Waterline Square Announces Strong Velocity in First Half of 2021

NEW YORK, June 7, 2021 /PRNewswire/ -- Leading national developer GID Development Group today announced that Waterline Square, the three-building luxury residential development on Manhattan's Upper West Side, is celebrating a record first half of the year in sales and leasing volume, kicking off an impressive start to 2021. On the heels of closing more than 100 condominium sales in 2020, the waterfront development boasts 17 new signed contracts so far in 2021 valued at over $85M, with several more currently out for signature. Additionally, Waterline Square signed nearly 200 new leases since January. Waterline Square continues to be one of the top-performing new developments in Manhattan across the condominium and rental market.

"Waterline Square offers the most comprehensive residential experience available in New York City, combining world-class design, unparalleled amenities, green space and a collection of renowned hospitality offerings," said James Linsley, President of GID Development Group. "We're thrilled to see such an overwhelmingly positive response from buyers and renters as people continue to recognize the value of living in a development that offers this kind of well-rounded lifestyle."

Following a strong sales performance in 2020, Waterline Square finished the first half of 2021 with even more activity. 10 of the new contracts are for three- to five-bedroom homes, signifying Waterline Square's continued appeal to broader market trends, as luxury buyers steadily return to Manhattan and upgrade for more space. With over 65 percent of its condominium residences sold, Waterline Square has consistently ranked as one of the top-selling new developments each month since the project launched. From April 2020 to June 2021, the development was the top performer in the Upper West Side new development market, according to reported sales activity, and boasted the highest number of contracts signed above $4 million, with 10 signed contracts. Additionally, the development set a new record for price-per-square-foot on Riverside Boulevard with a condominium selling for over $4,000 per square foot.

"Waterline Square continues to outperform the market, which we attribute to people truly appreciating the high floor views, a holistic indoor environment for fitness, sports, and recreation, and having a beautiful new park right outside your door," said Melissa Ziweslin, Senior Managing Director of Corcoran Sunshine Marketing Group, exclusive marketing and sales agent for Waterline Square. "Real estate brokers and buyers recognize the value in purchasing a home by some of the world's greatest architects and designers, with incredible amenities and a 20-year tax abatement."

The development has also continued to attract robust interest in its luxury rentals, which offer the best of Waterline Square and a flexible lifestyle experience. Waterline Square signed 197 leases in the first half of 2021, including 67 in the month of May alone, marking it the development's most successful month of leasing since launching in late 2019. The development's rental residences are now more than 53 percent leased.

"Waterline Square has always received a positive response from the market, but now, more than ever, we're seeing these homes resonate with buyers because of the way they speak to current lifestyles—with private terraces and space to work from home," said Jodi Stasse, Executive Vice President of Corcoran New Development, the exclusive leasing and marketing agent for the Waterline Square luxury rentals. "Many recent residents have expressed a desire to live closer to a park and the waterfront, and have been drawn to the development's thoughtful lifestyle programming in virtual and socially-distant settings."

Situated on five acres along the Hudson River waterfront between West 59th Street and West 61st Street, Waterline Square has been designed by a collection of world-famous architects and designers, including Rafael Viñoly Architects, Kohn Pedersen Fox Associates and Richard Meier & Partners Architects and interiors by Champalimaud Design, Yabu Pushelberg and Groves & Co.

Providing the ultimate lifestyle experience in New York City, Waterline Square is home to an extraordinary collection of indoor amenities connecting all three residential towers. Designed by Rockwell Group, the Waterline Club boasts 100,000 square feet of programmed spaces, including the first regulation-size indoor tennis court and indoor skate park in a residential development in New York City. The development also features a lush 2.6-acre park designed by acclaimed landscape architecture firm Mathews Nielsen Landscape Architects, as well as three hospitality partners, Cipriani, Empellón and Somm Cellars Wine & Spirits.

Prices for the condominiums start at approximately $2 million and the development has a 20-year tax abatement. Corcoran Sunshine Marketing Group is the exclusive sales and marketing agent for the condominiums. Pricing for the rental residences begins at $2,753 per month, and leasing is being handled exclusively by Corcoran New Development. For more information or to schedule an appointment, please visit www.waterlinesquare.com.

SOURCE GID Development Group