The new year has rung in, and so has a new real estate market. For the first time in ten years, it is a buyer’s market. A volatile stock market, steady interest rates, low mortgage rates, and an abundance of properties sitting on the market makes this an excellent time to buy.

With prices now dropping and properties sitting on the market for longer, we have been able to negotiate excellent deals for our clients – at prices significantly below the asking price (which was unheard of in the past several years). Developers have been offering incentives to encourage buyers into new buildings, such as five years of free common charges or paying the transfer tax.

This is a particularly good time if you are thinking of “scaling up” – selling your current property and buying a larger apartment, since larger apartments are sitting for longer and open to hard negotiation. While it might seem that selling your current apartment and buying a new place would negate any benefits in a buyer’s market, you still come out ahead. Read our CEO Frederick Peters’ recent column in Forbes to understand this concept better.

This is also an excellent time to buy a starter apartment for an adult child. A glut of studios and one-bedrooms are also resulting in price drops, making a purchase a much better financial decision versus renting, as rental prices remain high.

So where should you buy? There are 200 new condos coming onto the market in 2019 (predominately in downtown, Midtown West, and Upper Manhattan). Below is a curated selection of top new developments for 2019 across the city we think are worth a look, representing a variety of price points.

However, we feel it is important to make sure you love the neighborhood. We always recommend walking around the area you are considering making a purchase. Can you see yourself living here? Do you love the vibe in this area? Is it right for you? Remember, part of loving your new home is loving how you feel when you step outside and walk to the dry cleaner or convenience store.

Best,

Arlene & Annie

 

Credit: Alfa Development / 200 East 21^st Street

 

200 East 21st Street | Gramercy Park

This LEED Certified 21-floor condominium houses 67 units as well as a fitness center, roof deck, game room, spa/therapy rooms, outdoor entertainment space, a garden, indoor public lounge, bike room, screening room and more.

 

121 East 22nd Street | Gramercy Park

This 18-floor building developed Toll Brothers features 133 units and a vast array of amenities including a party room, pool, screening room, fitness center, bike room, several public terraces, an enclosed courtyard, outdoor entertainment space, and on-site parking.

 

111 Murray Street | Tribeca

This 58-story dramatic glass condominium features 157 units and is located across the street from Battery Park. It has been rated the #1 condo in Manhattan with an amenity package that includes a private landscaped garden for residents, fitness center, bike room, screening room, pool, and valet parking.

 

Credit: Bizzi & Partners Development / 565 Broome Street

 

565 Broome | Soho

Located at the southern end of the High Line, these twin 30-story glass towers are the first residential project in the city to be designed by famed architect Renzo Piano. Apartments offer water views, and residents enjoy a private driveway, fitness center, playroom, outdoor pool, roof deck, bike room, and more.

 

570 Broome | Soho

Located across the street, this new 15-story building offers 54 loft-style one- to three-bedroom apartments, as well as a roof deck, playroom, lounge, bike room, private garden, fitness center with Peloton bikes and yoga studio, a game room, and a landscaped outdoor terrace.

 

90 Morton Street | West Village

A top-to-bottom redesign of an original 1912 building, 90 Morton Street has 35 spacious residences with 12-foot ceilings across 12 floors, with units on the top four floors featuring private terraces. The building also has an adjacent private car bay, library, pool, fitness center, landscaped roof terrace with kitchen, bar, BBQ, fireplace, powder room, and 360-degree views of the Hudson and Statue of Liberty.

 

Credit: SJP Properties / 200 Amsterdam

 

200 Amsterdam | Upper West Side

With spectacular water views and close access to Lincoln Center, 200 Amsterdam will be completed in 2019 and feature 112 units throughout 51 floors. Amenities include a playroom, resident lounge, outdoor event deck with indoor room, and a private club floor featuring a sauna, spa, 75-foot saltwater swimming pool as well as a steam room.

 

The Haswell, 707 West End Avenue | Upper West Side

Built atop an 8-story rental portion, The Haswell will feature 64 units across 16 stories, many with water views, when it is completed this year. The building will also feature an event room, bike room, rooftop terrace, porte-cochere driveway, and a private 16,000-square foot outdoor garden for residents.

 

40 East End Avenue | Upper East Side

Available starting in mid-2019, this boutique condo features 29 residences spread across 18 stories. Upscale amenities include a library, parlor lounge, game room, fitness center, gourmet catering kitchen, and a private porte-cochere driveway with a covered secondary entrance.

 

When it comes to selling your apartment, while owners are no longer getting sky-high offers over ask, the value of New York City real estate remains strong.

Apartments that are well priced are still moving. The key is to price your property realistically, based on the going rates in the building, neighborhood, and the condition of your apartment. If prices are inflated, the apartment will sit, and then it often becomes less desirable over time. Trust an experienced broker who understands how to price based on the current market.

As always, we are here to talk to you any time about selling your current home, buying a new home, or understanding the current real estate market.