While much has been published about the condo glut that Manhattan is experienced in the luxury market, the affordable luxury market continues to sell very well. One of the latest condo conversions to hit the market is 416 West 52nd street aka NINE52 which is being developed by Gaia Real Estate and designed by architect Karl Fischer. Currently there are 36 apartments offered with 24 of those apartments already in contract! The average price per square foot according to streeteasy.com is about $1550 per square foot. Currently the least expensive apartment is $790k for a 1 bd/ba of 570 sqft (53m2) and the most expensive is just under $3mm for a 3bd/2.5ba of 1929 sqft(179m2) Common charges and taxes are running about $2.20 per sqft and th building features a doorman, bike room, gym roof deck.
Another condo conversion which is further along is 360 Central park west which is showing 23 listings on streeteasy.com with 22 of those in contract. This building is at the corner of 96th street and CPW. The Rosario Candela designed prewar building will have a doorman, children’s playroom, bike storage and pet washing among the amenities. Prices were averaging around $2000 per square foot.
I think what these conversions and about a handful of others are showing is that there is a dearth of affordable luxury property and while the luxury or super luxury market may be suffering, other segments of the market are still moving very well.