While we are seeing a number of new things on the horizon, I did see three other notable properties in the last two weeks, 540 w 49th and 224 Mulberry, and 182 West 82nd Street.
First, 540 w 49th Street.
It has just hit the market, with two-bedrooms starting around $1400 per square foot.
There is nothing about it online just yet.
But closings are scheduled for 18 months from now.
The design is very contemporary, and nicely done, appropriate for the neighborhood.
My sense is that the one- and two-bedroom layouts will sell out very quickly- and since there are 114 units, with mostly smaller apartments, they are aiming for success in volume of transactions.
Even the penthouses, which have great outdoor space, are only two bedrooms.
Of course those are coming in close to $1800-1900 per square foot.
I’ll follow up when I see more info to share.
The prices are “reasonable,” compared to others in the marketplace, but still a bit eye-popping.
Second, 224 Mulberry Street.
I got to visit a new development from one of my favorite boutique developers, FLANK.
My buddy Tim Crowley was a little caught off guard by the snarky response to his feature in the NY Times.
But when a product is gorgeous, interesting, different, and offers 1-2 parking spots for each large apartment buyer- I don’t see such a hubbub about telling the media that this is a building worth spending for.
I don’t disagree that the high-floor units with incredible views won’t fetch very high prices.
Since it’s only 7 units, I would think buyers will treat this as essentially a person would who is doing a custom renovation.
$500-700 per square foot on the renovation cost puts this in range, if someone were spending $15002000 per square foot on a very large floorplate of raw space, without having to carry the apartment during the renovation.
Given the response to its nearby neighbor, 36 Bleecker Street, The Schumacher, I would say that the lower floor smaller units will take time, but
the largest floor plans will win.
I also visited 182 west 82nd street, the sales office being located in the Apthorp building’s only office space on w 79th street proper.
Fun to find that address (252 w 79th). Given that the unit count in this building is small as well, it’s pretty easy to see that development is seeing one trend of very small, boutique developments – nearly the same as a custom house, with a few more amenities.
Developers like the Naftali group, who have been part of much larger projects, doing this 11-unit project, is quite interesting.
The office featured a near-replica of the master bath, along with a kitchen that approximates what will be in the apartments.
No surprises in the fit-out.
What I will say is that for $5mm, they seem to be offering a decent value for a 4-bedroom condo right now, compared to other offerings.
The kitchens and baths will be rather beautiful, and some of the overlooked features of the past (venting hood, venting dryer), are being installed.
Also, my joke to a customer while in the sales office was that pot-fillers- those extra faucets built into the backsplash of the cooktop, are coming back into many new developments, just as the “gluten free” craze is taking hold- even in bakeries.
The only issue, which I’ll cover in my market post, is that all of this you essentially have to buy from a floorplan, like 2006.
That’s all for this month.
More to come, I assure you.