After years of smaller condo projects, Manhattan has seen a significant increase in luxury residential development with the launch of 80 Clarkson Street by Atlas Capital Group and Zeckendorf Development. This two-tower project is the first in Manhattan since 2018 to have a projected sellout exceeding $2 billion, representing 63 percent of the total sellout volume among the top ten most expensive condo filings this year.
The combined projected sellout for these top ten projects surpassed $3 billion, a new benchmark not reached in the past three years. This figure contrasts sharply with previous boom years when multiple projects would each exceed $1 billion in projected sales.
Following 80 Clarkson, none of the other leading developments are expected to surpass $400 million in sellout volume. Some developers are holding back on releasing full pricing information for all units. For example, MRR Development’s Malabar Residence at 126 East 57th Street only lists prices for 38 out of its 145 units, contributing to its relatively modest projected sellout.
Recent trends show that many high-end condo buildings are becoming smaller. Half of this year’s top ten filings have fewer than fifty units. Market analysts predict that low inventory levels may continue into next year due to several years of shrinking new supply.
At 80 Clarkson Street, Atlas Capital Group and Zeckendorf partnered with Baupost as an equity partner and acquired additional interests through financing from Blackstone. They later secured a $985 million construction loan from Cale Street Partners and Farallon Capital Management—one of the largest residential loans in New York City since the pandemic began. The project features some of downtown’s most expensive condos, including an $80 million penthouse spanning more than 7,000 square feet. Cookfox is designing the building; Dan Tubb and Amy Williamson lead sales efforts.
Related Companies has taken a different approach by converting The Strathmore at 400 East 84th Street from rentals into condos after obtaining refinancing from Tyko Capital earlier this year. Sales launched in October under Corcoran Sunshine Marketing Group; unit prices start at $1.1 million for one-bedrooms and go up to about $5.5 million for larger apartments.
Other notable projects include Grid Group’s The Myles at 142 West 21st Street in Chelsea—a former parking garage now offering high-end residences—and Naftali Group’s The Willow at 201 East 23rd Street, which is already more than halfway sold according to Marketproof data.
Additional developments feature joint ventures such as Rybak Development with BK Developers on Lexington Avenue and Minrav Development with T&E 1 Development in Gramercy Park. These projects offer amenities like spa complexes, fitness centers, rooftop terraces, and private parking spaces.
Ophir Sternberg’s Lionheart Capital is redeveloping a pre-war building on Greenwich Village into luxury condos designed by Stonehill Taylor; Rotem Rosen leads Malabar Residences on Billionaires’ Row despite legal delays during construction; Slate Property Group converted a former student dormitory into eight upscale residences at The Katherine on West 13th Street; Adellco sold all twenty units at Armorie to a single buyer before completion.
These developments reflect both changing strategies among developers and ongoing demand for luxury living options across Manhattan’s neighborhoods.
