Real estate agency Cityrealty has released a report forecasting future trends and development within New York’s Manhattan Island in the next few years, and in short, things are only going to become more crowded and expensive. “While fewer developers in 2016 are signing on to build sky-grazing towers with penthouses that cost $100 million (USD) or more, condominium prices are still on an upward trajectory, with anticipated sales totaling roughly $30 billion through 2019,” reads the report. “In total, 92 condominium projects with roughly 8,000 new apartments are under construction or proposed.”
The study also notes that a new wave of development will take place in the financial district, with 1,250 apartments to be built in the next eight years, contrary to the current trend of heavy development around Midtown. Developers will also be focusing on quality over quantity, with the report noting that they “are creating buildings with fewer apartments, but at higher price-points.” Take a look at the accompanying visualizations of the Manhattan skyline as it will appear by 2020, and head here for a better look at the supertall skyscrapers that will define Midtown by the year 2030.
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