Second-Highest Number Of Condos Coming To East Village, LES

EAST VILLAGE, NY — The historically low-rise, low-income East Village and Lower East Side neighborhoods have the second-highest number of luxury condos coming to the area compared to all Manhattan neighborhoods, according to analysis by The Real Deal.

The magazine looked at the number of properties, including unsold units and those coming online in the next few weeks, and reported that there are 1,004 new condos coming.

“It’s like somebody flipped the switch on the Lower East Side and the East Village," Prime Manhattan Residential's president Robert Dankner told The Real Deal.

Developers were initially drawn to the neighborhood because of a lack of competition, but now the condo market is booming, the website reported.

The website pointed out that many of the 1,004 units are part of Extell Development's massive 815-unit One Manhattan Square development, the biggest condo development in Manhattan.

One Manhattan Square may be the biggest development, but there are a handful of sizable projects coming to the neighborhood including Magnum Real Estate Group's 94-unit 196 Orchard Street parcel, the 55-unit 242 Broome Street project backed by Taconic Investment Partners, L+M and BFC Partners and Steiner NYC's 82-unit 438 East 12th Street, which is nearly sold out, the magazine reported.

The Real Deal didn't say which neighborhood surpassed the East Village and Lower East Side to have the most luxury condos.

Rendering credit: Extell Development