When a sponsor sells a condo, at some point they turn over control of the condo to the owners. According to Cooperator, it must happens in 5 years maximum or when 50% of the apartments are sold.
From there, the owners have to be ready to take the baton. In the article, the writer goes through the steps necessary to be ready. Among them, a team of advisers needs to be in place including lawyers, accountants and engineers. The owners must make sure that the sponsor has lived up to their requirements as laid forth in the offering plan.
There are buildings that I know of that have had facade or construction defects only a few years after they were built. Perhaps they did or did not consult with an engineer when taking control from the developer. Also, the wording in the offering plan is to protect the sponsor and not necessarily the condo going forward so a legal review of the offering plan may be necessary.
Jennifer Lawrence was spotted condo shopping and reportedly was checking out a condo in Manhattan’s TriBeCa nabe in the 443 Greenwich street condo conversion. The building has an underground garage which makes it paparazzi proof according to LINK.
If she is in that area looking for a condo, one block away and with water views is 70 Vestry which is a ground up condo construction which features a porte-cochere, swimming pool and many of the apartments have water views. This building is designed by Robert A.M. Stern and features the interior design of Daniel Romauldez. Prices start at $7mm.
A developer of an Upper East side luxury condo tower has received a stop work order from the City. Apparently, the developer of the building on 88th street near 3rd avenue got approval to create a 4 foot lot in the rear and then used the separate lot as a way to circumvent local zoning which would have allowed a smaller building than what they were about to construct according to NYT. Local opposition including politicians demanded that the Mayor’s office investigate. They did and now the developer has a stop work order. Listings were already live on streeteasy in this tower which will now need to be redesigned to comply with zoning.
180 East 88th street was supposed to rise to 50 stories with 48 units. At this point, there are still listings live on Streeteasy ranging from $3.2 million to $15mm.
If you are thinking of buying in Midtown west, maybe you should take a look on West 52nd street where there are several conversions between 8th and 10th avenue. One of those developments is Nine52 which is located at 416 west 52nd street and it is in the sweet spot of affordable luxury and with it’s Midtown Manhattan location, it is not suprisingly selling well.
On the same block is 432 West 52nd street which will have 55 units ranging from studios to 2 bedrooms. This building will feature a 4200 sqft landscaped roof terrace, exercise room, doorman and a residents’ lounge. There are currently 5 listings on streeteasy and 2 are in contract. The most expensive is a duplex with 1153 sqft(107m2) of interior space and 1454sqft(135m2) of exterior space with an ask of $2.25 million and about $4k in monthly carrying charges.
Also on West 52nd street is the Sorting House which is a new construction building built on top of a Post Office. 27 units on streeteasy.com and 27 units in contract. Prices were around $2000 per square foot on average and the apartments ranged in size from 605 sqft (56m2) to 1409 sqft(130m2). Several of the apartments had outdoor spaces and the common charges and taxes together range from about $2.20 per sqft to about $2.80. The developer is Cadence Property Group and architect is Architecture Outfit.
All of these developments are doing well partly because they were ahead of the curve in that they address the affordable luxury market and their location speaks highly to both owner/occupants, local investors and foreign nationals who may not be able to afford Billionaire’s Row.
Nine52 is located at 416 West 52nd street and out of 36 listings on streeteasy.com 24 are in contract.
Nine52 is one of spat of condo conversion catering to the affordable luxury market and selling well as a result.
The Sorting house has 27 units on streeteasy and all 27 are in contract. It is new construction built atop a post office.
The Extell Development company has started construction on their Upper East side luxe 30 story tower and they are up to about the 4th floor. The building with be full of amenities including Camp Kent, a luxe children’s playroom. The Kent NYC will have 83 units and 9 units are showing as available on their site ranging in price from $2.457 mm to over $9mm for a 5bedroom/5 bath 3564 sqft 20th floor offering.
This is an excellent location at the corner of 95th street and 3rd avenue and the development will try to piggyback on the success of Carnegie Park, Related’s condo conversion one block away at 200 East 94th street. The Related condo, however had much lower prices and took advantage of the dearth of inventory catering to the affordable luxury market.
Do you think this part of the Upper east side is ready for Extell’s luxe development? See pictures below of latest construction from just over this weekend.
Construction has begun on Extell’s luxe Yorkville condo
The Kent will have an indoor swimming pool and sauna, luxe playroom, Drawing room, Garden salon and Sound Lounge among the amenities.
View from 3rd avenue looking in the opposite direction on East 95th street
With the increased inventory of new construction condos in or soon to be in the market in Manhattan, developers are trying to one up each other on the amenities offered. With the trend of more families staying in NYC, parents are looking for playrooms and interior spaces for their children to enjoy. Several developments such as 50 West, 70 Vestry, 160 Leroy, Manhattan House and the Kent in Yorkville, are offering over the top playrooms that are a far cry from a small room in the basement that we were accustomed to in the past.
Some buildings such as Artemis’ Circa Central Park even offer tween rooms.
With new construction condos above $4 million already in a balanced market, now may be the time to make your purchase. Let’s assume you have decided to pull the trigger on a condo purchase in a new or converted building in Manhattan what should you look for? Here’s a checklist. Continue reading Thinking of buying a Manhattan new construction condo?→
If you are looking for an apartment with a view of Central Park and also do not want to spend super luxury prices of $10mm or more, then perhaps looking at the northern edge of the park in Circa Central Park would be a good move. Circa Central Park is at the Frederick Douglass Circle and the north west corner of the park and will have 38 units. Many of the units will have views of Central Park views in this FXFOWLE designed building. The developer is the same one who did One Morningside Park aka 321 W 110th street which sold very quickly and had just short of 60 units.
Current availabilities range from just under $2m for a 2bd/2ba to $7.477 million for a 5bd/4.5ba with 2771 interior sqft plus a private terrace. The amenities include on-site parking, a study and tween room with Macs and game station plus a roof terrace and fitness center.
20 units are posted on streeteasy.com, 11 of which are in contract. Occupancy is expected in early 2017 for the tax abated condo located in South Harlem. Brown Harris Stevens is handling the marketing for the developer.
While Vornado and Steven Roth are not divulging information about their sales pace of late, what is obvious is the project is rising on one of the few if any remaining sites that is on the park. The condo will have a tower rising to 950 feet and a 13 unit sister building, the Villas with extravagantly expensive apartments. The architect Robert A.M. Stern has designed many other condos including 15 CPW which also had a tower and a house separted by a porte-cochere.
It is well documented that the luxury market is experiencing an anticipated glut and sales have slowed at 220 CPS as well as many of the other super luxury buildings throughout Manhattan.
220 CPS Vornado Realty Trust’s condo designed by Robert A.M. Stern
Bauhouse Group’s controversial Sutton Place projected 900 foot-high tower which is in foreclosure, is now headed to bankruptcy. The developer put the project in Chapter 11 this week in an effort to avoid losing the property to creditors. The project was seen to be largely out of character with the low rise buildings that are in the Sutton place enclave. Attempts to refinance were not successful and as result the creditors are moving to take control of the property.
The luxury Manhattan real estate market has a glut of inventory and sales have slowed.
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
