It is our opinion (at The New York Condo Blog) that the same "melting pot" mentality that attracts diverse groups of people to urban centers such as New York City also applies to real estate. Having prewar architecture (brick and limestone) is crucial to the historic and wealthy reputations of New York City. Having both postwar architecture and now a huge wave of modern structures (glass and steel) illustrates the adaptability of the city and its residents.

Along these lines, the ability to blend old with new (prewar architecture with modern amenities) is what you'll find in some of the best new condominium developments. In our opinion, these projects are some of the very best:

1. 15 Central Park West: Robert Stern and the Zeckendorf family are about as New York a team as one can find. Plots of land such as this one (on 62nd Street and Central Park West) are extremely rare. This project is near perfect in our opinion, especially for a buyer who craves an old-school feeling of luxury. Needless to say, 15 CPW has a long celebrity list anxiously waiting for move-in dates.

2. The Lucida (151 East 85th Street): Because of its ultrasleek design, "green certification" and perfect location on the Upper East Side, I have to include the Lucida on any list of the best or most important new condo developments in the city. The design team of Cook + Fox (exteriors) and S. Russell Groves (interiors) is also perfect. We're very confident the finished product here will set a new standard of modern perfection.

3. 31 West 11th Street: Perhaps I'm biased toward prewar construction, but this building, in this section of the Gold Coast, is hard to come by. The fact that Extell is in the driver's seat should be assurance to any buyer that the finished product will be gorgeous.

4. The Plaza: Speaks for itself. A shame the hotel is gone, but the finished product here (if it ever opens) will be insanely luxurious and tasteful. Donatella Versace is apparently custom-designing the interiors. Nothing screams money quite like that.

5. Chelsea Stratus (101 West 24th Street): I'm not in love with many of the Chelsea and "High Line" projects going up Sixth Avenue and farther west, but I truly respect the Stratus. It leaves nothing to be desired in terms of Manhattan living. It's tall, allowing for great views, the finishes are beautiful, the layouts are plentiful and spacious, and the amenities are endless. Between the landscaped rooftop deck and "Club Stratus," the building tries to do it all.

To be fair, none of the buildings listed below have anything "wrong" with them. We simply weren't the biggest fans, even if the value per dollar makes them potentially good investments.

1. 517 West 46th Street: The exterior is fire-engine red. The appliances are a full notch below the standard. The location, well, it's in the middle of desolate Midtown West. Next.

2. 123 Baxter Street: The location is rough, the design is shocking, but not in the way you'd hope for. Cool concept, not a great execution.

3. Loft 14 (135 West 14th Street): If you walk along 14th Street from Union Square to Eighth Avenue, you probably won't be very impressed. This building is smack in the middle of an ugly block. The layouts are complicated and don't lend themselves to easy living. Not much in the way of amenities, and the prices aren't so low.

4. One Ten Third (110 Third Avenue): Toll Brothers' foray into city living. The building is confusingly unattractive and the location is "close" to what you'd hope for but not spot-on, especially considering the money. Toll does a great job with suburban living, and New York City has enough developers crowding the field.

5. The Hit Factory (421 West 54th Street): This building plays on its former reputation as a celebrity recording studio. Besides the fact that most potential buyers probably wouldn't know that, it's a weak leg to stand on as a sales pitch and investment value component. We don't love the location either, somewhere in northern Hell’s Kitchen and Broadway West.

Russell Bailyn is a regular writer for the The New York Condo Blog and has recently written the book Navigating the Financial Blogosphere.