Trend-bucking developers sell luxury at a discount

New York /
Dec.December 15, 2013 03:00 PM

 Not every developer is aiming for a record setting price per square foot or the tallest residential buildings. Some trend-bucking developers are focusing on building moderately priced Manhattan apartments, without skimping on the amenities.

But this trend isn’t altruism. In Manhattan, where the going rate for new construction is about $2,500 a square foot, these builders are simply looking to undercut the competition, with apartments priced under $2,000 a square foot, according to the New York Times.

Most of these developers bought land at the nadir of the housing crise, and today their goal is to sell out buildings quickly instead of holding out for astronomical prices. For instance, Bazbaz Development, Fisher Brothers and BlackRock collectively purchased 101 West 87th Street in 2011 through a foreclosure. Since then they have renovated the building, adding amenities and enlarging the existing units.

“Our mantra was affordable luxury on the Upper West Side,” said Sonny Bazbaz, the president of Bazbaz Development. [NYT] Christopher Cameron


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
56 Leonard, PH 58 (Getty, Sotheby's)
$30M unit latest in string of deals at ‘Jenga Tower’ as record sale looms
$30M unit latest in string of deals at ‘Jenga Tower’ as record sale looms
Brooklyn contracts jump in mid-October
Brooklyn luxury home contracts jump in mid-October
Brooklyn luxury home contracts jump in mid-October
(Getty, Unsplash)
Luxury home deals soar in Hamptons, New York, South Florida
Luxury home deals soar in Hamptons, New York, South Florida
Brooklyn luxury contracts led by $10.7M condo, $6.4M Park Slope brownstone
Brooklyn luxury contracts led by $10.7M condo, $6.4M Park Slope brownstone
Brooklyn luxury contracts led by $10.7M condo, $6.4M Park Slope brownstone
55 East 74th Street and Eleanor Roosevelt (Compass, Getty)
Eleanor Roosevelt’s UES townhouse sells for 17% post-makeover price cut
Eleanor Roosevelt’s UES townhouse sells for 17% post-makeover price cut
arrow_forward_ios

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

Loading...