Luxury, New Developments, Real estate

NYC condos relaunch, sales improve

The NYPost profiles several condo developments that after subpar or no initial sales relaunched, traffic picked up and so did sales in some.

Naftali Group's UWS condo which launched last year with prices starting at $4.9mm and didn't sell any units so pulled them off the market.
Naftali Group’s UWS condo which launched last year with prices starting at $4.9mm and didn’t sell any units so pulled them off the market.
Interior rendering of 12 E 13 street a building of only 7 units which lowered prices to increase traffic.
Interior rendering of 12 E 13 street a building of only 7 units which lowered prices to increase traffic.

Among the building that experienced the most success were buildings that had the unfortunate timing to be launched during the financial crisis like 56 Leonard, the Jenga-like Herzog & de Meuron Tribeca condo and One Madison the now home to Giselle Bundchen and Tom Brady and Rupport Murdoch. One Madison was foreclosed and taken over by a partnership between Related, CIM and HFZ Capital Group, redesigned and sold well at much higher prices. Similarly, 56 Leonard shut down sales and restarted in late 2013, and sold about $1 billion in less than 1 year.

 

Originally started sales right in the middle of the Financial Crisis but waited out the market and now is almost entirely sold out.
56 Leonard-Originally started sales right in the middle of the Financial Crisis but waited out the market and now is almost entirely sold out.

On the other end of the spectrum, you have buildings like 12 W 13 street the former garage and Naftali Group’s Thomas Juul-Hansen-designed 210 W 77 street which did not sell any units and as a result are rebooting and have or will lower prices. The problem is that the high price of land that has been recently paid by developers, forces them to bank on these large units selling out at high prices per sqft.I always thought that on the UWS in between the parks is a good location but does not justify the prices asked at 210 W 77 street. 210 W 77 street would do well to have incorporated smaller units like 1000 sqft.  1000 sqft for 2.5 to 2.7 mm is great offering for this location.

 

Read the full article.

LINK