It’s all a subject of priorities. “Certain people want something that no one else has lived in,” mentioned Frances Katzen, an affiliate dealer at Douglas Elliman. “They want cutting edge.” And they’re keen to pay a top class for it. According to Jonathan Miller, president of the true property appraisal company Miller Samuel, the median sale value of a Manhattan prewar condominium used to be $three.1 million in the second one quarter of the yr, whilst a new development condominium of identical measurement went for $three.three million.
But greater than getting, say, wide-plank, oak flooring that nobody else has trodden and a chrome steel cooktop that nobody else has boiled water on, citizens of latest structures is also watching on attractions that nobody else has observed.
“Developers are getting air rights and bundling them more strategically,” Ms. Katzen mentioned, “so a lot of projects that are going up now have extraordinary views.”
Josh Rubin, an affiliate dealer at Douglas Elliman, mentioned individuals who hunt down new structures would possibly achieve this as a result of the architects concerned or as a result of the appreciation attainable. “They think the quality makes it a better investment,” he mentioned.
But once in a while it’s laborious to tease out whether or not a desire for brand new development is rooted in aesthetics or in economics. Renters is also motivated partially by way of concessions introduced by way of builders, like a month (or two) of unfastened hire. And patrons, who may differently imagine a prewar, continuously reconsider the subject after factoring within the money and time required for renovations “that will bring the apartment up to the standard of new,” mentioned Stuart Moss, an affiliate dealer on the Corcoran Group. “So that makes the turnkey quality of new construction highly desirable.”
New development appealed to Brian M. Pasalich, who owns a century-old area in Seattle that he calls inviting however dusty “no matter how much you clean it.” He moved to New York seven years in the past and has rented in a succession of latest structures, together with one close to the Pepsi-Cola check in Long Island City. “There’s just something about being the first person in a residence. It’s pristine,” mentioned Mr. Pasalich, 43, who works in monetary products and services.
“Over the past few years,” he endured, “new construction has gone from basic and boring to having a nice flow and to being a place where everything you want is within the facility.” This is up to the rest about provide and insist. “New construction rental has become a crowded field,” mentioned Mr. Miller, of Miller Samuel. “So there’s this emergence of rental design being more condo-like in terms of layout, finishes and variety of amenities.”
One QPS Tower, a high-rise apartment in Long Island City, opened in February. Mr. Pasalich and his fiancé, Dustin Latham, 30, who works in human sources at Columbia University, have been in place of dwelling the following month. Their one-bedroom condominium has floor-to-ceiling home windows, granite counter tops and central air-con. A gymnasium, a rock-climbing wall, a rooftop pool and a library are all a part of the package deal. “Some people make the choice of a new building because it’s about germs,” Mr. Pasalich mentioned. “But,” he added, “that’s not the case for me. It’s a childlike feeling of being somewhere where no one has been before.”
Of direction, “new” cuts two techniques. Yes, you’re getting a area that’s by no means been occupied. But, oh sure, you’re getting a area that’s by no means been occupied. “Many buildings have growing pains,” mentioned Mr. Rubin, of Douglas Elliman. “For example, “there could be waterproofing issues that people wouldn’t know about until buildings have been around for a year or two.” And, as Mr. Pasalich seen, new development continuously comes with a new control group: “And they have to get used to the building, too.”
Residents of latest structures make different trade-offs, Ms. Katzen mentioned. “Unfortunately, new developments tend to be more cookie-cutter in their floor plans. There are less formulaic layouts in prewars. You also give up closet space in new buildings,” she mentioned.
Mr. Moss, of Corcoran, tells of shoppers who cheerfully push aside a well-situated condominium for the sake of what they name “nice and fresh,” he mentioned. “They’ll inform me they’re giving up at the nice location of the Grand Millennium,” a 21-year-old condominium on Broadway between 66th and 67th Street. “And then they’ll go to a new building on Riverside Boulevard, which is a lot more inconvenient, because no one has sullied the bathroom.”
Shaun Barker-Oswald, an affiliate dealer at Douglas Elliman, isn’t categorically antagonistic to an older development. Still, his ultimate 3 residences were logo new, every a step up from its predecessor in the way in which of facilities, home equipment and finishes. “Every new one has just felt more luxurious,” mentioned Mr. Barker-Oswald, who, in October will likely be shifting to the brand new One Hudson Yards.
For their phase, Mr. Pasalich and Mr. Latham plan to stick at 1 QPS Tower for 2 years. Still, they’re taking due notice of the structures going up round them and considering their subsequent transfer as a result of, in any case, how lengthy can a new development be regarded as new?
“Generally a building is new for five years,” Mr. Moss mentioned. “It was once a 7-to-10-year window, however with the fast tempo of condominium building the period of time has gotten shorter.
“Buildings have a existence cycle,” he endured. “They go from being brand spanking new to reasonably new to dated. And then maybe the lobby gets redone and amenities are added. And suddenly, they’re reborn.”