s igns of l ife condos with most spring...

58 July 2009 www.TheRealDeal.com www.TheRealDeal.com May 2007 00

Continued on page 92

Rank Project and address Developer

Units went into contract

in spring Total units sold Deals offered

6 Riverhouse, One Rockefeller

Park at 1 River Terrace

(Battery Park City)

Sheldrake Organization

57 percent of 249 units closed

6

One closed contract showed a 4 percent discount.

Twenty9th Park Madison at

39 East 29th Street

(Midtown South)

Espais 54 percent of 142 units closed

Three closed contracts showed price cuts up to 29 percent. The building is pre-approved by Wells Fargo and Chase.

9 One Rector Park at 333 Rec-

tor Place (Battery Park City)

Bonjour Capital and Buttonwood


Since sales started in mid-April, the developer has been offering approxi-mately 20 percent off Schedule A prices for the fi rst 50 contracts.

9 The Oculus Condominium

at 50 West 15th Street

(Chelsea)

Alchemy Properties


One closed contract showed a 21 percent discount. Alchemy is covering man-sion and transfer taxes, as well as closings costs, for buyers in all four of its projects, which represents a savings equivalent to roughly 6 percent of the cost of the unit.

(tie)

(tie)

1 Kalahari at 40 West 116th

Street (Central Harlem) Full Spectrum NY & L&M Develop-ment Partners


2

Four closed contracts showed price cuts up to 25 percent, and in April Hal-stead began marketing pairs of units to investors for 10 percent off. Kalahari has four approved lenders.

Century Tower at 400 East

90th Street (Yorkville) Century Tower LLC


Three closed contracts showed price cuts up to 27 percent. Buyers received a coupon for the 1.825 percent combined city and state real estate transfer tax, which averaged $10,493 per contract signed during this period.

3 20 Pine: The Collection at

20 Pine Street (Financial

District)

Africa Israel USA 70 percent of 408 units closed

Two closed contracts showed price cuts up to 35 percent, which were both originally insider deals in which the contract holder forfeited the deposit. Africa Israel offers incentives on a “case by case” basis.

3 Chelsea Stratus at 101 West

24th Street (Chelsea)LCOR 96 percent of 204

units closed

3

Six closed contracts showed discounts up to 13 percent. When the remain-ing contracts are fi nalized, the building will be sold out.

The Harrison at 205 West 76th

Street (Upper West Side)The Related Companies


-

6 Conrad Condominium at 342

East 110th Street

(East Harlem)

David Marks Development Group

6

6

5

5

10

9

7

7

7

6 0 percent of 35 units closed

Conrad is offering “fi nancing contingency,” meaning the deposit is refund-able if the buyer cannot secure a mortgage. The building is pre-approved by Bank of America and may soon be pre-approved by the Federal Hous-ing Authority, making loans for fi rst-time buyers easier to obtain.

Top 10 Manhattan new condominium buildings with the most units entering contract, March to May 2009

Source: StreetEasy.com and the respective sales centers and/or developers. “Contract” data is dependent on the brokerage voluntarily updating their listings; therefore some units that went into contract during spring 2009 were not counted, which affected the

ranking. “Units sold” data is based on recorded sales as of July 14, 2009. There is up to a two-week lag period in recording sales. “Deals offered” is based on the listings history and information provided by the developer or sales team.

(tie)

(tie)

(tie)

(tie)

(tie)

(tie)




1 500 Fourth Avenue

(Park Slope) Matri Holdings 0 percent of 156

units closed

2

Matri is offering an “Early Bird Special” of 10 percent off the asking price, 90 percent fi nancing, and fi nancing is available from the Federal Housing Administration.

Baltic Tower at 378 Baltic

Street (Boerum Hill)

Golden 9 LLC 33 percent of 36 units closed

-

3(tie)

Toren at 150 Myrtle Avenue

(Downtown Brooklyn)

BFC Partners 0 percent of 240 units closed

The fi rst 40 contracts signed were offered in a housing lottery for moder-ate-income buyers.

3 444 Humboldt Street

(Williamsburg) Will Baret 67 percent of 6

units closed

3

Two closed contracts show discounts up to 33 percent.

90 Guernsey Street

(Greenpoint) Will Baret 50 percent of 6

units closed

Two closed contracts showed discounts up to 27 percent.

7

5

4

4

4

Source: StreetEasy.com and the respective sales centers and/or developers. “Contract” data is dependent on the brokerage voluntarily updating their listings; therefore some units that went into contract during spring 2009 were not counted, which affected the

ranking. “Units sold” data is based on recorded sales as of July 14, 2009. There is up to a two-week lag period in recording sales. “Deals offered” is based on the listings history and information provided by the developer or sales team.

