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Old December 12th, 2011, 04:27 PM   #1361
RobertWalpole
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The demand for these units is VERY strong.

http://www.crainsnewyork.com/article...312119975/1033

New luxury home hard to come by, but easy to sell
Three years into real estate market recovery, pricey units finally catch fire.

By Amanda Fung @amandafung

December 11, 2011 5:59 a.m.

In June, all seven of the full-floor residences at the 10-story luxury condominium at 41 Bond St., in NoHo, sold out in less than a month at prices ranging from $5.2 million to $8.3 million.

“It was a quick process,” said Joseph McMillan, chief executive of DDG Partners, 41 Bond's developer. “There wasn't a lot of competitive product in the market.”

And so it goes around Manhattan. A dearth of new construction in the wake of the crash has led this year to a shortage of high-end apartments for sale—and a strong rebound in prices. The revival of the residential real estate market that began almost two years ago at the lower end of the market, has finally hit the top of the market, as wealthy local buyers and foreign investors alike have gobbled up pricey pads.

Old plans reborn
In response, developers are dusting off plans for some big new luxury projects. However, most remain years away from building, further adding to the frenzy of today's buyers.

“A lot of people didn't know where to put their money this year, the stock market was so volatile,” said Dottie Herman, chief executive of Prudential Douglas Elliman. “So they put it in New York real estate.”

As of Dec. 7, 540 units priced $4 million and up were in contract in Manhattan, according to the Olshan Luxury Report. That is more than in all of 2010, when there were 486 such deals, but still far below the peak figure of 644 set in 2007.

The combination of strong demand and limited supply has pushed the price of luxury apartments, defined as the top 10% of the all condo and co-op deals, up 9% over the last year to an average of $2,074 per square foot, according to Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. He noted, however, that top-end prices are also 19% below their peaks. Nonetheless, that latest increase is well above the 3% rise to $1,130 per square foot for the Manhattan market as a whole.

More room to rise
SOLD
540 UNITS priced at $4m and up now in contract “We will continue to see upward pressure on prices because of limited choices,” said Kelly Mack, president at Corcoran Sunshine Marketing Group. “High-end buyers are frustrated.”

According to Corcoran Sunshine, a mere 377 newly minted units priced above $1,500 per square foot were put up for sale this year. Over the next three years, that figure is expected to rise to an annual average of 712 units, but that, too, is still far below prerecession levels. Today's buyers, though, have more limited appetites and are pickier than their predecessors.

“Back in the boom days, people would buy anything,” said Kirk Henckels, executive vice president and director of Stribling Private Brokerage. “Today, they are not buying unless it's first-rate.”

That's what happened at Toll Brothers' The Touraine, a 22-unit Upper East Side luxury condo. There, all but four apartments are in contract in the building—not scheduled for completion until the end of 2012—and despite Toll having raised prices every week since launching sales in October.

Similarly, at Rudin Management's new 42-unit prewar-style luxury condo at West 12th Street, more than half of its apartments are in contract after just a month of its sales office opening.

“The demand is unprecedented,” said Steve Rutter, an executive vice president at Stribling Marketing Associates, the exclusive sales and marketing brokerage for the Rudin project.

One of the earlier benefactors of the strong demand for high-end apartments is The Laureate, the 20-story Beaux-Arts condo tower on the Upper West Side, which launched sales in March. It is now 85% sold, with an average price of $6.5 million.

That's good news for Gary Barnett, head of Extell Development Co. He has just launched sales for his $1.4 billion luxury tower One57, now 50 stories tall and rising across the street from Carnegie Hall in midtown.

Last week, its 95 spacious units, which will sit atop a Park Hyatt hotel on the lower floors, went on the market. The penthouse is expected to fetch $100 million. Already, an undisclosed number of contracts are signed, but closings won't begin until mid-2013, according to Mr. Barnett.

“There is tremendous pent-up demand,” said Mr. Barnett. “Everyone is hungry for product.”

A version of this article appeared in the December 12, 2011 print issue of Crain's New York Business.



Read more: http://www.crainsnewyork.com/article...#ixzz1gKYcijrq
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Old January 19th, 2012, 10:37 PM   #1362
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its weirdly appealing & attractive.

in a way, its trying hard to look like John Hancock building, chicago & also trying hard NOT to look exactly like at the same time.

I love it. Build it. NYC need weird factor. too many boxy, cookie cutter shaped towers.

time to get some crazy going skywards.
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Old January 20th, 2012, 12:16 AM   #1363
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Quote:
Originally Posted by Hindustani View Post
its weirdly appealing & attractive.

in a way, its trying hard to look like John Hancock building, chicago & also trying hard NOT to look exactly like at the same time.

