With the New York Post reporting that Bank of New York Mellon is considering selling its historic Art Deco headquarters tower at 1 Wall St and the expected conversion of AIG’s former headquarters at 70 Pine Street , our friends at Curbed wonder whether the Financial District is about to be flooded with even more inventory.
With the newer developments (Should they still be considered new just because there are still vacant apartments?) like 75 Wall Street and 20 Pine: The Collection lowering prices to both match the current market and undercut resales in their very own buildings, is it really a good idea to bring more availability to the market?
While current averages are hovering somewhere above $1,000/sq ft for a typical 1 or 2 bedroom through the various developers in the area, the actual number of available Sponsor owned condominium units is unknown as they tend to publicly release only a small amount of apartments at any given time.
Additionally, there are currently 260 available condominium apartments for resale throughout the Financial District priced anywhere from $399,000 for a 365 square foot studio at the Downtown Club located at 20 West Street to a 3,000 square foot 4 bedroom duplex at the Downtown Condominium at 15 Broad Street for $4,395,000. Overall, the average $/sq ft for a 1 bedroom is roughly $1,200.
What do you think? Is the area ready for more?
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