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.
View from the 54 story limestone condo on the Upper East side
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.
Bathing in the sky
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→
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→
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.
The NYT has an interesting article this weekend in the Real estate section about buildings that have misleading addresses. I live and work in a building at 400 Central Park west where the entrance is on 100 street. This is not too bad in my opinion because we do have frontage on Central Park west: both the side of our building, garden and a parking lot. However, our neighbors to the west at 392 and 382 CPW are actually located on Columbus avenue but have what we call a vanity address. Continue reading Manhattan buildings seek vanity addresses→
Thanks in no small part to the local private schools including Dalton(photo), several new developments on the Upper East side are experience a spike in their sales at this time. As parents begin to find out that their children have been accepted to schools on the UES, they start to make their plans to move to the neighborhood. Many of these parents are trading in their downtown apartments for family sized (2000 sqft or larger) apartments on the UES.
I have heard about this in relation to a spike of sales surrounding Avenues the World school which is located in the Chelsea area. Parents will be willing to commute for work but not for the children’s school according to the NYT article.
Bloomberg is reporting that buyers of luxury apartments from Downtown’s Stella Tower to One57 on Billionaire’s row are buying apartments to rent out. One such apartment was purchased on the 56th floor of Extell’s One57 for just over $10mm and is now on the lease market for $25,000 per month.
According to the streeteasy somewhere around 2% of the luxury condo purchases are being put back on the market for sale in an attempt to flip the property. This number has stayed consistent for the last several years. Developers of Manhattan luxury apartments price so accurately that flipping is pretty much out of the question. Recently, One Riverside Park on the upper west side, also an Extell Project entered the market and was slighly underpriced as evidenced by the velocity of contracts that were sent out immediately so they pulled it back off the market and raised the prices.
As a result, buying and then renting is the choice for investors. However, according to Jonathan Miller of Miller Samuel, there is not a demand for large luxury rentals so renting out and establishing a new rental price point could be a challenge and cut into the returns of the investor. Typically rates of return or cap rates hover around 3-4% for Manhattan apartments.
Apt 9BC at 101 CPW on Manhattan’s Upper West side has entered the market for $42mm. It offers 7000 +/- sqft plus exterior space, and 100 feet of frontage on Central Park. The property was purchased in 2003 for roughly $12mm and the owners spent 3 years renovated the apartment according to the broker. The monthly carrying charges for apt 9BC are $14,057 according to the listing on streeteasy.
The building itself is a prewar coop building with 18 floors and just under 100 units and occupies the block between 70-71 street on CPW. There are 4 other listings at 101 CPW for sale with 2 in contract. All 4 of the other properties are 3 bedrooms and the prices range from $4.99mm to $6.99mm.
This new construction condo which will be finished in 2016, has 6 contracts out of the 16 apartments on the market in streeteasy. Prices for the Robert A.M. Stern building range from just under to $5mm to just over $14mm for the listings on the market at this time. Marketing started less than 2 weeks ago.
The 17 story building will have 43 units ranging from 2-6 bedrooms residences. It also features a porte-cochere and unique amenities according to the building’s website.
This is one of the latest new construction buildings to invoke prewar architecture with luxury finishes. This old as new trend started with Mr. Stern’s 15 CPW which until recently held the record for most expensive residential sale in Manhattan for $88mm.
Not surprisingly, 15 Central Park west on the upper west side has topped the list of the 10 most expensive buildings in Manhattan. Also, on the list are 838 Fifth avenue, One57 and The Plaza. 15 CPW still holds the record for most expensive sale of a Manhattan residential apartment at $88 million. This record is going to be challenged this year by a handful of penthouse apartments which are asking north of $100 million.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
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.
