Construction is underway in New York City for what's expected to be a new luxury condominium tower in Midtown Manhattan.
Malabar Residences is slated to be a 145-unit property that spans 28 floors, according to its developer, MRR Development. The 175,000-square-foot building will have a mix of studio, one-, two- and three-bedroom units along with four penthouse spaces, the developer told Homes.com. Construction is scheduled to be completed in spring 2026.
Prices for a studio will start at $1.4 million, while one-bedroom units will start at $1.9 million. Two-bedroom units will be priced at $3.6 million and the three-bedroom units will cost $5.5 million.
Douglas Elliman Real Estate will handle sales for the development.
Future residents of Malabar will have access to a laundry list of amenities — including a children's playroom, indoor swimming pool, a basketball and pickleball court, a rooftop lounge for grilling and an exercise gym. Inside, units will feature 11-foot ceilings and hardwood floors, while the kitchens and bathrooms will have white oak cabinets and vanities.
"The majority of residences open to private terraces, allowing light, air and greenery to become part of everyday life," said Maria Mainieri, the Elliman sales director for Malabar.
Mainieri said the developer added all those features "to make city life feel more personal, beautiful and balanced."
The Malabar Residences will sit at East 57th Street on the east side of Manhattan's Midtown neighborhood. When Americans think of the hustle-and-bustle of New York City, they're most likely picturing Midtown — where some of the city's most iconic landmarks like Carnegie Hall, Rockefeller Center and the Museum of Modern Art stand. The most expensive piece of residential real estate ever sold in U.S. history was a $238 million penthouse in 2019 in Midtown.
Times Square, Broadway and Grand Central Station are also in Midtown, and they attract thousands of customers daily. The constant activity in Midtown is exactly why MRR Development chose that neighborhood for Malabar, the company's owner, Rotem Rosen, said.
"Midtown East has always embodied the very essence of New York, a place where cosmopolitan energy meets timeless elegance," Rosen told Homes.com. "When we set out to create Malabar Residences, we wanted to be in the heart of the city yet offer residents a refuge within it."
Malabar is under construction at a time when demand for housing in the Big Apple is white hot. Manhattan buyers purchased 806 condo units or co-ops in September, up 6% from September 2024 and marking the highest tally of September sales since 2021, according to market data from brokerage The Corcoran Group.
The city's housing demand has soared in recent years as more people move to the Big Apple, but developers and construction companies struggle to keep pace with the population influx. Demand is so intense that newly built condos often sell out in New York City before construction on a building is completed.
"New York City’s housing market is experiencing one of its most competitive periods in decades," Rosen said. "Demand continues to outpace supply, particularly for newly constructed well-designed, centrally located homes that balance beauty, functionality and livability. Projects like Malabar Residences are essential to the future of Manhattan."