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Luxury Launches in New York City Feature Sky-High Buildings, Notable Architects and Amenities Galore

There are a lot of unknowns in the New York City real estate market currently. On the one hand it is a buyer’s market, but on the other, buyers have been more hesitant to buy recently.

Even though more homes were available—and with lower prices—in the 4th quarter of 2018, buyers have been hesitating, according to a quarterly report by Corcoran.

This is a result of many factors, including rising mortgage rates and political instability in the U.S.

In the 4th quarter, closings fell 7% year on year to under 2,800 sales, according to the Corcoran report. The total sales figure for 2018 was approximately 11,800 transactions, the lowest  in nine years. At the same time, inventory in the fourth quarter of 2018 was nearly 7,000 units, a seven-year peak. New development sales, meanwhile, were down 26% year on year, from 351 to 477. New development inventory declined by 2% year on year, to 1,053 from 1,074 units.

Brooklyn is in a bit of a different situation. Sales are slowing slightly, dipping 6% year on year to just over 1,400 closings compared to last year, which had the strongest fourth quarter in the last 10 years, according to the Corcoran Report for Brooklyn for the fourth quarter. But more importantly, there is a shifting of buyers in the borough to lower-cost areas.

These conditions leave buyers in both boroughs with good options, from a new 500-foot sculptural tower to a new luxury building downtown by the team of One Hyde Park in London. Buyers in Brooklyn have new luxurious options as well, including a 1925 conversion near Prospect Park and a fresh Williamsburg project by Morris Adjmi Architects.

The Park Loggia, 15 West 61st St., Upper West Side

This tower, a stone’s throw away from Central Park, brings the park experience into the style of living via a host of outdoor amenities. A rooftop loggia topping the 32-story building features Central Park views, while the Amenity café lounge has private dining and outdoor gardens with a barbecue, lawn and pergola. Interiors are by Pembrooke & Ives and there’s a fitness center with a yoga room and a golf simulator. The service offerings include a private porte-cochere arrival, concierge and 24-hour doorman.

It will launch this spring.

Number of units: 172

Pricing: From $1 million to over $10 million

Developer/architect: AvalonBay Communities, Inc. / Skidmore Owings & Merrill

Unit sizes: Studio to four-bedroom units

Amenities: A 20,000-square-foot amenities suite includes concierge, 24-hour doorman, a porte-cochere, a rooftop loggia, a cafe lounge, a fitness center, a game room, a golf simulator, a theater and musical practice room, a playroom, storage and bicycle storage.


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