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Real Estate

16 swoon-worthy condos on the fall real estate market

By
Max Gross
Published Sep. 17, 2014, 6:19 p.m. ET
1 of 22
The Beekman (5 Beekman St.): There’s plenty of luxury real estate in this city, but the Beekman — two conjoined properties consisting of a condo and hotel both opening in 2015 — lands in a class of its own. First, it’s got a story. The original building was constructed in the 1880s and features a nine-story atrium with skylight. Second, while the 350,000-square-foot complex boasts a luxury pedigree — Thomas Juul-Hansen is the condo’s designer — and there’s no doubt that the penthouses will be a fortune, the starting price is a more attainable $1.245 million. Finally, how many condos boast restaurants by Keith McNally and Tom Colicchio? And not just restaurants, but room service, too! Contact: Fredrik Eklund and John Gomes, Douglas Elliman, 212-727-6158 and 212-891-7676Williams New York
11 Beach St.: “What’s unique” about 11 Beach, the 10-story, 27-unit condo, “is the prewar edifice,” says Ziel Feldman, founder of HFZ, its developer. “But it’s been modernized with expanded windows — it’s for those who like to be in new, but who want some old.” The idea is brand-new everything in the 104-year-old TriBeCa loft building — from custom-designed kitchens with cerused oak cabinetry and white marble counters, to 10-inch wood-plank floors throughout, to Toto toilets and heated floors in the bathrooms. Prices are expected to start at around $4.5 million for three-bedrooms, but a five-bedroom will run you $7.75 million. Contact: Melanie Lazenby and Fredrik Eklund, Douglas Elliman, 212-727-6131 and 212-727-6158Williams New York
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215 Chrystie St.: “It is the ultimate expression of uptown meets downtown,” Ian Schrager told NYP Home over email about his new 28-story hotel and condo being designed by Herzog & de Meuron, with interiors by John Pawson. “It’s tough and refined at the same time.” We don’t know about the tough part (well, OK, Chrystie Street was once tough), but Schrager has the refined part down, with the 11 units going for a whopping $4,000 per square foot. Condos will be full or half floors and feature terraces — plus there will be a large, private garden for residents only. Contact: Kirk Rundhaug and Dennis Mangone, Douglas Elliman, 212-466-0215, 215chrystie.comCourtesy of Ian Schrager Company
River & Warren (212 Warren St.): One of the big questions for developers who are shooting for smaller, more affordable units has been how to fashion them when land and construction costs are so high. “What you’re seeing is a return of the conversion,” says Kelly Mack of Corcoran Sunshine, which is marketing the building. This site at the foot of Battery Park City is a perfect example: a former rental being converted to 192 condos by Centurion Real Estate Partners and Five Mile Capital Partners LLC; CetraRuddy is the architect and units will have one to five bedrooms, with pricing starting at a relatively modest $1.3 million (and going up to $10 million). Contact: 212-888-0076, riverandwarren.comArtist Rendering by Williams New York
520 Park Ave.: Call it a case of the band getting back together: Arthur and Will Zeckendorf, the John Lennon and Paul McCartney of NYC development, are back with the Ringo Starr and George Harrison of their operation, architect Robert A.M. Stern and Global Holdings’ Eyal Ofer. The occasion is the 31-unit condo tower on Park Avenue and 60th Street, with interiors by RAMSA. The 23 simplex apartments will start at 4,600 square feet; there will be seven 9,100-square-foot duplexes and one tricked-out 12,400-square-foot triplex with 1,150 square feet of exterior space. (There’s also a two-level fitness center with a swimming pool.) So far, the players have been hush-hush about prices, but we hear units will start “in the teens” — million teens, that is — with duplexes at around $60 million, and speculation on the penthouse has gone as high as $150 million. Contact: Jill Mangone, Zeckendorf Marketing, 212-906-0550Zeckendorf Development LLC and Seventh Art
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210 W. 77th St.: A lot of new buildings throw in endless amenities when they need to compensate for the fact that the neighborhoods around their buildings are so-so. That’s not going to be the case with the Naftali Group’s 25-unit condo, in the heart of the Upper West Side. “We’ve been trying for years to find spots on the Upper West Side,” says Miki Naftali, founder and CEO of the company. “We recently secured a couple of them.” This is the first project to be rolled out: Designed by Thomas Juul-Hansen, it will be clad in Danish brick and units will feature Juliet balconies and oversized windows. The apartments will start at 2,058 square feet for a three-bedroom, and go up to 5,973 square feet for a duplex with outdoor space. Prices run from $4.85 million to $21 million. Contact: Corcoran Sunshine Marketing, 212-682-0077, 210west77.comZandy Mangold
45 E. 22nd St.: One of the areas that has burned brightest in this most recent luxury boom has been the one around Madison Square Park — and the new kid on the block is Ian Bruce Eichner’s 64-story, 83-unit tower. “It’ll rise 777 feet,” says Kelly Mack of Corcoran Sunshine. “There will be the most unbelievable helicopter views of downtown.” The building, a tall sliver of glass, is being designed by Kohn Pedersen Fox, and will feature one- to four-bedroom units, including full-floor apartments that will measure 4,650 square feet. Pricing is expected to start between $2.5 and $3 million for one-bedrooms, and closings should start in the fall of 2016. Contact: 45east22.comWilliams New York
