Hunger Games

The New York City real estate market is famished.

"There was a scarcity of new development over the past five years," says Susan de Franca, president and CEO of Douglas Elliman Development Marketing. "And there is a voracious appetite for New York."

This has led many a developer in this city to set out a lavish spread for the well-heeled buyer.

"We've sold over $1 billion [of new construction] in the last 90 days," says Kelly Mack, president of Corcoran Sunshine. "In the coming year, luxury buildings are going to dominate the market — more than half the properties that will open are expected to ask over $2,000 per foot. Developers are pushing the upper limits of luxury even higher. If you look at deals over $8 million, year over year, they've tripled."

The Schumacher.

"Inventory levels are at or near the lowest levels I've ever tracked," says Jonathan Miller, president and CEO of appraisal firm Miller Samuel. And prices are up. "It's been happening for several years, but it really accelerated over the last six months."

The hesitancy of buying an apartment off floor plans is a thing of the past. The forthcoming 150 Charles St. has in three months put about 90 percent of its 91 units in contract, at about $3,000 per square foot. (Last we checked in, the building had done $560 million in sales.) Its developer, Steve Witkoff, has his sights set on his next project, 10 Madison Square West, a somewhat more modest endeavor (in terms of pricing), rumored to be about $2,400 to $2,500 per square foot.

Developers PMG and JDS are preparing to build a 700-foot-tall tower at the Steinway building on West 57th Street (only about a block from One57), with plans for a 200-room hotel below 45 condo units, slated to be ready by 2015. "The building may grow to 900 feet," says Kevin Maloney, principal of PMG, making it one of the tallest residential towers in the city.

Luxury developments are popping up all over town. From still-to-be-fully developed neighborhoods like Hudson Square, which is seeing the launch of Renwick Modern (with prices starting at $1.5 million and going up to $6.5 million, for 1,100- to 2,700-square-foot apartments) — to de Franca's new project, the Marquand on the Upper East Side (where the starting price for apartments is $15 million).

At 56 Leonard in TriBeCa, half the 145 units are in contract. At 93 Worth, a few blocks away, 70 percent of the 92 units are in contract. The 104-unit 250 West St., at the edge of TriBeCa, which has been on the market since 2011, has seen 18 price increases and there are only four units left.

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