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.
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.
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
