Onto the exciting and “if you have to ask” pricing of
Harry Macklowe threw a special Brown Harris Stevens brokers event last night, thanking us for being the most active brokerage in the so-far $250mm in sales in the building.
This is, technically a pre-war building, built in 1941, which Harry told us he wanted to bring back to a grandeur of the early 1930’s.
They have been on the market for about 10 months, but they seem to have hit their stride now.
Only 7 units are holdout renters, so the building is benefiting from all new building systems.
The things you can’t see are important, and were considered.
Really, the layouts are a success, and finishes are striking.
The issue he contends which, and readily admits, is the ceiling height.
The max ceiling height is nine feet.
At places where soffits were added for central a/c or preexisting beams, at places the height drops under eight feet.
So that’s a concern.
However, Macklowe has created large apartments, reducing the original 100+ units to just over 65.
the building appropriately, in my opinion, for those buyers who don’t want the scrutiny of their neighbor across the street at 740, and want the excellent 71st and Park location.
I think the $40 million penthouse with it’s duplex layout and outdoor space is the really special unit.
Though the 3000sf high floor units asking $13.5mm are quite something, too.
As an aside, Macklowe’s marketing language for his buildings helps them stand out.
Even 432 Park, which is an uber-contemporary property, has the same black and white marketing language.
The buildings couldn’t be more different, but the energy of the presentation has the same exclusive flavor.
I think the building is positioned well, and it’s worth comparing the w 14th units with these to see what the $2500/square feet vs $4500/square foot looks like.
The low floors units at $3000 per square foot at 737 appear to be relative bargains.
5) 21 west 20th streets
I save my love affair for the (almost) last.
21 West 20th Street is only 14 units, four of which are built over a pre-existing garage.
The four penthouse units are exquisite in layout, and a special detail which is simply unheard of off of Park Avenue.
One Hundred Feet of Frontage.
Outdoor space, a flow and layout which is completely in keeping with everything that today’s buyers are looking for.
We don’t have exact pricing, but at $13-15mm or so for these 4000+ square foot units plus outdoor space, this seems to be a value play, if you compare to 737 Park.
Located on 20th Street off 5th avenue, these high floors units get open city views to the North and South, with some protected views.
Walker Tower was and still is a project that stands alone- but this project pushes Chelsea/Flatiron’s momentum towards the higher end in a meaningful way.
Not much else to share, except that it’s not on the market yet- but the sales office in midtown is open.
I’ll send you off for the weekend with some old and new news.
One Madison Park is open and selling!
With reconfigured layouts, starting at $10mm for a full floor unit, the views are unparalled unless one spends $25mm at One57 or the new 432 Park.
360-degree views, river-to-river, and overlooking Madison Square Park.
Wow wow wow.
I will be in the new sales office next week.
I can’t wait.
The building is also built- Related will have a home run with this in 2013.
More next month.