27 Wooster St.: “We don’t reach for the so-called foreign market,” says Tony Leichter, the developer of the new 15-unit SoHo condo, 27 Wooster, that has three units on the market and more to come. “That’s not our market — we’re neighborhood builders, so to speak.” Sure, these apartments are large (around 2,400 square feet) and pricey (units start at $6.35 million), but this is not just any glassy high-rise. Leichter and his partner, Axel Stawski, got Douglas Hocking, senior design partner at Kohn Pedersen Fox, to design a three-layer curtain wall for the exterior, and Thomas Juul-Hansen to do the interiors (because a little known ordinance says that every new building in the city must be designed by Juul-Hansen). “It’s a contemporary building, but it has texture and feel of SoHo,” notes Leichter. The building also features parking, a gym, a concierge, and if you want the $28.5 million penthouse, you get a 32-by-14-foot outdoor swimming pool. Contact: Raphael De Niro, Douglas Elliman, 212-460-0655
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443 Greenwich St.: A gorgeous, cast-iron structure from 1882 is everything TriBeCa is about. Now you can have it in a reimagined condo form with 443 Greenwich St., MetroLoft’s 53-unit conversion done by Cetra Ruddy that’s going on the market this fall. Pricing is expected to start at $7 million for a 2,414-square-foot two-bedroom. Contact: Richard Cantor, Cantor-Pecorella, 212-877-4433, 443greenwich.comHayes Davidson
13 Melrose St., Bushwick, Brooklyn: Yes, we know that Brooklyn is insanely expensive now ... so did we miss our chance to afford a cheap condo there for good? Of course not! The eight-unit Bushwick building at 13 Melrose, Brooklyn Capital’s new condo, has 611-square-foot one-bedrooms starting at $389,000 — and going no higher than $699,000. The units come with stainless-steel kitchens, central AC, stone counters, hardwood floors and washer/dryer hookups. Contact: Jason Warner, aptsandlofts.com, 718-384-5304Travis Mark Dubreuil
325 Lex: The new 33-story tower, 325 Lex, opening on Lexington Avenue between 38th and 39th streets, “serves two extremely underserved parts of the market,” says Kelly Mack of Corcoran Sunshine, which is marketing the building. “There are studios and one-bedrooms — there’s been very little of that type of market over the last couple of years — and it’s one of the only developments citywide to offer immediate occupancy in the first quarter of [next] year, which has been non-existent since the return of buying off floor plans.” Yes, that’s all fine and good, but the thing that really piqued our interest was the starting prices: $725,000 for studios, and just over $1 million for one-bedrooms. “Our expectation is that they will sell incredibly well, we already have quite a long waiting list — and there’s a tax abatement!” Contact: 212-839-0325, 325lex.comCarmel Partners
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432 W. 52nd St.: Hell’s Kitchen never looked so good as it does from the 55-unit luxury condo opening this fall. The building is a partnership between JVL Property Group and Zion Enterprises, and features apartments ranging from 432-square-foot studios to 1,400-square-foot duplexes. The amenities include heated bathroom floors, state-of-the-art kitchens and a resident lounge and fitness center. Prices haven't been released yet, but studios are expected to start at $575,000. Contact: Jaclyn Boulan and Mike Chapman, Stribling Marketing Associates, 212-586-5252, 432w52.comAlan Hill Design
19 Park Place: For a $1.2 million apartment you might not expect great starchitect pedigree, but at this 24-unit condo in TriBeCa, you get Ismael Leyva attached. The building is mostly “studios to two-bedrooms,” says Stephen Kliegerman, president of Halstead Property Development Marketing. Plus, there will be a “duplex penthouse, which will have three bedrooms and 2,672 square feet — we anticipate that coming on the market later this year.” The expected price tag is in the $12 million range. Contact: 19pptribeca.com
51 Jay St., Dumbo: Starchitecture is officially coming to Brooklyn with 51 Jay St. “ODA are the architects,” says Stephen Kliegerman, president of Halstead Property Development Marketing. “They did 15 Union Square West.” The 74-unit building, which should come to market within the next two months, consists mainly of two- to four-bedrooms (1,300 to 2,400 square feet) and includes six penthouses (in the 2,000- to 3,000-square-foot range.) Prices haven’t been set, but the estimate is $1.5 million and up, with the penthouses starting at $4 million. Contact: Robin Schneiderman, Halstead Property Development Marketing, 212-521-5790Redundant Pixel
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345 Carroll St., Carroll Gardens: Carroll Gardens is not the kind of neighborhood that screams new development — this is a part of Brooklyn almost exclusively brownstone. So when we see a new five-story luxury condo from Sterling Equities and Gluck+ architects, we take notice. The 32-unit development being marketed by Stribling launched earlier this month; apartments range from 1,215 square feet for a two-bedroom to 2,899 square feet for one of the garden-level duplexes. The prices start at $1.5 million and go up to $2.95 million for a penthouse — hey, you might be able to buy a brownstone for that kind of cheese! But you won’t get the attended lobby, private parking, playroom, bike storage, roof top, bocce ball court and resident vegetable garden. Contact: 718-338-0345, 345Carroll.comRedundant Pixel
The Morningside (306 W. 116th St.): Yes, this building has been on the market since the summer, but with only three units released thus far and more coming online by early October, we’re letting this 14-unit, eight-story building get in under the wire. The apartments — all one- and two-bedrooms — currently on the market start at $1.1 million and go up to $1.275 million, with 9-foot ceilings and kitchens with Kitchen Aid dishwashers. And the one-bedroom penthouse sports a roomy terrace. Contact: Mitchell Simmons, Town, 646-561-5342Anne Wermiel/NY Post
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Joanne and Peter Rosten have an unassailably nice apartment. It’s in Lux 74, an Upper East Side condo that came on the market right before the implosion in 2008. And it’s gargantuan: five bedrooms, 5½ bathrooms and 3,207 square feet, with a 44-foot long great room.

