Downtown Manhattan is undergoing a major resurgence, with a number of high profile construction projects coming to fruition over the next few years.
The four new World Trade Center buildings will house over 10m sq. ft. of office space, with 1 World Trade Center (aka Freedom Tower) due for occupancy from October 2014. More than 600 technology companies and an influx of prestigious media operations including Condé Nast, Nielsen Media Research, and HarperCollins Publishers have joined the financial giants already located downtown. In Spring 2015, a further 1.5m sq. ft. of premier high end retail stores will open with the new Westfield Shopping Centre at Brookfield Place.
The neighbourhood has the fastest-growing school zone in the city and is at the epicentre of a bi-state public transportation network, made up of 12 subway lines, 30 bus routes, PATH lines and six ferry landings reaching all of Manhattan and the Boroughs – not to mention bike lanes and landscaped pedestrian walkways.
At 800,000 square feet, the new Santiago Calatrava-designed World Trade Center Transportation Hub is the most integrated network of underground pedestrian connections in the city.
At approximately 780 feet tall, views from 50 West Street’s curved glass windows are unparalleled. New York Harbour, both the Hudson and the East Rivers, the Statue of Liberty, and Ellis Island are all clearly visible.
The 64-storey tower boasts 191 residential condominiums, with expansive layouts ranging from one to five bedrooms, as well as an array of duplexes and double height living rooms throughout the tower.
Four floors of the tower are devoted to state-of-the-art amenities: a Fitness Centre, the beautifully-appointed Water Club, unique children’s amenities, and the Observatory at 50 West Street, a spectacular 64th floor outdoor entertaining space with seemingly infinite views of New York and beyond.
The L Series, a collection of 50 West Street’s most remarkable penthouse, full, and half floor residences, offers an impressive array of additional features. The kitchens, furnished with stone slab countertops and backsplashes, are equipped with extra-spacious refrigerators and freezers, a six-burner stove, and a full-height wine refrigerator. The elegant bathrooms are enhanced by marble stone slab, radiant floor heating, a freestanding tub, benched steam shower, and sauna.
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50 West Street's 161 condominiums will be offered to potential residents from $1,615,000 for a one bedroom apartment through to $18,630,000 for one of the building's luxurious penthouses, offering up to 6% NET yield. The 64-storey skyscraper is due for completion in 2016 and offers a unique opportunity to purchase a high end condominium at an off-plan price.
The number of residential spaces available in Manhattan declined 20% from Q1 2013 to Q1 2014. This is the twelfth consecutive quarter of inventory decline. Currently, there are only about 5,300 active condominium listings. This decline continued through Q4 2013 into Q1 2014, resulting in record high sales prices and absorption.
Sales in Q1 2014 hit an all-time 25-year high, up 32.8% since Q1 2013 on an average dollar per square foot basis. Additionally, the median price and average price per square foot for new developments in Downtown Manhattan have increased by approximately 20% since Q4 2012. With over 50,000 new employees will be added to the Downtown Manhattan market by 2015, which will continue to increase the condominium demand in the area and drive the price per square foot upwards. This upward trend is expected to continue with upcoming residential developments at The Four Seasons and the Woolworth Building both expected to reach in excess of $3,000 per square foot. Whilst the demand rises for condominiums in the Downtown Manhattan area, the average cost per square foot is still 60% lower in Manhattan than Central London.
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