A Flood Of Condo Units (155) Coming To Soho In 2016!
Did you know there were only 125 condo sales within the past 12 months in Soho? What does it mean to the larger Soho market that 155 new condo units will be available for sale in 2016, effectively doubling the active condo sales market? There are also 192 condo units that are currently being marketed for sale. As Soho’s neighborhood expert, I wanted to address my thoughts.
There are 6 new condo developments representing 155 units that will begin construction in 2016!
- 63 Greene Street – 14 Units
- 42 Crosby Street – 10 Units
- 62 Wooster – 7 Units
- 25-27 Mercer Street – 5 Units
- 54 MacDougal Street – 4 Units
- 100 Varick Street / 565 Broome Street – 115 Units
This is in addition to the 192 condo units that are currently being sold and in contract in 7 new buildings in Soho:
- One Vandam – 25 Units
- 325 West Broadway – 21 Units
- 10 Sullivan – 10 Units
- 27 Wooster – 8 Units
- 52 Wooster – 4 Units
- 70 Charlton Street – 93 Units
- 15 Renwick Street – 31 Units
There is already an oversupply of condo units in Soho and over the past 12 months as we can see from the chart above. Due to this, we can see there has only been a 1% increase in prices for the past 12 months. This is significantly lower than other neighborhoods in Manhattan. I strongly believe there will be a negative price trend on condos in Soho – currently closing at $2,156 per square foot. I predict that the average price per square foot remains above $2,000, relatively constant, however, un-renovated units will sell at a discount to renovated units.
What do you think? Email me at Danielle@sohostrut.com.