Beaver House condo sells for $5.7M

New York /
Nov.November 15, 2007 11:16 AM

Andre Balazs keeps setting a new standard for apartment prices in the Financial District.

Balazs, the hotelier who is developing William Beaver House, has sold the second of three penthouse units in the building for $5.7 million, or $3,512 a square foot, he said. That is likely the highest price-per-square-foot for a one-unit sale in the Financial District, said appraiser Jonathan Miller, executive vice president and research director for Radar Logic. A European buyer bought the 1,623-square-foot, two-bedroom, two-and-a-half-bath apartment with terrace yesterday.

The same day the unit was taken off the market, Balazs held a topping off party at the building at the corner of William and Beaver streets.

The sale topped a $5 million deal recorded just this week for two adjoining units on the 45th floor.

In September, a penthouse in the 47-story building sold for $4.7 million, or $2,836 a square foot, then a per square foot record for a single unit in the Financial District, Balazs said.

Besides the record breakers, sales have been brisk at the Beaver House. Since January 15, just over 60 percent of the building has sold, Balazs said.

In June, Balazs changed the marketing platform from a sexually-charged campaign to one that was virtually people-less. The target demographic shifted from predominantly young, male Wall Streeters to a diverse group of well-to-do singles, couples and families.

Balazs described the new target audience as “much more upscale” and a “different market” than he expected. The revamped image followed a change in the project’s exclusive marketing firm to Core Group Marketing from Sunshine Marketing Group. Prodigy International remained on board.

Occupancy is expected in late summer or early fall 2008. By Lauren Elkies


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