Rarity of new residential projects in West Village sparks buyer frenzy

New York /
Mar.March 21, 2013 09:30 AM

Build it and they will come, yes, but in the case of some high-profile residential projects in the West Village such as 150 Charles Street, buyers are swarming in well before the buildings are completed, the New York Post reported. 

Sales have taken off at the hotly anticipated yet highly divisive 98-unit condominium building, being developed by the Witkoff Group. A penthouse which was asking $34 million went into contract last week, as The Real Deal previously reported, and a $35 million penthouse hit the market yesterday. The building is being marketed by Douglas Elliman Development Marketing, led by Susan de França.

“There’s limited supply and increasing demand” in the city’s housing market, Tricia Cole, executive managing director at Corcoran Sunshine Marketing Group, told the Post. The West Village’s extreme paucity of new units, she added, meant that buyers were “coming in and snapping up units.”

Prices at the building (except for the remaining penthouse) range from $4.2 million for a two-bedroom, 1,577-square-foot unit, to $8.95 million for a four-bedroom, 3,956-square-foot unit.

Part of 150 Charles Street’s appeal is its loft-like spaces and range of amenities, Wendy Maitland, senior managing director of sales for Town Residential, told the Post. “The West Village has been coveted for decades, and the issue has been that there haven’t been enough big, loft-like products to serve the needs of the demographic,” she said.

The success of 150 Charles Street, brokers say, is part of a trend in the neighborhood for high-end buildings. “A couple years ago it was Superior Ink, and now 150 Charles is the new guy in the neighborhood,” Cole said.

Another factor in its success was the lack of competition, real estate insiders said. “It’s hard to find development sites, and that’s the challenge; there is no vacant land, so you’re acquiring other buildings and doing gut rehabs,” Jonathan Miller, president and CEO of appraisal firm Miller Samuel, told the Post. [NYP] –Hiten Samtani


Related Articles

arrow_forward_ios
Buyer of $10M condo at 150 Charles is Monaco-born billionaire
Buyer of $10M condo at 150 Charles is Monaco-born billionaire
Buyer of $10M condo at 150 Charles is Monaco-born billionaire
Witkoff's Steve Witkoff and The Brook in Brooklyn (Witkoff, Illustration by The Real Deal with Getty)
Witkoff, Apollo get construction financing for DoBro rental tower
Witkoff, Apollo get construction financing for DoBro rental tower
Witkoff CEO Steven Witkoff and 589 Fulton Street in Brooklyn (Witkoff, NQS Creative, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Apollo, Witkoff beat 421a deadline with DoBro tower
Apollo, Witkoff beat 421a deadline with DoBro tower
A photo illustration of prominent guests  at the Witkoff wedding (via Instagram)
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Steve Witkoff and a rendering of 565-589 Fulton Street (Witkoff, Beyer Blinder Belle)
Apollo, Witkoff eye $420M construction loan for downtown Brooklyn site
Apollo, Witkoff eye $420M construction loan for downtown Brooklyn site
Sheldon Silver (Getty)
Sheldon Silver, convicted development kingmaker, dies
Sheldon Silver, convicted development kingmaker, dies
Here are the top five largest project plans in NYC in 2021
These were the five largest development plans filed in NYC in 2021
These were the five largest development plans filed in NYC in 2021
The Real Deal’s Erin Hudson with Property Markets Group’s Kevin Maloney, Crescent Heights’ Russell Galbut, Kushner Companies’ Nikki Kushner Meyer and Witkoff Group’s Steve Witkoff
WATCH: National developers talk location scouting at TRD event
WATCH: National developers talk location scouting at TRD event
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...