Some quick trend thoughts with new developments:
Super Tall Along 57th Street and nearby:
- 432 Park is over 50% sold, 1400 feet tall.
- JDS will do its super-tall sliver building next to Steinway, 107 w 57th
- Tower Verre just got its cash injection and is off to the races on w 53rd street.
- Extell, whether it actually has its signoff from the Arts League, is planning its next super-tall building
- Witkoff is in its planning for the development/redevelopment of the Park Lane Hotel on w 58th
All are over 1200 feet tall.
All will dwarf One57.
These developers to a team have experience in the current market- Extell at One57, Witkoff at 150 Charles, Macklowe at 737 Park (among years of experience building including Metropolitan Tower), JDS at Walker Tower.
The trend is tall and boutique and they know it viscerally from current experiences.
- Trump won’t have the only 230-foot high building in SoHo.
Eventually we’ll see other West SoHo properties maximize their zoning down there.
Here’s one example DDG is pursuing in West SoHo.
- One Madison is fully built and 65% sold.
- Bruce Eichner may build 800 feet tall down the block from One Madison.
Great views on 2 sides.
Then we have the smaller properties all across, whether it’s 182 w 82nd Street, 21 w 20th street, 224 Mulberry Street, The Abingdon in the West Village, exclusive sub-10 unit buildings that are quite special.
This trend developments of under 20 units, or super-tall and boutique at the same time with fewer than 60 units, it’s all very interesting to watch at the high end of the market.