Manhattan and Brooklyn’s Newest Condos Have Old New York Charm
One thing is clear in New York luxury real estate currently: price cuts abound, leaving some to consider whether the market is softening, even in red-hot Brooklyn.
According to Douglas Elliman’s report for Brooklyn for the second quarter of 2018, the median sales price for condominiums declined 4.4%, and new developments 10%; there was a 2% decline in luxury sales, and high-end new developments experienced a steep decline in sales, down almost 37% year on year.
Now, as signs point overwhelmingly to a buyer’s market, those looking for homes have the chance to live in properties experiencing a second life, such as a former music store or school or the site of a former soap factory.
Plus, many new developments launching this fall give the feeling of living in old New York, whether in Tribeca, on Park Avenue or on West End Avenue.
Buyer comfort is paramount, reflected in tons of space and useful amenities.
555 West End Avenue, Upper West Side
This landmarked former school on the Upper West Side is undergoing a full transformation by Tamarkin Co. The renovation on the 1908 structure will restore the building’s carved stone facade, filigree and limestone windows and turrets, while providing residents with unique living in unconventional spaces, such as the former school gym and library. The 13 residences, which range from three to five bedrooms and include townhomes, are designed in a restrained palette by Cary Tamarkin. There are a maximum of two units on each floor. The units have extra space in the form of foyers, walk-in pantries, and eat-in kitchens with handcrafted cabinets by Christopher Peacock.
It will launch early fall.