For years, buyers in the luxury market have been laying down millions based on what they see in renderings (as Curbed Architecture Critic Alexandra Lange so deftly explains in this week's episode of The Appeal). But as sales in that sky-high market begin to dip, some developers are rethinking their sell-before-building strategy.
We know that the gallery of 111 West 57th Street is ready to go—Have an in? Let us know—but Bloomberg now reports that the developers behind the luxury supertall tower are holding sales off for one more year, until the building reaches at least 800 of its 1,427 feet. As of now, the building is just over one story tall. "It’s an exceptional property, still in early stages of its development. It will be actively marketed when the time is right," a spokesperson for the development told Curbed.
""If the market were red-hot, people would be buying off plans, throwing checks down, and it’d be great," Kevin Maloney, the founder of co-developer Property Markets Group, told Bloomberg, "But if you have a market where you think marketing would be ineffective for now, why would you launch and spend the money? Wait."
Property Markets Group and co-developer JDS have chosen a good time to do that. Bloomberg reports that in 2016, 5,126 new apartments will be offered for sale in NYC—the most since 2007. Of those apartments 63 percent are within the luxury market, commanding upwards of $2,400 per square foot.
Pricing for condos in 111 West 57th Street has yet to be officially unveiled, but word has it that the needle-thin skyscraper's penthouse will ask about $60 million.
- With sales cooling, developers hold off on marketing high-end condos [Bloomberg via Crain's]
- 111 West 57th Street Reveals New Interior Renderings on Website [Curbed]
- All 111 West 57th Street coverage [Curbed]