Something New, for $1 Million
With fashionable finishes, trendy technology and a cruise ship’s worth of amenities — as well as auras untainted by previous occupants — freshly constructed apartments make the best homes for these buyers.
But with an average sale price that exceeds $4 million in Manhattan, or more than twice the $1.6 million average for previously lived-in units, brand-new condominiums can feel out of reach to all but a few.
Today’s sluggish market, however, is challenging that assumption. Under pressure, some developers are scrapping their original plans and switching out ultraexpensive units for smaller, less pricey versions. At the same time, neighborhoods where condos were once scarce, like Bushwick in Brooklyn and Rockaway Park in Queens, are now seeing projects with below-average prices.
What that means is that many snazzy new market-rate condos can now be had for less than $1 million, although that seven-figure cutoff might seem like an only-in-New-York definition of a deal.