As promised, a few more thoughts on the latest projects.
Keep in mind that in 2010, there were less than 1,000 new housing permits issued.
That’s 1 per apartment.
There is limited inventory for New Development.
You can’t say that the writing wasn’t on the wall.
Almost every busted project (The Oro in Brooklyn comes to mind) is now over 70% sold out, with the possibility of purchasing with 3.5% down (thanks, Fannie Mae!).
Pricing was adjusted, bankrupt developers pushed aside, and sales proceeded.
I’ll keep much of my general market thoughts for the main post this month, but I will write a bit about one of my favorite developments, One Madison Park.
It was featured in what I would call a bizarre, year-late or two-years late piece in the NY Times Magazine.
I was working on the project 2007-2008 and the entire building was in contract, with exception of the Penthouse.
The Attorney General had to step in back in 2009-2010 and most of the contracts were cancelled.
Once all the lawsuits are settled, this property will sell out in a heartbeat- amazing project, great finishes.
They just ran out of money.
It’s a sad tale, but if you haven’t heard it, quite a bit of schadenfreude going on.
Worth the read.
Of the new
projects I’ve seen lately, all of them getting press lately- most of it is deserved.
1280 Fifth Avenue:
First things first- The building has an outdoor swimming pool!
A bizarre, but successful, amenity- rare in Manhattan.
To the West and South, the views are stunning, even the 1-bedroom units (about 770sf) have views of Central Park, and the larger 3br units, especially the Southwest corner 3bedroom apartments, are a knockout.
The NW corner of 110th and 5th avenue will definitely become a building at some point, but generally, they
have designed the layouts to take full advantage of the Central
years after it has come to market.
So, technically speaking, not new.
As the “Riverside Center” is built (the last
South of all the buildings between West End Avenue and Riverside
Boulevard), I believe that the 5-6
towers will be an incredible boon, and the open space and residential
will create an incredible place to live for its residents.
However, right now owners in buildings such as the Element, if they are trying to sell, are left with a bit of a
black hole of information.
We know that there will be towers.
We know that many views will be blocked.
We know that some
river views will remain.
With all of that in mind, owners trying to sell an apartment in buildings that look out over this development site better have
their ducks in a row.
It’s all downside.
To be willing to purchase in these locations, the bells and whistles must sound REALLY GOOD.
5 year-old appliances, poor furnishing, and scuffed walls will not get it done.
All I will say is that the if a seller is fighting against the newness of the new developments, there must be compensation.
I took a
yesterday for the first time, very excited to tell you about it.
Tribeca is near and dear to my heart- It was the first place where I lived in Manhattan, after 9/11.
The area was coming back to full bloom, and I can say that developers are at this point taking full advantage of the blocks between Broadway and Church, what is the Easternmost edge of Tribeca.
57 Reade has a lot going for it.
421a tax abatement, doorman, great fitness room low unit count.
The layouts of the units are well-done, with storage people want, washer/dryers, great teak floors, decent ceiling height, good bedrooms size.
I feel the living rooms could be slightly bigger, but they have found a good balance of living room size to bedroom size, given buyers great master bathrooms, and obviously given thought to the way people live now- with open kitchens.
Happy to discuss more.
The duds? I finally saw 60 orchard, which I felt could have been used as a set for The Hobbit.
I am not a tall guy, and I felt a bit claustrophobic in the units’ hallways.
I’ll leave it at that.
Not even the Nana Walls could distract me from the feeling of being trapped.
Excited to see some of the new product that is coming out over the next few weeks.
We may touch on some Harlem properties (Morellino on w 118th, for instance).