Space starved apartment dwellers that we are, a Manhattan apartment owner”s dream is often to buy the apartment next door and combine two or more apartments into one grand space. In yesterday’s Wall Street Journal, there’s an article given some advice when considering combinations.
From the same team that brought 15 CPW comes this 54 story building with ony 31 units. Zeckendorf development together with the starchitect of starchitects, Robert A.M. Stern bring this 54 story limestone building to life on Park avenue. Well, the building is on the side street but the address thanks to air rights bought from the church gained the address 520 Park avenue.
Prices start around $16mm for one floor and duplexes around $67mm according the CurbedNY. The penthouse is set to ask a cool $130mm. The building is trying to recreate the success the developer and architect had at 15 CPW which recorded sales over $2 billion and started this whole new construction with prewar exteriors.
The amenities are not that different than 432 Park avenue with a fitness center, garden, lap pool…
Sales are supposed to start this year. It will be interested to see if this building can recreate the success of 15 CPW. That was a different market and 2015 will be the year with much more competition for new luxury developments in Manhattan. 6500 units altogether are set to come to the market in all price points.
Much has been made of the luxury movement currently underway in Manhattan and 432 Park avenue to be finished this year will be the tallest residential building in the Western Hemisphere at 1396 feet tall and 96 stories. It was topped out late last year and can be seen from not only other boroughs but from other states. It is reported that the penthouse is already spoken for at $95mm. Continue reading 432 Park avenue Tallest residential building in NYC
Curbed NY took a tour inside one of the Upper West side’s best kept secrets: Pomander Walk. It’s a series of low rise, garden apartments that evoke a feeling of England. It is located on West 94 street between Broadway and West end avenue. The apartments are coops and according to the article the vetting process is rigorous in that they want to make sure that shareholders are going to be part of the community.
There are 61 units in this community with 4 available for sale right now from $375k for a studio to just under $2mm for a triplex. Click the link below to see a gallery of images.
As buyers the world over continue to park their money in Manhattan real estate, towers in Midtown continue to rise. One57, the first to rise on what is now known as Billionaires Row is now competiting with several other luxury condos including 432 Park avenue (Macklowe Properties), 520 Park avenue(Zeckendorf), 220 CPS(Vornado), 252 East 57 street(Worldwide Group), the Nordstrom tower on West 57 street and the “skinny” tower at 111 West 57 street. Continue reading Midtown Manhattan towers rise
The Leader House sits at the corner of 93 street and Columbus avenue on the upper west side. It has 279 units and was converted in 2007. The amenities include an attended lobby, gym, and a 17,000 sqft landscaped terrace. Currently, there is an addition of new retail to the building’s ground floor. Offerings include studios, 1,2, and 3 bedroom apartments. Many of the apartments in this condo have terraces.
Currently, there are two 1 bedrooms in the market being offered in the 900’s. This postwar building is located 4 blocks from Whole Foods supermarket, 1 block to Central Park and also 3 blocks from the crosstown bus and the subway. See the link below for more info and a closer look at available listings.
The zoning laws in NYC only allow apartments to be constructed of apartments of a minimum of 400 sqft but thanks to an initiative started under Mayor Bloomberg and continued under the current Mayor we have units in this building coming to the market this summer in the size of 260 to 360 sqft. The rental price will be $2000-3000 per month. Continue reading 335 east 27 street NY,NY 10016 Micro units debut this summer
One of the few townhouses on CPW has changed hands for $25mm. The 22 foot wide Queen Anne style townhouse near the corner of West 85 street on the Upper West side, was sold at less after chopping it’s initial asking price from $32.7mm to $27.75mm.
The townhouse features over 10k sqft and a 60 ft indoor lap pool. It was purchased in 2006 from Abigail Disney, a grandniece of Walt Disney for $15mm.
With all of the talk of buying apartments to hide money, to shelter money or guard against currency devaluation or being expelled from your country because the Olympic ski jump was not finished on time, does it make sense to invest some of your capital in a Manhattan apartment? I think it pretty much always does given some factors. Continue reading Is it time to buy a Manhattan apartment for investment?
Now that One57 has set the bar at $100.47mm for its recent sale, other developers are trying to shatter that number. The NYDN is reporting that the 21k sqft penthouse which will occupy three floors at the converted Sony Building aka 550 Madison avenue in Midtown NYC will ask $150mm.
Many industry insiders feel that there are already too many luxury properties on the market and in the pipeline, so let’s see how this turns out. 520 Park avenue is also expected to take aim at Extell’s record with its own offering of 12k sqft for a reportedly $130mm which makes the $150mm of 550 madison look like a value play.