Stephen G. Kliegerman
President of Development Marketing
By Katherine Dykstra
In addition to the spate of brand-new development, there is a host of old new development or new old development -- depending on the way you look at it. We’re talking projects that were planned, constructed and sometimes even sold, but which in the end found themselves unable to reach fruition.
Many have since found their footing and are relaunching this fall.
Harlem, a neighborhood that didn’t yet have enough inherent demand to work though the downturn, has a slew of such projects. One is Windows on 123 Lofts, the sister project to Windows on 123 Apartments, which is sold out.
Initially put on the market in 2010 in an attempt at pre-construction sales, not a single unit sold. The developer pulled the building off the market in order to finish construction and try again later. Later is now. The eight full-floor lofts, all two- and three-bedrooms ranging from 1,441 to 1,892 square feet, are on the market at up to a 20 percent discount. They range from $895,000 to $1.295 million.
Another is 2130 Adam Clayton Powell. Presales began in 2008 on the seven-story, 46-unit new construction building. After suffering slow sales, the developer decided to put the project on hold until construction was complete. Now that it’s done, the condos, ranging from 533 to 1,508 square feet and $289,000 to $949,000, are back on the market at a 7 percent discount.
Though relaunches can be found all over the city -- not just in Harlem.
In Chelsea, the Carriage House at 159 W. 24th St. came on the market in 2008. Lackluster sales led to unpaid contractors and a move to foreclose. Now, the 24 condos are back on the market, under, interestingly, the same development team working with the same bank. There are studios, one-bedrooms and two penthouses. Pricing is from $695,000 to $3.6 million.
Down in the Financial District, the Setai came off the market in 2010 and went back on last month at a roughly 16 percent discount. Today, one-bedrooms start at $799,000, two-bedrooms at $999,999 and penthouses from $1.25 million. Sixty percent of the units have since sold.
Thursday, September 22, 2011