Blocks & Lots

News: NYC’s Biggest Condo Conversion Bets on Downtown Luxury Revival (Bloomberg)

This year through November, buyers signed 155 contracts for newly built condos in the area, a 63% jump from the first 11 months of 2019, data from Marketproof Inc. show. The average price per square foot of those deals was $2,003, up 5.9%.

One Wall Street accounts for 80% of all the new studio inventory in the Financial District, which could work in Macklowe’s favor if the current preference for small units holds among buyers in lower Manhattan, said Kael Goodman, founder of Marketproof. Studios at the tower start at $1 million, for 631 square feet (59 square meters) of space, according to documents filed with the state attorney general’s office.