LUXURY BOUTIQUE CONDOMINIUM DEVELOPMENTS: THE NEXT FRONTIER
By: Ryan Serhant
NYC will always be a top global destination for foreign investors and moguls in the market for big ticket, ultra-luxurious Penthouses that sit atop gleaming high-rises. However, my New York based clients noticed that less inventory was available in the middle market luxury space. These buyers have been coming to me in droves with tall orders, requesting a four–bedroom residence in a luxury building with a two-bedroom budget. In the past, inventory was low and demand continued to increase. Everything is changing in 2015, with new inventory finally coming to the market, taking the shape of luxury boutique developments, effectively fulfilling this demand for new luxury units without high-rise prices. 2015 marks the rise of Luxury Boutique Development in NYC.
While many developers seek to capitalize on this trend and seize the moment, native New York developers Michael Paul D’Alessio, and Yvonne D’Alessio, of Michael Paul Enterprises, have an advantage on the Upper East Side. The D’Alessio’s recognized the void in the marketplace early on and developed luxury boutique properties that offer far more privacy than their crowded and overpriced high-rise counterparts. Priced at millions less than comparable high-rise units, the units at 225 E. 81st www.225E81.com and 554 E. 82nd St. www.554E82.com will not last long.
This year, I will bring over a dozen new luxury boutique developments to market all over the city. In fact, I just launched Seven East Village, a luxury boutique development located at 277 E. 7th St. that is contributing to the evolution of the entire neighborhood. The building is located just east of Tompkins Square Park, an East Village neighborhood that has morphed into a destination for dining, nightlife and excitement. The neighborhood resembles Williamsburg in attitude, with great restaurants and reasonable (but rising) apartment prices—and a Manhattan address!
Eduard Frauneder and Wolfgang Ban, the owners of the hot restaurant Edi & The Wolf, were early pioneers in this neighborhood on Avenue C with their upscale, yet rustic restaurant. Then, more recently, Eduard and Wolfgang took a bet on the expanding popularity of the neighborhood by opening The Third Man, a popular mixology bar a few doors down. ‘Dallas’ actor Jesse Metcalfe has even heard about the evolution of this neighborhood and is interested in one of my units at 277 E. 7th St. Word is definitely out about this hidden gem of a neighborhood, and it’s obvious now that Eduard and Wolfgang were certainly on to something!
In fact, Condos at the Flowerbox Building in the East Village, near 277 E. 7th, have traded at $1,600 psf, and that’s a good indicator of the way the neighborhood has evolved. Prices at 277 E. 7th are a steal at just $1400 psf, and I have a HUGE 1 bedroom with a big backyard for only $1.075M. The mortgage payment on this unit would be comparable to rent. The other new condo buildings in the immediate vicinity are: 227 E 7th (just completed), and 397-401 East 8th Street (under construction), all four within arms reach of each other.
If you are looking for exclusivity, luxury, privacy, value, and space, give me a call. These units are limited and will not last long. You can finally have everything you’ve always wanted and more.