The Griffin Court Condominium in Hell’s Kitchen is seeing a surprising surge in sales, according to the property’s developer Alchemy Properties, which is marketing the building with Halstead Property.
Sales went from 15 percent sold to 50 percent sold with the closing of 20 units in the last two months. – Miranda Neubauer [more]
[Updated at 5.15 p.m.] With sales underway for more than a year, and the building just recently
hitting the 30 percent sold mark, Griffin Court and its developer, Alchemy
Properties have brought in Halstead Property Development Marketing to
help sell the remaining units at the Hell’s Kitchen condominium. The Halstead team, led by Stephen Kliegerman, who The Real Deal recently reported was tapped to be president of Terra Development Marketing, will work alongside Alchemy’s existing sales team, headed up by Wendy Triffon. Alchemy announced the decision yesterday, in its first ever sales and marketing collaboration. Alchemy has been having a tough go of it since launching sales in March 2010 at the 95-unit Griffin Court, offering multiple incentives. [more]
The Real Deal has had an action-packed schedule. We hit up the Charity: Water event at 123 East 10th Street, the largest and priciest home available in the East Village, hosted by Rubicon Property. We stopped by Core’s cocktail party on the 17th floor of 812 Fifth Avenue, which was recently redesigned by architect Joseph Dirand. We also dropped by the Griffin Court condominium in Hell’s Kitchen, where Gumley Haft Kleier was hosting a viewing party of this week’s HGTV’s realty reality show “Selling New York.” Meanwhile, back at the office we were letting our fingers do the walking and got some fun nuggets. Click here for more. [more]
Developer Alchemy Properties announced today a 15 percent discount for the next 15 buyers to purchase an apartment in its Griffin Court Condominium at 800 10th Avenue between 53rd and 54th streets. The development recently received its temporary certificate of occupancy, and construction there is nearly completed. Units range in size from studios to three-bedrooms, and prices from $735,000 to $3.86 million. TRD
Griffin Court Condominium has received Federal Housing Administration approval for loans taken out on its units. Meanwhile, new New York metro area rental listings Web site which takes brokers out of the equation has launched. Also, a new package of legislation passed by the State Assembly today would protect residents under the Mitchell-Lama affordable housing program after buy-outs, according to a statement from Speaker Sheldon Silver. TRD Click here for more. [more]
It seems that New York City developers aren’t pulling back on buyer and broker incentives — at least not yet. At Griffin Court’s launch last week, the 95-unit condo at 800 10th Avenue, brokers were treated to a free lunch and the promise of either an Apple iPad or a 42-inch flat-screen television for each sale in the building before April 30. And its developer, Alchemy Properties, has pledged to cover transfer taxes for the first 15 buyers. At L haus in Long Island City, the Stahl Organization is luring its next six buyers with a free private rooftop cabana, valued at $70,000. Since sales of units with two-bedrooms and larger have been slow-going, the developer is also offering $10,000 towards closing costs on larger units, plus two-months free of common charges for those who sign contracts by the end of the month. At SoHa 118, brokers who sell more than one unit are eligible for an additional 1 percent commission for each deal, also courtesy of the developer. Sales in the city’s newly-debuted condominiums are beginning to accelerate, but they’re still far below the levels seen in 2007, when many of them were planned.
[Crain's] [more]
From the March issue: A handful of major real estate management and development firms that have long avoided Brooklyn — even as housing prices in the borough shot up and brokerages rushed in — are finally venturing across the river.
The reasons are twofold. First, new high-rise, high-end construction in Brooklyn fits their business model. And second, values of these new Brooklyn buildings appear to have tumbled further and faster than their Manhattan counterparts, according to brokers and developers. “Developers are looking for opportunities, 100 percent,” said David Maundrell, a Dumbo resident and the president of aptsandlofts.com, a brokerage with a Brooklyn focus. “But they are willing to do that because there is a viable market here. It’s become a destination as opposed to an afterthought for Manhattanites who want a cheaper place.”
Jamestown Properties is one of the developers that recently upped its bet on the borough. In early 2007, the firm had a 60 percent equity stake in be@Schermerhorn, a troubled condo in Downtown Brooklyn, which was developed by SDS Procida and saw construction and sales suspended last year. But in December, Jamestown bought the balance of the mortgage from a consortium of banks. The consortium had originally lent $100 million to SDS Procida.
Griffin Court Condominium, a residential building at 800 10th Avenue between 53rd and 54th streets, has announced its official sales launch date, March 9, in conjunction with the unveiling of several building and unit renderings. The Hell’s Kitchen development will include 95 units divided between two eight-story towers, which will be connected by a communal lobby. The units are priced between $735,000 and $3.86 million and are available in studio, and one-, two- and three-bedroom sizes. The first 15 to buy in the building will have their mansion tax, as well as state and city transfer tax, paid for by the developer, Alchemy Properties. TRD
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