3 The Modern Williamsburg at

205 North 7th Street

(Williamsburg)

Lucky Boy Development


-4

(tie)

(tie)

Top Brooklyn new condominium buildings with the most units entering contract, March to May 2009

the shared cabanas. Marc Palermo, regional sales director for Shvo, the brokerage market-ing 20 Pine, denied rumors reported on the popular real estate Web site Curbed.com that the developer was considering selling 80 units at half off as part of a bulk sale deal. Many of the buildings on the list are either offering promotions or negotiating gener-ous discounts, according to brokers’ own admissions and the listings history available on

StreetEasy of some contracts signed in the spring that have closed. The data show that 500 Fourth Avenue in Park Slope ranked No. 1 in Brooklyn for most

units in contract with only seven contracts signed. The building has not only been promot-ing the “white-glove experience” it offers on the otherwise dressed-down Fourth Avenue,

Continued from page 57

S I G N S O F L I F E

Condos with most spring contracts

(tie)

000 July 2009 www.TheRealDeal.com www.TheRealDeal.com July 2009 59PHOTOGRAPHS FOR THE REAL DEAL BY SARAH RYLEY

Rank Project and address Total # of closings

1 William Beaver House at 15 William Street in

Financial District26

Top buildings in Manhattan with the most units closed,March to May 2009

2 The Caledonia at 450 West 17th Street in

Chelsea22

3 The Laurel at 400 East 67th Street in

Lenox Hill18

4 The Rushmore at 80 Riverside Boulevard in

Lincoln Square

14

5 133 West 22nd Street in

Chelsea 13

7 Kalahari at 40 West 116th Street in

Central Harlem11

8 Manhattan House at 200 East 66th Street in

Lenox Hill10

8 75 Wall Street in

Financial District10

Chelsea Stratus at 101 West 24th Street in

Chelsea9

10 212 East 47th Street in

Turtle Bay9

Source: StreetEasy.com closings recorded March 1, 2009 to May 31, 2009.

6 660 Riverside Drive in

Hamilton Heights12

(tie)

10(tie)


1 MeadowWood at Gateway at 1019 Van Siclen

Avenue in East New York16

Top buildings in Brooklyn with the most units closed,March to May 2009

2 Novo at 343 Fourth Avenue in

Park Slope8

2 One Northside Piers at 4 North 5th Street in

Williamsburg8

4 Baltic Tower at 378 Baltic Street in Boerum Hill

7

4 The Argyle at 251 7th Street in

Park Slope7


(tie)

(tie)

(tie)

(tie)


1 Novo 64 at 64-05 Yellowstone Boulevard in Forest Hills

12

Top buildings in Queens with the most units closed,March to May 2009

1 The Towers at Water’s Edge at 18-15 215th Street in Bayside

12

3 10-50 Jackson at 10-50 Jackson Avenue in Long Island City

10

3 Hunters View at 48-15 11th Street in Long Island City

10

5 The Powerhouse at 50-09 2nd Street in Long Island City

9


(tie)

(tie)

(tie)

(tie)

20 Pine Street deck

Conrad condo in East Harlem




1 5th Street Lofts at 509 48th

Avenue (Long Island City) Toll Brothers City Living


1

One closed contract showed a discount of 27 percent; contracts signed in February showed discounts up to 38 percent. The project, also known as 5SL, offers buyers a “live free for one year” program that covers carrying costs, including mortgage payments, HOA fees and taxes.

The Foundry at Hunters

Point at 2-30 51st Avenue

(Long Island City)

Ekstein Development


Three closed contracts showed discounts up to 14 percent.

3 The BeachHouse at 9116

Shorefront Parkway

(Rockaway Park)

Africa Israel USA 0 percent of 43 units closed

The BeachHouse is advertising fi ve percent off any unit and a lease-to-own option.

4 Arris Lofts at 27-28 Thomson

Avenue (Long Island City) The Andalex Group

88 percent of 237 units sold

4

-

The Powerhouse at 50-09 2nd

Street (Long Island City) CGS Builders 20 percent of 177

units closed

One closed contract showed a discount of 25 percent.

6

6

5

4

4

Top Queens new condominium buildings with the most units entering contract, March to May 2009

Source: StreetEasy.com and the respective sales centers and/or developers. “Contract” data is dependent on the brokerage voluntarily updating their listings; therefore some units that went into contract during spring 2009 were not counted, which affected the ranking.

“Units sold” data is based on recorded sales as of July 14, 2009. There is up to a two-week lag period in recording sales. “Deals offered” is based on the listings history and information provided by the developer or sales team.

(tie)

(tie)

(tie)

(tie)

S I G N S O F L I F E

Condos with most spring closings

(tie)

(tie)

s igns of l ife condos with most spring...

Documents