Is the Lower East Side ready for its luxury condo transformation? The answer is apparently “yes,” according to at least some wealthy buyers. The developers of two high profile projects are crowing today after penthouse units went into contract.
At 215 Chrystie, Ian Schrager’s condo project above the new Public Hotel, there’s a deal “close to the asking price” for a 4,300 square foot apartment with 3-bedrooms and 4.5 baths. The full-floor unit with panoramic views was listed for $23.5 million.
At One Manhattan Square, Extell’s gigantic tower at 252 South St., a penthouse apartment has gone into contract for about $13 million. It’s a 3,699 square foot duplex on the 80th and 81st floors with 5 bedrooms and 4.5 baths. Raizy Haas of Extell told the Wall Street Journal that around 80 of the 815 units in the project have sold so far. U.S. sales launched last month after brokers in Asia spent several months pushing apartments to prospective foreign buyers.
There are only 11 condo units at 215 Chrystie and, according to Streeteasy, all but three are under contract. Listing prices ranged from $4 million to $23.5 million. Besides the unit that recently sold, two other penthouse apartments were listed (for $20 million and $18.75 million).
Real estate appraiser Jonathan Miller says the average sale price for a condo on the Lower East Side is $1.14 million, down 16% in the past year.