Stephen G. Kliegerman
President of Development Marketing
Another Attraction: Buyers Allowed To Occupy and Lease Units Until Closing
By Linda Collins
SUNSET PARK — Reasonable prices and unusual move-in options are attracting buyers to a condominium development in One Sunset Park.
Halstead Property Development Marketing reports that five of the 22 units available for sale in the building have signed contracts.
One Sunset Park is a six-story 54-unit pre-war rental building that is undergoing a condo conversion by Continuum Development Corp., the lead developer, and Sierra Realty Corp. in a joint venture. Sierra Realty with manage the property.
Paul Klausner of Continuum credits the buyer interest — in light of the economic climate — to reasonable prices.
“We feel that, in terms of value for the dollar, no other development can touch One Sunset Park,” he said. “The amount of space our buyers are getting in a building of this quality is above and beyond other developments in the New York area. In addition, many of our buyers will end up paying less to own their units in One Sunset Park than they currently pay to rent.”
Prices for the 22 available units range from $300,000 to $585,000, some priced under $500 per square foot. The building offers a mix of layouts from studios to two bedrooms, some with a windowed study, and with sizes ranging from 562 to 1,114 square feet.
Stephen G. Kliegerman, executive director of Halstead’s development group, also credits the units’ affordability.
“Interest in residences at One Sunset Park has been tremendous in light of the time of year and overall economic climate,” he said. “We attribute this to the true value of the property — the affordably priced units with great light and air, in a fully updated classic prewar building with lovely Sunset Park at your doorstep.”
One of the buyers is taking advantage of the developer’s interim leasing program, according to Kliegerman. This program accommodates the buyer’s immediate need to relocate, and the developer will allow the buyer to occupy and lease the unit until the closing.
Additionally, other buyers have purchased unrenovated units. “This gives them the opportunity to design their own renovations and purchase at a lower price,” he said.
Monday, February 09, 2009