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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

Multi-Housing News

More Bang For Your Buck

Developers Offer NYC Penthouses Priced More Modestly

By Kelly Sheehan, Online News Editor

New York—Luxury duplex penthouses are available at The Langston, a new condo community in Harlem, for under $1 million—a difficult price to find in Manhattan.

The Langston is a 10-story building with 180 condos. The property was developed by a joint venture between the Gotham Organization and The Richman Group Development Corp.

Penthouses at The Langston, which is located at 68 Bradhurst Ave. between West 145th and 146th streets, average about 1,300 square feet and consist of three bedrooms and two bathrooms. They also come equipped with gourmet kitchens, stone countertops, stainless steel appliances, marble master bathrooms, Grohe bath and kitchen fixtures, LG washers and dryers, private terraces and 18-ft.-high glass wall atriums.

Five penthouses remain unsold. According to Stephen Kliegerman, executive director of Halstead Property Development Marketing LLC, penthouses priced at $2 million are even scarce. The Langston’s most expensive unit, priced at $995,000, features a 1,165-sq.-ft. terrace providing residents with a bird’s eye view of Yankee Stadium. Other remaining penthouse units start at $960,000.

Three remaining condos, ranging from 1,185 to 1,208 square feet, are on the market for under $800,000. They feature three bedrooms.

“We have a range of buyers for the Penthouses,” says Sid Whelan, lead sales agent for The Langston. “Singles who want a glamorous, impressive entertaining space; Europeans using them as a pied-a-terre; young Wall Streeters who see the value in owning the kind of space that would be three times as much south of 96th Street; and empty nesters who want quick access to the theater district, the airport, upstate New York, Long Island and even New Jersey.”

According to David Picket, president of the Gotham Organization, Harlem is a great investment opportunity right now.

“Even when New York City values flattened out overall in the third and fourth quarter of 2006, they were still shooting skyward in this neighborhood and showed no signs of reaching a plateau,” Picket notes.

Common amenities at The Langston include a doorman, 24-hour concierge, on-site valet parking, broadband wiring, dry cleaning and tailoring services, and a health club. Located 100 yards from the A and D subway lines, The Langston is also only two stops from Columbus Circles, steps away from several grocery and drug stores, and adjacent to Jackie Robinson Park and an Olympic-sized pool.

Tuesday, October 30, 2007

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