A rendering for the stalled East 37th Street condo project by Perkins and Will - one of many stalled projects in the city.

The Manhattan new real estate market has seen a significant jump in the past year, with an average sale price of $2,577 per square foot in the second quarter, up from $2,011 a year ago, according to Douglas Elliman Real Estate – but many new real estate projects still fail to break ground, or materialize once announced.

428 East 58th Street, a 950-foot condo proposed by the Bauhause Group, has suffered from an unfavorable location for its $5,000 per square foot asking price, as well as a community alliance which opposes the building’s height. The proposed location has sat undeveloped since 2014, and the project is currently locked in a bankruptcy dispute.

Meanwhile, the proposed Astoria Cove and Halletts Point developments in Harlem have been halted by the expiration of the state of New York’s 421a property tax abatement, which waives some property tax in exchange for affordable housing.

Read more >