New York’s latest condo boom is about to hit the Hudson River.
The City Council is set to vote Thursday on two new condominium projects, which the developers say will make the city one of the most expensive in the world to live in.
The city is in the midst of building a $1.4 billion waterfront tower with a total of 11 floors.
It will be the tallest in the city.
And it’s also the first new development in New England since 2007, when the city built a $200 million luxury condo tower in the New England town of Greenfield.
“We’re in the very, very early stages of our planning process,” said Daniel T. Shum, who runs the new condo development, The River House.
“But we’ve got an opportunity to make this project the most successful that New York has seen.”
Tractors have been building the River House since 2006.
Its top floor will have an open plan living room with an elevator.
It’s located just off the River, on the edge of the historic town of Lakeside Village.
The project is in line with the city’s recent plans to build two more condo towers on the waterfront.
The first, which is slated to open in 2019, will feature an open-air rooftop garden, a fitness center and a retail space.
It’ll also feature three levels of luxury condos.
The River Houses first tower, The Valley, will rise a total 8,000 feet and include a new hotel.
The second, The Ocean, will be taller than The Valley but will include a luxury condo building with retail and a rooftop terrace.
The third tower, the Riverhouse, will also feature two floors of luxury condominium suites, a shopping center, a new rooftop pool and an indoor gym.
The plans are still under review by the city Planning Department, but they’re expected to be finalized by the end of the year.
The development of the two new towers is in direct opposition to the city council’s proposed $1,200-per-square-foot tax on condos.
That would bring in $3.2 billion in taxes over the next 10 years.
But Tracting Inc., a real estate development firm, said it has been able to raise the money to pay for the tax.
The company has raised more than $300 million to pay down a $500 million debt, and Tracts board has pledged $50 million to support the project.
Tracters first tower is expected to cost $734 million.
The Ocean Tower will cost $1 million per floor and include 8,700 square feet of space for restaurants, retail and an outdoor gym.
Shulman & Barbour, the developer of The Riverhouse development, said its goal is to build “the most luxurious condominium project in New New York.”
But the city will still have to build an equivalent number of units to make up for the extra cost.
That will be up to the developer, who will be able to sell condos at a discount.
The developers say they plan to sell at least 1,500 units per year for at least a decade.