Developer Mike Naftali certainly learned his lessons from his development 210 W. 77th street. Originally, when sales launched no units sold. After an intelligent reboot, sales were much more successful and now the building is 70% sold. Now the developer will use the feedback given from buyers on the first building to customize his offering for his next condo on the same block at 221 W. 77th street. One of the things they adjusted was making the kitchens more homey and less hotel like according to NYDN. They found that families on the Upper West side wanted more comfort and less hotel like finishes. Additionally,he added in a couple of 2 bedrooms and 5 bedrooms as well whereas the other Upper West side project had no 2 bedrooms and only a handful of 5 bedrooms. Both condos are located on West 77th street between Broadway and Amsterdam avenue. Prices will start from $4.85 million to $23 million for the new condo.
Category Archives: New Developments
Upper West side NYC building sold $26.5 million
Certes Partners has purchased 214-218 W. 95th street for $26.5 million according to WSJ. They are already the owners of 206 W.95 street which they purchased for $15 million one year ago. The combined cost of $41.5 million for a buildable square footage of 85,000, of about 18 stories, looks like a great purchase. $500 per buildable square foot means that they can build something in the affordable luxury market of around $2000-2500 per square foot. It would be great to see some smaller apartments to address demand but most likely we will see family sized apartments of 1200 square feet and up. The location is great since it’s close to Broadway and one block from the express subway stop at West 96 street.
They are currently discussing with their architecture firm CetraRuddy to see how they should design the building.
1 West end avenue New Development update
With 246 units spread over 42 stories plus an affordable component as well, 1 West end avenue is aiming its marketing at the affordable luxury segment. Prices start at just under $1.6 million for a 1 bedroom to $6.4 million for a 3bd/3.5 ba 2245 sqf 41st floor apartment. Sales are off to a fast start with 100 units in contract according to the developer in less than 2 months. That is not surprising since the average price per square foot is about $2100 per square foot.
According to Crains, the building is the first in the Riverside Center complex which will also include a 616-unit rental building with a school plus 3 other buildings with ground floor retail and public open space. The building is at the corner of West end avenue and 59th street. Is this a good investment and if so why do you think so?
Brazilian Billionaire buys 80th flr in 157 West 57th st
Brazilian Billionaire Edson Bueno who sold most of his stake in his insurance and hospital company to UnitedHealth Group for $4.9 billion 3 years ago, purchased his 80th floor crash pad in One57 for $53M. According to NYDN, he bought it under a corporation. The apartment is 6240 sqft with 4 bedroms and 4 bathrooms and is located in the building that holds the record for most expensive residence sale at $100.47M. The apartment will be used as a pied-a-terre when the family is in NYC.
This sale is the ninth most expensive of all time in NYC but will likely be pushed lower on the list with several new condos being built in around Billionaire’s Row including 220 CPS which has already over $1 billion in sales according to reports.
Lower East Side goes high end
According to the NYT, buyers prices out of Manhattan’s Noho,Soho, and NoLita are now turning their attention to the Lower East side. Once a very gritty neighborhood, that grit is being replaced by new condo developments. Additionally, the area is changing as well due to the purchase of resale apartments where according to data, a NYC condo can be bought for the mid 800’s. This is a substantial discount from the price of over $1 million for one bedroom pretty much throughout Manhattan below 96 street. Continue reading Lower East Side goes high end
Manhattan Real estate prices continue to increase
Basially, in Manhattan’s real estate market, there are two markets- the world’s elite led by high net worth individuals both domestic and abroad and the affordable luxury purchasers. New construction is really only being built with the former market in mind. Many of the shiny midtown towers inlcuding 432 and 520 Park avenue, 157 W 57 street, 220 CPS as well as their downtown counterparts are focusing still on the large luxury apartments with scant offerings under even 2000 sqft.
Continue reading Manhattan Real estate prices continue to increase
Luxury Manhattan market oversupplied?
In January of this year, the Extell developed building known as One57 on Manhattan’s Billionaire Row set a record when it sold a 11,000 square foot duplex made up of the 89th and 90th floors for $100.47 million. It was the most expensive residential sale surpassing the previous record set at 15 CPW of $88mm. Now, as has been well documented in this blog and in the media, several other buildings are taking aim at this record and record breaking sell outs. Continue reading Luxury Manhattan market oversupplied?
Manhattan apartment inventory still low
According to an article in Crain’s, Manhattan apartment inventory is still hovering around record lows set in 2013. This is true especially if you consider the following factors.
1- Any new construction or condo conversion has not and will not relieve pent up demand for apartments below $2mm Continue reading Manhattan apartment inventory still low
400 Park avenue south New Development Update
Toll Brother’s NoMad ground up construction has apparently not been selling at the speed anticipated. According to Streeteasy.com, several of the apartments have been pulled off the market and a few have seen fairly large price reductions. Curently, there are 11 apartments in the market from $1.519 million for a 664 sqft 1 bedroom to $6.154 million for a 3bd/3ba 2753 sqft layout in the Christian de Portzamparc building. Three of those 11 apartments have seen reductions including apartment 28E which has been reduced to just under $1.8 million from its original ask of $2.119 million.
Continue reading 400 Park avenue south New Development Update
252 East 57 street New Development update
The 65 story, 93 unit building launched sales about 6 weeks ago. 6 apartments are already in contract and there are 12 availabilities according to Streeteasy.com. The building which is at the corner of 2nd avenue and runs from 57th street to 56 street features a 34th floor full of amenities including a 75-foot swimming pool, a fitness center with yoga,pilates, and spin rooms plus a lounge and library with18′ ceilings and a 70′ terrace. To see current pictures click through. Continue reading 252 East 57 street New Development update