The Real Deal New York

Supersized to downsized: developers go small with lux condos

Buildings typically have less than 10 units but come with the amenities of mega-tall towers
November 07, 2014 08:30AM

Sometimes less truly is more. Way more.

Manhattan developers are starting to think small as they increasingly work on buildings that include a small number of expensive, luxury apartments, according to the Wall Street Journal. The less-sizable digs are aimed at buyers who prefer the privacy of a smaller building but still want the amenities that come with a luxury tower.

Nancy Packes, a marketing consultant to developers, told the newspaper that there is a “cultural backlash” against the new, tall, shiny buildings. “People don’t want to feel they are changing the character of a chic neighborhood, like people who landed from another planet,” she said.

Developer Edward Minskoff, after having built a non-residential 14-story tower in the East Village, is converting a building at East 12th Street in Greenwich Village into six luxury apartments, which are expected to hit the market next week. Prices will range from $9 million to $32 million, according to the newspaper.

Another example is The Whitman at Madison Square Park, a star-studded building with only four units that offers a full-time doorman and a private gym. On the Upper East Side, one owner has turned a sprawling mansion into seven luxury units. [WSJ] — Claire Moses