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In Market

Manhattan Market Roars Back to Life; Brooklyn’s Newest Supertall

Jun 30, 2021 | By: LX Collection

World Trade Center Performing Arts Center Hits Construction Landmark

The World Trade Center’s Ronald O. Perelman Performing Arts Center has officially topped out, marking a construction milestone at what is poised to become one of Lower Manhattan’s major cultural destinations. The unique building was designed by REX and features a facade of translucent veined marble wrapped in laminated glass that will allow sunlight to illuminate the building’s interior by day; at night, meanwhile, indoor lighting will create a gentle glow. The Perelman Center’s inventive design also includes flexible theater spaces with movable walls that allow for 11 configurations ranging from 99 to 1,200 seats. It is poised to host its inaugural season in 2023.

Educational Amenities: The New Hottest Offering in Luxury Buildings

Developers are always looking for ways to best cater to their buyers, and that has spurred a new offering: educational amenities for children. The New York Post reports that amenities based on STEAM (science, technology, engineering, art, and math) curriculum and access to private tutors are becoming more common among top residential buildings. At Arte Surfside in Miami, a collaboration with Command Education allows residents to skip the line to one of the most in-demand tutors in the business (sessions start at $1,000 an hour).

At the Zaha Hadid-designed 520 West 28th Street in New York, a dedicated STEAM learning lab, equipped with tools like a laser cutter and 3D printer, hosts classes on robotics, coding, and virtual reality. “We didn’t want the typical playroom with toys,” Greg Gushee, executive vice president at 520 West 28th Street developer Related Companies, told the Post. “We want to give kids the skills they need for success.”

Manhattan Market Roars Back to Life in the Second Quarter

The Manhattan real estate market had a bustling second quarter, with its busiest period on record since at least 2004 and a 600% increase in sales activity year-over-year, according to real estate data site UrbanDigs. Luxury sales—representing the top 10% of sales—saw a median price boost to $6 million, 5.5% more than the first quarter. Larger residences saw an increase in demand, with median prices for three+-bedroom residences rising 7% from last quarter to $3.1 million. Three+-bedroom condominium resales also saw a 19% increase in median price to $3.5 million. 

A few new records were also set this quarter by penthouses across Manhattan. The sale of the Upper West Side’s 378 West End Avenue’s $26 million PHA set a new record in the neighborhood. And in the Financial District, PH65 of 130 William went into contract at its full $20 million asking price, the priciest contract in the neighborhood this year and, at $4,287, the highest price per square foot ever achieved in the Financial District.

Forthcoming Tower is Now Brooklyn’s Tallest Building

Real estate site New York YIMBY checked in on 9 DeKalb, Brooklyn’s forthcoming supertall tower by 111 West 57th Street developer JDS. The residential building has now surpassed the height of Brooklyn Point, the borough’s current tallest building of 720 feet, en route to its 93-story and 1,066-foot zenith. Designed by SHoP Architects, the 450-rental and 150-condominium building in Downtown Brooklyn will incorporate the landmarked Dime Savings Bank into its base.