Developers Pushing for More And Larger Condos

Gramercy Park in ManhattanThe demand for high-end Manhattan apartments is a topic that has been covered tirelessly and extensively on New Construction Manhattan. As we mentioned earlier this month, the list of luxury condos buildings scheduled for 2012 is optimistically plentiful and highly reminiscent of the strong sales numbers from the fourth quarter in 2011. The real estate conversion movement from institutional buildings into luxury condos has garnered a great deal of attention and the New York Times recently reported that this is just the beginning. More than ever, developers are now tearing down the walls of smaller apartment units and combining them into fewer but bigger luxury condos.

The ongoing conversion of 607 Hudson Street in the West Village is perhaps one of the best examples of urban developers trying to meet the demands for high-end condos in Manhattan. The site of the former Village Nursing Home will soon house units than range from 3,200 - 9,600 square-feet and diminish from its previous 200 residents occupancy into ten highly desirable West Village apartments for sale. Other similar building conversions include 18 Gramercy Park South, Parkside Evangeline Residence, 240 Centre Street, the former Y.M.C.A. on West 23nd Street and 305 Second Avenue.

The movement to integrate many smaller units into fewer, large ones is not uncommon in Manhattan and purely “driven by the market,” say developers. In some instances, the institutions that own these buildings may be in the process of bankruptcy and the buildings are either soon to be or already abandoned. Rather than facing deterioration or demolition, condo conversions projects in Manhattan allow the building to preserve its original exterior structure and historic presence in the neighborhood. For developers, the biggest perk of all resides in the hassle-free sales process; high-end apartments attract high-end buyers, many of whom can pay in full rather than through mortgages.

And as for the residents of the previous Village Nursing Home, they too can expect to benefit from the sale of their old home. The money from the sales of the Hudson Street building will give rise to the newly built and named VillageCare Rehabilitation and Nursing Center at 214 West Houston Street.

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