Will Sales For 565 Broome Affect The Broader Soho Condo Market?

While I was walking home from work tonight, I noticed the sales gallery has launched for 565 Broome Street, a 115 unit condo building that will be on Broome and Varick Street, with expected closings in 2018.  Here is the photo from the sales gallery:

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Units seem to be selling like hotcakes!  Probably due to the numerous amenities many buildings in Soho don’t have:

24-hour concierge and attended lobby, a private gated driveway and entrance with automated parking, beautifully landscaped outdoor terrace, 55-foot indoor swimming pool, fitness center and spa with sauna and steam rooms, interior landscaped lounge with 92′ ceilings, library, and wet bar.

#S16B – 565 Broome Street
#S23A – 565 Broome Street
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#S10C – 565 Broome Street
#N12A – 565 Broome Street
#S12A – 565 Broome Street
#N10A – 565 Broome Street
#N12D – 565 Broome Street
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#S12D – 565 Broome Street
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#N6I – 565 Broome Street
#N6G – 565 Broome Street
#N5G – 565 Broome Street

What most people don’t know is that there are only 250 apartment sales in Soho every year, and of that, 150 are typically condos and 100 are co-ops.

Over the next year, there will be 56% more condo’s on the market.  Condo prices in Soho are already down 6% this year.  I predict there will be even more downward movement of the re-sale condo market in Soho in 2017.