Sizing up Manhattan
Still, with 67 under-$1 million new-development listings available in October, according to StreetEasy, Manhattan is not entirely off limits to entry-level buyers. Those units are often found in Upper Manhattan, where condos are increasingly common.
In Central Harlem, for instance, there is the Rennie, an eight-story, 134-unit offering at 2351 Adam Clayton Powell Jr. Boulevard from BRP Companies, listed by Halstead Property Development Marketing.
Sixty-eight of the 106 market-rate apartments are less listed for less than $1 million, including all of the studios and one-bedrooms, plus a small penthouse with a private terrace, said Jeff Krantz, an associate broker with Halstead. Buyers priced out of more expensive areas like Chelsea, Hell’s Kitchen and TriBeCa have been sniffing around, Mr. Krantz added.
Finishes at the Rennie, which was named for the Renaissance Ballroom and Casino that once stood on the site at West 138th Street, include oak floors, stainless steel appliances and Ecobee smart thermostats, and building amenities include a work lounge, gym and dog spa.
The condo is also offering 27 apartments for below-market rates. But as is the case in other developments, those units will be reserved for people with incomes below certain levels and will be awarded through a lottery expected to draw thousands of applicants.
Another nearby condo attracting buyers from elsewhere in Manhattan is 70 West 139th Street, a 64-unit condominium with 21 market-rate and 42 affordable apartments (plus a unit for a superintendent) from Parkadon Management and Development.
Last month, a south-facing two-bedroom, two-bathroom unit with a small kitchen, a side-by-side washer and dryer, and a balcony lined with synthetic grass was listed at $995,000.