Sales for Cary Tamarkin’s UWS luxury condo to begin without price adjustment

Apartments in the 13-unit building start at $7.9M

New York Weekend Edition /
Sep.September 22, 2018 02:34 PM

Rendering of 555 West End Avenue and Cary Tamarkin. (Courtesy Tamarkin Co.)

Cary Tamarkin isn’t bending on his targeted sellout of $161 million.

Despite the glut of luxury homes flooding the market, the developer is launching sales on his Upper West Side luxury building at 555 West End Avenue and asking the same prices he announced in 2015, according to Bloomberg. The cheapest apartment starts at $7.9 million while the building’s two penthouses are asking $18 million and $22.5 million apiece.

“I’m banking on it being very special,” Tamarkin told Bloomberg. “The cheaper you make apartments right now, the quicker they’re going to sell … but it’s not like in the middle of design … we don’t feel that’s what the building calls for.”

In brief, he’s holding out that his conversion of the 1908 building, which used to be a Catholic school, will be unique enough to compel buyers to commit and has even suggested that prices could stand to climb higher.

“When I walked through it recently, I thought: We should actually raise prices … not by being a greedy developer, but because we think the value is there,” he told Bloomberg.

Real estate appraiser Jonathan Miller shared some pragmatic advice for Tamarkin and his partner, CL Investment Group of China: “Right now, we have something in the order of four years of excess supply … even though developers are aware of the competition, it still feels like the same dialogue from five years ago, which is: ‘But I’m different,’” he told  the publication. [Bloomberg] —Erin Hudson


Related Articles

arrow_forward_ios
Chinese President Xi Jinping (Getty)
Chinese regulators ease some real estate controls
Chinese regulators ease some real estate controls
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Corcoran’s Julian Johnston, Luxe Living Realty’s Dora Puig, One Sotheby’s’ Jeff Miller, Douglas Elliman’s Dina Goldentayer and Douglas Elliman’s Oren Alexander
WATCH: Top luxury brokers go head to head at TRD’s Miami event
WATCH: Top luxury brokers go head to head at TRD’s Miami event
Children’s Magical Garden at at 157 Norfolk Street (Google Maps, Facebook)
Children’s Magical Garden claps back against developer who claimed defamation
Children’s Magical Garden claps back against developer who claimed defamation
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
25 Park Avenue in Larchmont (WilliamPitt)
Estate famed for turtle soup has new distinction: $11M sale price
Estate famed for turtle soup has new distinction: $11M sale price
Travis Soukup and Yongxing Deng with Fifth Wall's Brendan Wallace (Aloft/Zack Phillips, Jeff Newton, iStock)
Appraisal startup Aloft closes $20M Series A led by Fifth Wall
Appraisal startup Aloft closes $20M Series A led by Fifth Wall
1439 Ocean Avenue in Brooklyn (Google Maps)
New York’s “worst landlord” pays the piper in $235K city settlement
New York’s “worst landlord” pays the piper in $235K city settlement
arrow_forward_ios

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

Loading...