Park Avenue’s newest condo nears completion, relaunches sales

April 08, 2011 07:14PM

Interiors of 949 Park Avenue

Construction of A Rare New Park Avenue building is nearly complete, and sales relaunched today, said Leonel Piraino, a sales agent at Prudential Douglas Elliman, who is co-marketing the building with Fredrik Eklund, a managing director at Elliman who moved from Core late last year.

“Not only is it one of the few [condominiums] in the area, but it’s also [among] the only newly constructed building on Park Avenue in the 80s,” said Eklund, who just recently joined the building’s marketing team. He said the units at 949 Park Avenue will sell going forward because of how distinct the buildings is — being a condo and new construction — from others along the avenue.The Other New Building On Park Avenue is 1055 Park Avenue. Eklund said 949 has smaller apartments and a lower price point, but also three-to-four exposures mid block instead of just two on the corner (note: clarification appended).

The 12-story, six-unit condo, between 81st and 82nd streets, is comprised entirely of two-bedroom, two-and-a-half-bath duplexes, with the exception of the penthouse which has a roof terrace and a second kitchen. 

The building was developed by VE Equities. The condos were initially put on the market earlier this year, but were pulled off the market because sales were slow, which Piraino, who also marketed the units then, attributed to construction being too far from completion. He said they have two signed contracts.

“In 2006 or 2007, when everyone was thinking buy, buy, buy — that would have been fine,” he said. “Today, people want to wait for a finished product.” And those waited were rewarded with a $300,000 to $500,000 price cut, according to Streeteasy.com. The units now range from $4.4 million to $6 millionTRD