Buyers busy at Beaver House

TRD New York /
Apr.April 09, 2008 01:23 PM

Local buyers might be nervous about the New York City housing market, but foreigners are still taking advantage of the weak dollar and are snatching up high-end apartments, at least at Andre Balazs’ William Beaver House.

Over the last month, several buyers from Spanish-speaking countries have plunked down as much as $3.2 million for condos at the new Financial District tower, the project’s spokesman said. Eight out of the last 10 buyers were foreigners, including six Mexican buyers.

Most recently on Sunday a buyer from Mexico bought a 698-square-foot studio on the 32nd floor for $1.2 million, or $1,705 a square foot. The same day, another Mexican buyer paid $1,691 per square foot for a studio of the same size one floor down.

Sale prices were lower a month ago at the 320-unit building on the corner of William and Beaver streets.

In March, a Mexican buyer snapped up a 12th-floor studio for $975,000 or $1,397 per square foot.

Another Mexican buyer paid $3.2 million or an average of $1,533 per square foot for two 26th-floor units to combine into a three-bedroom pad with 2,116 square feet.

On March 7, a Venezuelan bought a 960-square-foot 44th-floor one-bedroom apartment for $2.2 million or $2,292 a foot.

Since sales officially began January 2007, 60 percent of the units have reportedly been sold, but none of the sales have closed yet.

The off-site sales office has been closed for three weeks while the on-site sales office has been built out. It will open this weekend along with two fully furnished model apartments at an open house this Sunday.

In November, Balazs announced the sale of a penthouse apartment for $3,800 per square foot, likely a record for the Financial District.
William Beaver House, which is being marketed by Core Group Marketing and Prodigy International, is slated to open this fall.

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