$3 Billion Worth of Condos Approved for Q3
After the third quarter, Manhattan Condo developers have received approval from the New York Attorney General’s office to begin marketing 283 units. According to the Real Deal, although the number of approvals are lower compared to Q2, these properties have a combined estimated value of $3 billion—a higher amount compared to Q3 of the previous year.
It should be noted that the dollar volume and the number of approved units has an effect on the amount of supply that will be entering the market and on future pricing, especially with relation to buyer demand.
Among the approved condos given the greenlight, the largest project is Belnord Condominium, a project under the HFZ Capital group. Located in 225 West 86th street, this 215-unit property has a projected sellout price of $1.35 billion. This is followed by 277 Fifth Avenue, a 113 unit Victor Group and Lendlease Development condominium which is an estimated $533 million sellout.