But the Rostens are moving on — listing this gem for $6.295 million with Jacky Teplitzky of Douglas Elliman and swapping it for something brand-new on the High Line.

“I want to put my money into A-plus real estate because I know the returns will be generous,” says Joanne. “To go in on a pre-construction building, I kind of compare it to what Apple does. There’ll be lines around the block. That’s what’s going on downtown.”

Condos are arriving on the scene with more frequency than new hosts of “The View.” And they boast a huge amount of space — and massive prices to match. Many of the buyers are well-heeled phantoms — foreigners looking for a safe place to park their cash as they wait for the seemingly endless stream of bad international news to play out.

“It’s the new safe deposit box of foreigners,” says Teplitzky. “You can bring money from wherever and you can own [the condo] under an LLC; no questions are asked.”

And such astronomically priced new properties aren’t hard to find — at Ian Schrager’s new hotel/condo at 215 Chrystie St., on the Lower East Side, the asking prices are expected to be $4,000 per square foot. At a new condo development, 42 Crosby St., parking spaces are fetching $1 million. Want a more modest parking space? The ones at 27 Wooster St. are practically a steal at $500,000. (“It didn’t make me think I was underpriced,” says Tony Leichter, developer of 27 Wooster. “It made me think, if the guy can get it, god bless him.”)

But that’s only half the story. Amid the insanity there has also been smaller, more modest rumblings on the real estate scene.

“There’s a whole segment of the market that’s been largely ignored,” says Kelly Mack, president of Corcoran Sunshine, “and that’s the mid- to entry-level offerings. There’s a new generation of buildings that’s not just for the super rich; 60 percent [of the new market is] priced below $2,200 per foot.”

She adds, “I realize that sounds a little nuts, but that’s the reality.”

From high-end to entry-level, here are 16 projects to salivate over this fall.