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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

Vince Rocco

Vince Rocco
Westside Office

Shane Shimon

Shane Shimon
Westside Office

Realestaterama

The 505 In Hell S Kitchen Announces Price Incentives On Last Five Units

Leading up to Final Sell out, Developers Will Negotiate up to 10% off Current Pricing

NEW YORK, NY – Parkview Developers and Halstead Property Development Marketing today announced that, with just five units still available, the final sales push has begun at The 505, a luxury condominium and gardens development complex located at 505 West 47th Street in the heart of Hell’s Kitchen.


For the next 30 days only, the sponsor will be offering up to 10% off current asking prices. This would give purchasers a chance to live in one of the most sought after buildings in Manhattan, with 95% of the units already sold.

“We are thrilled to offer our buyers the best balance of amenities, layout, and pricing,” said Mati Weiderpass, principal of Parkview Developers. “Our sales agent, Vince Rocco, along with Halstead Property Development Marketing, have done a superb job with the sales and marketing of this building and we are looking forward to closing out sales.”

The 505 is a seven-story, newly constructed condominium with a total of 108 residences situated in two buildings surrounding a serene garden courtyard that make up a half acre of land. The five remaining units are large one-bedroom homes including a home office, each ranging in price from $810,000 – $875,000, and in size from 810 – 890 square feet. With the sponsor’s planned price incentives, buyers will be eligible to purchase a large one bedroom with home office for as little as $787,000. For a full list of remaining residences, please visit: http://www.the505hk.com or vincerocco.com. To discuss incentives for each unit, please call Vince Rocco: (212) 505-WEST or (212) 505-9378.

The Condo Association had its first annual meeting last month, and Penmark Management LLC, the building’s management company, reported that The 505 maintains very strong financials, no year-over-year increase in common charges, a surplus in the budget, and no delinquencies.

The 505 features a 24-hour attended lobby, a full-time live-in superintendent, a fitness center with Technogym Excite™ equipment, a 6,000 square foot resort-like landscaped courtyard, a bike storage room, individual storage lockers, and WiFi and FIOS technology throughout the complex. The two common rooftop terraces are customized with cedar fencing, planters, lounge furniture and barbeque grills, and boast marvelous, unobstructed views of the lights of Times Square and the city skyline.

Kitchen amenities include Italian-crafted kitchen cabinetry, Calcutta gold marble countertops, Fisher & Paykel refrigerators, Bosch gas cook tops and convection ovens, plus microwave, Bosch dishwashers, and Bosch washer and dryers.

Bathroom finishes include Zebrano Porcelain tile with an elephant skin textured finish, made in Italy. The vanities feature Rocky River marble or Crystal White countertops, custom Wenge cabinets, Pegasus fixtures and Kohler toilets and deep soaking tubs.

Real estate development in Hell’s Kitchen west of Eighth Avenue has been vibrant since the start of 2000. The 505 exemplifies the best of the developments in the Clinton/Hell’s Kitchen district which comprises the area in the West 40’s that is seeing major development today, including Ink48, a $125 million four-star David Rockwell-designed hotel with 222 guest rooms located on the same block as The 505. The highly anticipated THE OUT NYC urban resort is also set to open in the neighborhood soon and will feature an upscale boutique hotel, dance bar and dining establishment.

The 505 was designed by architect H. Thomas O’Hara and developed by Parkview Developers. Halstead Property Development Marketing serves as the marketing and sales agents. For listing details, please visit: www.the505hk.com or www.ParkviewDevelopers.com or contact Vince Rocco at (212) 505-9378.

Wednesday, November 02, 2011