Investing in New York City
A Look at the Luxury Condo Buildings Scheduled to Open in 2012
In continuing with our coverage of how the real estate market will play out in 2012, we’d like to direct your attention to this handy map Curbed NY put together, which compiles all the new luxury condo buildings scheduled to open in the next year. As of right now, there are 11 condo buildings and 2 rentals with plans to go live this year. A few of these luxury condos for sale have gained a fair amount of notoriety over the course of their development. for instance, is a Tribeca pre-war skyscraper famed for the architect—Frank Lloyd Wright competitor Ralph Walker—who initially designed it in the 1920s. The comprehensive list is available at Curbed, but there are a few buildings that have caught our eye.
The Abingdon on Hudson and West 12th Street in the West Village is a former nursing home that was stuck in negotiations purgatory for three years before the developing company FLAnk finalized the purchase in early 2011 for a cool $33.3 million. This ultra-luxury condo building, scheduled to open in the spring, is home to ten enormous homes that range in size from 3,000 to nearly 10,000 square feet. Curbed describes the condos as being for “the 1% of the 1%.”
The Arman on 482 Greenwich Street in Soho is another luxury condo site, named for the famous sculptor Arman, whose studio once stood at the site. This 9-story building holds 21,000 square feet of space that will be turned into one-, two-, and three-bedroom suites. We caught a look at a listing for a three-bedroom, and it’s going for almost $4 million, so we expect a bit of ultra-luxury here as well. The building opens up later this month.
But our favorite new building may be the Watershed on 150 Charles Street, the site of the defunct Whitehall Storage building. This condo building came after the much bickering between development company the Witkoff Group, and the storage building’s neighbors, who didn’t want to deal with the mess of a tear-down. But negotiations were settled when Witkoff agreed to build the new condos on top of the old building, which gives the building the shape of a giant chair. What excites us most though, is that the developers are building a series of waterfalls that cascade from the building, and give the Watershed it’s name. We don’t know exactly when the building will open, but it will be sometime this year.
One more interesting thing, most of the new buildings are located along the far West Side, stretching from on 23rd St. and the area south of Canal. The development of the High Line and Hudson Yards have given that area additional notoriety over the past few years, but with these ultra-luxurious condos scheduled to open up en masse this year, it might give a whole new kind of cache to that whole part of West Manhattan. The full map is available here.