Brand-new condos tend to have sky-high prices, but with a little sleuthing, you can find something for closer to Manhattan’s median apartment price.
For some, only new will do.
With fashionable finishes, trendy technology and a cruise ship’s worth of amenities — as well as auras untainted by previous occupants — freshly constructed apartments make the best homes for these buyers.
But with an average sale price that exceeds $4 million in Manhattan, or more than twice the $1.6 million average for previously lived-in units, brand-new condominiums can feel out of reach to all but a few.
Today’s sluggish market, however, is challenging that assumption. Under pressure, some developers are scrapping their original plans and switching out ultraexpensive units for smaller, less pricey versions. At the same time, neighborhoods where condos were once scarce, like Bushwick in Brooklyn and Rockaway Park in Queens, are now seeing projects with below-average prices.
What that means is that many snazzy new market-rate condos can now be had for less than $1 million, although that seven-figure cutoff might seem like an only-in-New-York definition of a deal.
“Think about it: We’re talking about $1 million as being affordable. Where else in your life would you do that?” said Klara Madlin, the broker handling sales at the Highbridge, a 39-unit condo from HAP Investments in Washington Heights, at 448 West 167th Street, where every apartment falls in that price range. Eight units remain. (Sales started in 2014, then stopped for several years because of construction issues before resuming about a year ago.)
Adam America Real Estate is one developer that adjusted an offering plan for one of its Brooklyn buildings as the market turned.