I’ve been making the rounds of the new developments hitting the market in Manhattan.
Here are a few notes for you.
Next month I’ll review 1280 Fifth and others.
1) 250 West Street – Waterfront Condos, Indeed.
250 West Street- Studios, 2bedrooms, 3bedrooms available (and a $37mm penthouse)
I was completely impressed.
Inviting sales office;
knowledgable and non-cheesy sales staff;
clear floorplan.
That’s the first impression.
The apartments?
Worth seeing.
There are plenty of non-view units, but in my experience, rarely are Tribeca buyers set on the view.
Priority is space, functional, with high ceilings and a decent building
quality.
Elad certainly delivers that and more.
The 2nd or 3rd bedrooms are not huge, but the living spaces are gracious, the kitchens are open, and
well fitted-out, and the developer does a very good job of creating a good vibe.
The location is quiet, despite any concerns you may have about Canal Street or Holland Tunnel noise- it’s just not there.
The corner three bedroom is creeping up in price- but the views are impressive from the 4th floor up-
Huge windows, all in a rock-solid historic warehouse.
Happy to arrange access.
2) 1212 Fifth Avenue.
Anyone running in Central Park has seen this tower rising behind the Emery Roth prewar building on 102nd and 5th avenue.
Prewar Central Park Views under $1500/square foot
The lobby restoration and detail is very pretty in the building, with only 55 units in the original building.
The tower behind is actually completely standalone, contrary to earlier rumors- separate entrance, and the tower is all rental.
I’m sure this is due to the agreement Durst has done with Mt. Sinai.
The benefit is that the addition of all these new units will be a great boon to the neighborhood.
The one-bedroom line doesn’t have any open view, but is lovely and spacious, and priced VERY well.
The two-bedroom units have side park views and are a good size, approximately $1000/sf.
The three-bedrooms units (2 per floor) have wall-to-wall views of Central Park.
Gorgeous.
Runners have the 102nd street entrance to the park, and nearby Conservatory Gardens at 106th street.
Layouts are smart, with open kitchens and well-proportioned bedrooms.
The downside as far as I can see is that common charges + taxes run about $2.00 per square foot together.
There are no tax abatements, and with only 55 units, too few to spread out the cost of the staff and amenities.
Compared to cooperative units and other resalecondos in the area, the carrying charges are not obscene, but compared to many new developments,
it seems a little high.
The pricing of the units seems to reflect this, but it could be a little bit of a sticking point.
3) Setai on 5th avenue:
All about the views? Not exactly.
This is not a neighborhood, yet.
35th and 5th avenue means you are occasionally (or always) dealing with tourists.
However, the views and service level
may make this worthwhile.
Investors?
The one-bedrooms rent for between $4500-6000/month.
Pricing here looks reasonable for pied-a-terre buyers who want very high end finishes, spa, hotel services, and don’t want to pay massively high carrying charges a la Trump.
Decorate as you wish, enjoy quick access via cab to Madison Avenue shopping and downtown as well.
Once properties like One Madison Park come online at $2500/square foot, this will sell out even more quickly.
They are already about 40% sold out.
My take?
The properties are not for primary users, and the living rooms are on the small side.
This is for someone who wants a spacious bedroom, incredible light and air, and service.
Worth seeing for any investor or vacation home hunter.