I love it. Build it. NYC need weird factor. too many boxy, cookie cutter shaped towers.

time to get some crazy going skywards.
No it doesn't need weird factor. What the heck are you on about. NYC isn't some Dubai or Mumbai, where they seek to dazzle with unusual forms. There is no need. If you require that kind of eye candy, don't expect NYC to grant it. how many complain that Tokyo is too "japanese" with all its boxy gray towers? Very few, they accept Tokyo for what it is. NYC is not trying to be the next Dubai.
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Old January 20th, 2012, 09:06 PM   #1364
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A view of the site. Man I hope we see this one rising soon.



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Old January 20th, 2012, 10:35 PM   #1365
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I'm sorry but I've never liked this tower. Still don't. It almost looks evil..
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Old January 20th, 2012, 10:39 PM   #1366
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Yeah, thats great description for it. Please more evil towers like this
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Old January 20th, 2012, 10:41 PM   #1367
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Yeah, thats great description for it. Please more evil towers like this
Well, the only reason I say that is all the asymmetrical bracing on the side makes it look weird.
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Old January 21st, 2012, 01:36 AM   #1368
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Well, the only reason I say that is all the asymmetrical bracing on the side makes it look weird.
i totally agree, my least favorite project in new york.
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Old January 21st, 2012, 11:51 AM   #1369
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When this gets built I promise you it will win everything CTBUH has to offer. Best building Americas, Best buidling completed 2015, etc...

This is like the best proposal NY has had in the last 60 years. Every city would be glad to have such an amazing tower prettifying the skyline. Tower Verre even beats Shanghai Tower in design.

In short: This is NY's new Chrysler Building.

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Old January 21st, 2012, 12:39 PM   #1370
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It definitely looks better than the Chrysler Building for me. In my opinion this is an incredibly beautiful building though 432 Park, 1WTC and 2WTC look better in my opinion
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Old January 21st, 2012, 01:30 PM   #1371
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Quote:
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When this gets built I promise you it will win everything CTBUH has to offer. Best building Americas, Best buidling completed 2015, etc...
You might be into something here. They have pretty good taste there in ctbuh after all. Best for america without a doubt. It's the same level of architecture quality as beekman tower and they have had chosen that one too. Best in the world? Anything can happen on this field but if it will by any chance compete with Kingdom Tower it wont have much of a chance imo. Well even if it has better design Kindom's height blows everything else off

If only wtc towers which were meant to be best ny's landmark icons had some more inspiring designs like this or beekman...
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Last edited by patrykus; January 21st, 2012 at 01:37 PM.
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Old January 21st, 2012, 01:56 PM   #1372
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This building shouts out New York from tip to toe! It will be great
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Old January 21st, 2012, 02:08 PM   #1373
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You might be into something here. They have pretty good taste there in ctbuh after all. Best for america without a doubt. It's the same level of architecture quality as beekman tower and they have had chosen that one too. Best in the world? Anything can happen on this field but if it will by any chance compete with Kingdom Tower it wont have much of a chance imo. Well even if it has better design Kindom's height blows everything else off

If only wtc towers which were meant to be best ny's landmark icons had some more inspiring designs like this or beekman...
Yeah, but I think that KT will be completed after this one. If by any chance both towers are finished in the same year, then KT takes the cake, that's for sure.

I just hope Tower Verre starts construction this year. It will be like a birthday present for lots of forumers here.
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Old January 21st, 2012, 02:23 PM   #1374
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Even though it's an awesomely looking building Tower Verre isn't the product of it's architect. The design was taken from Tiberium Wars

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Old January 21st, 2012, 03:28 PM   #1375
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Old January 21st, 2012, 04:31 PM   #1376
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Thanks for a bit of laugh, guys
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Old January 21st, 2012, 04:49 PM   #1377
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Old January 21st, 2012, 08:58 PM   #1378
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Well.. I guess it could be a lot worse. I just wish it didn't look like a giant thorn sticking out of Midtown.
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Old January 22nd, 2012, 03:29 AM   #1379
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Not sure about best in the world, I think shanghai tower will take that one But this really is an amazing tower, and for those people who say its a gloomy and evil looking building thats only because that is how it has been shown in the renders, in real life it will look better

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Old January 22nd, 2012, 03:53 AM   #1380
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That's true, most buildings look better in real life than in renders.
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