inbox.