Multifamily construction has hit its highest level since 1974. The Census Bureau’s new residential construction report showed that the November figures for constructing buildings with five or more units was up 6.1% from October.
One multifamily property setting the bar in New York City is One Manhattan Square. This 72-floor property developed by Extell is famous for having over 100,000 square feet of private indoor and outdoor amenities, including a full-service spa, bowling and squash. The property features the city’s largest private garden, and buyers benefit from a 20-year tax abatement (pricing starts at $1.09 million).
This 800-foot-tall striking glass tower has views that set it apart from its competitors. Views of the entire city are potentially better here than the Empire State Building.
“People don’t realize how incredible the views are until they tour the building,” said Cat Liu, Director of Sales at One Manhattan Square. “The building is positioned with such a unique vantage point giving way to dramatic midtown skyline views north and breathtaking New York harbor views to the southwest.”
The views that surround the entire building are total and uninterrupted. There are no other skyscrapers like this along the Two Bridges, so it has a full 360-degree view of the city, which a lot of other buildings can’t boast — especially with its open East River views.
Liu added, “Sitting on the waterfront, most homes command stunning river views, even from the lower residential floors. Pictures and videos don’t do the views justice, which is why we always encourage prospective buyers to tour in-person.”
The many amenities of One Manhattan Square | Image provided by Extell Development Company
Inside units, the residences feature imported stone and custom finishes, Miele appliance packages, stained oakwood flooring, custom wood cabinetry in master bathrooms and marble tile walls and mosaic walls with radiant heat.
The building’s spa is next level, offering a sauna, hammam, a saltwater pool, cold plunge pool and range of sports that includes a yoga and pilates studios, a basketball court, bowling alley and golf simulator.
According to Liu, there has been a boom in interest in the properties (right now on Streeteasy, there are 35 new sales listings). The building, designed by Adamson Associates, includes 815 units. It was built in 2019 and largely filled up during the pandemic.
The property will soon see a new Brooklyn Fare, the gourmet grocery chain, opening one location inside the condo next year, too.
Brooklyn Fare signed a 30-year lease for a 25,000 square foot retail lease inside Manhattan One Square, making it their biggest location in New York City with two sprawling floors. Brooklyn Fare is known for its gourmet prepared meals, market-style deli, sushi bar and coffee bar, alongside its grocery store.
Alan Oppenheimer, Vice President of Development of Extell Development Company, said in a statement that this addition is part of the continued transformation of the Lower East Side Waterfront into a destination for locals. “We are excited to bring one of New York’s most comprehensive grocery stores not just to our building but to the community,” he said.
“For the residents and prospective buyers, it’s the one last amenity that they’re looking for in the building,” Liu said. “To have that convenience located right on-site matches the One Manhattan Square’s concept of the ‘vertical village,’ that being a lifestyle building featuring live, work, and play opportunities.”
She explained that the new grocery outpost will act as a destination for the local neighborhood as well.
“With the revitalization of the East River waterfront, this will only further enhance the South Street corridor connecting to the retail district of the Seaport with shops, restaurants and nightlife,” Liu said.
The building’s rent-to-own program has also been a game-changer. For residents, this means that if you rent at One Manhattan Square, and choose to purchase your home, Extell will credit a full year’s rent toward the purchase price.
“It’s rare to have the opportunity to test drive a condominium project before committing to a purchase, so by implementing this program, it has given future buyers the chance to experience the lifestyle that One Manhattan Square has to offer,” Liu said. “We’ve already had RTO residents exercise their option to purchase, so the program has been a tremendous success.”
“One Manhattan Square is one of the last residential buildings in New York City to offer a 421-a 20-year tax abatement as well as super low common charges,” she said. “Our buyers appreciate the significant savings that come with this tax abatement.”