If I
set out to find new development apartments that were smaller, perhaps, geared towards first-time buyers, away from the super high end, it would be hard to find both good quality and value right now.
I recently visited a few properties that I might put into this “non-luxury” category, if only because they have one- and two-bedroom apartments!
This month, I visited the remaining units at 23 West 116th Street, the latest iteration of 300 East 64th Street, re-developed by RFR, and
301 East 50th Street, a really well done midtown marvel.
Each has something special going on.
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A great room at the Adeline
First, 23 West 116th Street, the Adeline.
There are only 15 or 16 units left in the building, from about 85 total.
So perhaps I’m reviewing this a bit later than usual.
But what’s left are 2- and 3/4 bedroom units, asking $1300/$1400 per square foot.
The high floor units have terrific views in all directions.
They’ve done a very thoughtful renovation and appliance package to keep pricing lower, with effective layouts, amazing amenities, including a Blink Fitness oriented brand) year tax abatement.
Not to mention that the building is less than half a block from the 2/3 train.
I was really impressed with the offering and understand why it’s been such a success.
So few properties are reaching these value buyers.
They’ve engineered the layouts to maximize the public space, perhaps making the 2nd and 3rd bedrooms a little smaller, but, regardless, they reach a price point where buyers are very keen! out building at 540 West 28th Street, that apparently can be sanded, and just looks terrific!
L&M has done a great job, and they have a reputation for doing amazing affordable housing, as well.
300 East 64th Street
Re-thought Lobby at 300 e 64th
RFR is developing properties along Park Avenue (530) and others, among them terrific uber-luxury office space and other high-end property.
300 East 64th Street is a redevelopment of a rental building, as was 530
Park.
RFR seems incredibly well-suited to unlocking value from properties that were overlooked and underutilized.
They have redone everything here.
Lobby is updated, gone are the 90’s brass and tacky details.
The hallways are hip.
Think Gramercy Park Hotel chic.
The staging for the model apartments is out of this world!
So they’ve
listed
pretty straightforward 1- and 2-bedroom units, and are offering the 1-bedrooms in and around the $1-1.5mm price point,
where there is massive appetite.
Investors are scooping them up, and as a rental building, this was always an easy proposition.
I expect these units to sell quickly, despite being priced about 10-15% over neighbors’.
The amenities being added or upgraded, along with an updated appliance and facelift of each apartment, will end up working well.
Lest I forget, this is very close to where the 2nd Avenue subway will be, when(ever) it’s completed!
This is a central Upper East Side location that always will find interested buyers/renters.
301 East 50th
Lovely on East 50th and Second, image courtesy of 301e50.com
301 East 50th is the least “non-luxury” of the three, in that they are asking $2000 per square foot, as the starting prices.
With 1-bedrooms in the $1.7mm range, located on 2nd Avenue and 50th Street, this would likely give pause.
But the fact that there even are 1-bedroom units is pretty marvelous right now, even if they are very large 1’s.
is doing this incredible interior work that quickly transports you from Midtown East to this location-less
feeling of luxury.
You could be anywhere.
So there you go, I’ve shown my hand.
The building design and the work of these interiors really is incredible.
150 Charles is part of their architectural handiwork, so what they deliver here is meant to overcome the location.
While I think Midtown East is a great neighborhood, I have my concerns about this pricing, at the moment.
It seems I’m being proven wrong, which is never a bad thing!
How they are achieving the prices has to do with the quality of finishes and the sumptuous layouts, huge baths and functional kitchens, amazingly high ceilings, central air, and perhaps the energy rubbing off from the condos along East 57th Street!
That’s all for this month!
More to come.
Stay cool, folks.