Parkview Developers is banking on the appeal of outdoor space, cheap prices and a Manhattan address as it launches sales at a new Hell’s Kitchen condominium.
The 505, an 109-unit, seven-story, two-building condo linked by an expansive courtyard, will feature 15,000 square feet of public and private outdoor space, said developer Ian Reisner of Parkview Developers. Parkview is developing the 84,000-square-foot project at 505 West 47th Street, west of 10th Avenue, in partnership with the Lev Group, under the name LEV Parkview Developers.
Plans call for a 5,000-square-foot ground-level courtyard garden, with greenhouse and pergola. The rooftops will also provide communal outdoor space.
Sales have begun, but the sales office at 630 9th Avenue, Suite 302, doesn’t open until Nov. 10.
Nearly half of the units will feature terraces, gardens or balconies. The six penthouse units in each building will have private, 400- to 600-square-foot roof-top terraces, accessed via personal, interior staircases. The terraces will be equipped to accommodate a barbecue and hot tub.
For the biggest penthouse units, asking prices are well below average.
Prices for the studios, one-bedrooms and two-bedrooms range from the low $400,000s to $1.5 million. The 26 studios will be 400 square feet; the 61 one-bedrooms will be 600 to 800 square feet; and the 22 two-bedroom apartments will be 1,000 square feet.
Studios were initially priced at $399,000, but buyer demand prompted an adjustment, Reisner said. Monthly maintenance fees will run around $1 per square foot.
“They want the opportunity to live in Manhattan and this is an affordable product in Manhattan,” Reisner said.
The building, designed by architect H. Thomas O’Hara, will fit with the neighborhood’s style — brick facades — and low-rise scale, but will have “a crisp, contemporary look,” he said. It will feature a fitness center and 24-7 concierge.
Lower prices could draw buyers who were otherwise priced out of the borough.
The developers bought the property for about $17 million in January from Pennsylvania-based Pitcairn Properties. Ground was broken in the spring and the foundation is now being laid. Initial occupancy is slated for February 2009.
Halstead Property and Nest Seekers International are the co-exclusive marketing and sales agents. LEV Group’s CEO, Eddie Shapiro, is also the CEO of Nest Seekers International.
