Years ago, luxury buyers coming to New York would solely focus on residential properties in Upper Manhattan, especially the East Side’s Park Avenue.
With the emergence of luxury new developments downtown, this trend is changing drastically. Uptown’s most desired amenity, Central Park, is no longer enough to compare to the architecturally impressive new developments coming to downtown with their high-end, luxury amenities.
For example, Tribeca’s 111 Murray Street offers free-flowing, lavish social spaces offering residents places to relax and entertain within, including a patisserie, lounge and veranda, private dining room with fully-equipped demonstration kitchen and landscaped private resident’s garden. Residents will also enjoy large amenity spaces that include a 75-foot lap pool, children’s splash pool with interactive water jets, spa with private treatment rooms, saunas, a fitness center with movement studio, a Drybar hair salon, teen arcade, children’s playroom and a media room. Additionally, a carefully-crafted hammam made from slabs of stone will offer a truly authentic warming and relaxation experience steeped in the Turkish tradition.
New York is experiencing a revolution in the way people live and downtown Manhattan offers buyers modern, intuitive design that improves quality of life. Hudson River Park provides miles and miles of bike, jogging and rollerblading lanes — all unencumbered by dangerous vehicle traffic. Hudson River Park also affords miles of curated riverfront park and recreation, where Pier 25 in Tribeca is a very exciting place to be a kid!
Wide cobble stone streets, vibrant art galleries, sexy restaurants and trendy boutiques create a riveting lifestyle downtown. While Park Avenue has grown stark and enclosed by overarching skyscrapers, West Street offers sweeping views of the city skyline and open-air vistas of the Hudson River.
Older buildings uptown require maintenance and lack convenience. Newly-minted, Ivy Grad start-up gurus are living and working downtown in addition to hip millennial families. The revitalization of Brookfield Place has even attracted the fashion-oriented crowd, with companies like Condé Nast and high-end designers like Hermes Paris moving in next to financial heavy-hitters like Morgan Stanley.
The scene is young and thriving, yet offers older, uptown dwellers a new lease on life where they can be close to their children. It has become a true lifestyle destination and chic, upscale neighborhood. In fact, contracts for downtown properties over $4 million have almost tripled this year, more than any other neighborhood in the city. Pricing is up as well, and steadily-climbing. In 2008, 200 Chambers Street sold at $1,000 per square feet. For 2016, the cost for luxury buildings per square feet has jumped to $3,000, which we are currently seeing at both 30 Park Place and 111 Murray Street. Demand is high — there is simply no other way to live like this in Manhattan. For all of these reasons, everyone wants to live downtown.