June 16, 2008
Luxury Real Estate in New York – New Boutique Condo Development launched into weak market
It would appear that the luxury real estate sector in Manhattan is propping up the rest of the New York market, which is showing signs of stress
Barron’s reported recently that:
Signs of cracks in Manhattan’s property market could mean the rest of the country is on the road to recovery, since New York tends to feel the effects of a slowing economy later than the nation does. One segment still in the stratosphere: luxury condos and co-ops in exclusive buildings.
Although some of the prices advertised recently seem a little unrealistic. A venture capitalist recently advertised his Tony 15 Central Park West apartment for $60 million more than he paid for it a month previously. I have been known to get it wrong on occasion though.
The Turkish Daily News, always a major source of information for those in the know, reports that “Apartment demand weakens in NYC.”
Manhattan apartments costing $1 million or less saw weaker demand as cutbacks by Wall Street firms meant few shoppers and an increase in the number of dwellings for sale.
Which is good news for some and bad news for others of course. A recent press release by Bond New York announces the launch of a Luxury Boutique Condominium development in Greenpoint, Brooklyn states:
New York City apartment’s largest real estate agency launches sales for Greenpoint’s Newest Luxury Boutique Condominium -185 India Street - a six-story, elevator building developed by NYBridge and projected to be completed late spring 2008.
Bond New York Property Marketing Group, specializing in New York City apartments rentals and sales, is pleased to announce that sales have launched for 185 India Street, the newest boutique condominium in Greenpoint, Brooklyn.
Bond New York City ApartmentsDeveloped by NYBridge, 185 India Street will feature eight one- and two-bedroom floor-through residences and a two bedroom duplex penthouse, each with large private balconies and/or roof decks. Many of the units offer magnificent Manhattan skyline views and are priced from $379,000 to $999,000. The six-story elevator building is projected to be completed late spring 2008.
Kitchens will feature Bosch appliances, granite countertops, shaker style wood grain cabinets, wood floors throughout, oversized double glazed windows, and stainless steel appliances. The elegant marbled bathrooms boast elevated Jacuzzi tubs and sleek wood vanities with modern glass sinks.
The two-bedroom duplex penthouse features double exposures and 17-foot ceilings. This incredible living space has three amazing outdoor spaces including a 500-square-foot private multi-level roof deck. A 270-square-foot private terrace, with a hot tub, is accessible from the master bedroom with a spiral staircase leading to a wonderful dressing and home office area.
185 India Street brings a unique intimate residential experience into Greenpoint’s vibrant historic area, one of the most desired residential destinations in Northern Brooklyn. Full of fantastic restaurants, cafes and wonderful shops, this classic condominium will provide the best of both worlds, big city living combined with small town charm.
For further information, please contact David Kazemi or visit www.bondnewyork.com.
Bond New York is the largest independently owned, fastest growing, real estate agency in New York City. Bond New York is a full-service, team-oriented, high-energy brokerage firm specializing in New York City Apartments sales and rentals with five offices city-wide and a staff of over 300 licensed New York City real estate agents.
Despite rising median prices, estimates recently are that most sub-million dollar properties in both Manhattan and Brooklyn, are selling for noticeably less than the original asking prices. A bargain in the offing perhaps?
Filed under For Enthusiasts by Mark Knowles
Comments on Luxury Real Estate in New York – New Boutique Condo Development launched into weak market »
Good job. I hope that New York can be bring back the economy. i would love to see that project on India street succeed.
We can but hope. I believe the project will go ahead. My other hope is that it is priced realistically. If it is, it will be one of this year’s bargains I think.
Good timing for the consumer, perhaps not for the developer
Residential dwellings built around a golf course are the latest buzzword in the super-premium housing segment of the Indian realty industry, estimated at $15 billion and growing at 35 per cent annually. The golf cities make an attractive preposition for NRIs and HNIs who together constitute 50 per cent of buyers in the premium housing segment. These high end customers are ready to pay big bucks for a sprawling home amidst the greens with a promise of high class lifestyle. So from the top brass of the corporate world to those who aspire to arrive in life, everyone finds residences built around the golf course an ideal abode. Golf home projects are exclusive projects. Slight slumps in the market that generally slow down the middle housing segments usually do not affect these projects, as the buyer is exclusive and very selective about the property. And the trend is fast spreading from metros to emerging cities. Earlier golf was restricted to a select group, but it has grown popular over the years with many middle level executives and business class taking active interest in the game. No wonder big players like Unitech, DLF, Ansal API, Omaxe and Jaypee have already taken the plunge with an array of golf-centric projects.“Golf is not just a game but it’s a symbol of urban upper class lifestyle.”For more view- realtydigest.blogspot.com