Two New York developers, workhorse Related Cos. and newcomer Naftali Properties, this week unveiled plans to take advantage of the city’s tight condo market with in-demand new condos.
Related Cos. is redeveloping the 181-unit 225 Rector Place, a luxury condo by the designer Clodagh, in Battery Park City.
And former Elad boss Miki Naftali has announced a deal to build an apartment building in Brooklyn, where a dearth of new apartments is pushing prices back to pre-recession highs.
“316 Bergen Street will be one of the premier buildings in the neighborhood,” said Naftali, who left Elad last summer to start his own company.
New development supply has diminished throughout the city, particularly at the high-end of the market, according to most recent market reports.
New developments in prime locations are being absorbed quickly, and, according to StreetEasy.com, the median listing in Manhattan has increased 12.6 percent since January 2011, to $1.42 million from $1.26 million.
Related is working in the booming downtown district, one of the fastest-growing neighborhoods in the county.
The “re-invented” 225 Rector Place will have 181 apartments, including 12 penthouses, coming on the market this fall priced from $495,000 to $2.2 million. The building will have a mix of studios and one- to three-bedrooms and amenities that include a 40 ft. swimming pool, fitness center, yoga studio and children’s playroom.
Sherry Tobak, senior vice president of Related Sales, said, “Residents will have both unparalleled access to the urban bustle and the luxury of their own peaceful enclave. Perhaps best of all, it’s available at some of the most attractive prices in Manhattan.”
Meanwhile, Naftali has formed a joint venture with AEW Capital Management to buy a 90,000 s/f development site in Brooklyn where he plans to build a luxury rental