Overview

Seeking to add a bit of life and innovation to the Noho/East Village neighborhood, developer Michael Bolla and 351 Bowery Associates are heading the development of a luxury condominium and loft residence at 52 East 4^th Street.  Looking to add a lavish and modern feel to the interior, highly renowned designer Andres Escobar was appointed the task.  The exterior consists of a very modern glass and steel façade covering a complex architectural structure.  Standing at only 15 stories high, the structure makes up in substance what it may lack in depth or size.  While the project isn’t expected to be complete until the fall, six of the fourteen units offered are already under contract. Upon its completion 52 East 4^th Street is sure to become one of the nicer and more sought after residential spaces to grace the East Village in quite a while.

Amenities

For a relatively small building, 52 East 4^th provides its residents with many perks. By far the most impressive and quite rare amenity is that the building has on-premise parking for a limited lucky number of residents at an added cost (a spot runs another $175,000). This extra remedies the deteriorating issue of parking in the congested Manhattan borough. Expectedly, there is a 24-hour concierge service and premise security to ensure the safety of residents. The building also has a roof deck that includes a landscaped terrace overlooking the north as well as a pool.  The amenities really are quite impressive.

Units and Pricing

The interior of units in the building are both luxurious and well-crafted. The building houses 14 residences that include 1 to 2 bedroom units, as well as 10 full-floor units and 3 full-floor penthouses. Each residence comes standard with wide plank oak floors and thirteen foot high ceilings. There are full-sized windows with impressive views of the city in each unit.  Both The kitchen and bathroom takes on an impressive modernized design. The full-sized kitchen includes a convenient sliding island, Grohe fixtures, a sub-zero refrigerator, Corian countertops, custom cabinetry and many other Bosch appliances. The bathroom includes Lea Ceramiche and Ciot tile walls, Toto Carolina toilets, floor-to-ceiling windows, Dornbracht and Grohe fixtures, Wenge countertops and Corian floors. Inside the open plan shower enclosures there is also a Kohler rain maker shower head as well as in-shower seating.

Prices in the building are certainly high for the East Village neighborhood. The asking price for a one-bedroom unit containing 784 square feet is approximately $1.3 million while a 2 bedroom unit containing 1,359 square feet is going for around $2M.  Units are going for around $1,500-$1,600 per square foot which is above the average price per square foot in the area (around $1,100).  Although prices in the building aren’t cheap, the area around 4^th and Bowery where this building is located has been getting hotter over the past five years.  It’s certainly better than buildings located further east in the village and into the Lower East Side.

Location

The East Village area is one of the most exciting and vibrant neighborhoods in the city.  As home to locals, NYU students, and Cooper Square students, the area provides a wide variety of restaurants, bars, shopping, and gyms.  Its easy accessibility to other downtown neighborhoods along with the energy of its residents makes the East Village a desirable and increasingly appealing part of Manhattan.  Young people especially love the East Village.

Investment potential

With the average listing price of a unit in the East Village nearly doubling over the past couple of years, one could almost safely expect the value of these condos to rise.  While the national real estate market seems to be on a serious downturn, New York’s market has shown relatively few signs of a slowdown.  With that said, we have some doubts about the asking prices in this building given the inventory of available space in the East Village.  We think $1,300/foot would be the compelling price for these units, and the remaining apartments may be a tough sell, even given the lavish design and construction.  We rate the project an A- for style, but a B for investment potential.

Overview
 
Marching further east along the 86^th Street thoroughfare is yet another new condo project.  Named ‘The Georgica” after an elite community in the Hamptons, this new project takes the slogan “In light of who you are,” a reference to the shimmering light on Georgica Pond.  The building will be glass construction and presumably offer bright light and multiple exposures to its eventual residents.  Located at 305 East 85 St, between First and Second Avenues, the Georgica is being offered by The Ascent Group and will be designed by Cetra-Ruddy.  The project is slated for completion during 2009.
 
The building will be a glass and bronze ‘sculptural tower’ rising around a few surrounding pre-war buildings that line its streets and the nearby avenue.  While the main entrance will feature a limestone and stainless steel entry (on 85^th) it appears that there will be an additional entrance on Second Avenue as the L-shaped tower wraps itself around corner buildings.  This seems to be a new trend seen in other new luxury condominiums nearby (Lucida & Brompton) which offer main entrances on quieter side streets despite its proximity to main thoroughfares.

While the design is intriguing, what we found most interesting was the development’s focus on families seeking spacious and bright units.  Because of this, the 20-story structure offers 58 luxury residences, none smaller than two bedrooms, and offers minimum footprints of about 1,300 feet.  Buyers seeking large, family-oriented apartments will have to weight the beauty of Georgica against nearby competing projects such as the Brompton, 300 East 79^th, 255 East 74^th, and the Azure. 
 

Units & Pricing
 
Buyers have a total of 58 units to choose from, with floor plans offering two, three and four bedrooms which range from 1,250 – 3,000 feet.  Many units will offer outdoor space as well.  There are also two penthouse units for sale. Prices reflect this wide variety of sizes as they also range from $1.75 to $5 Million.
 
The two-bedrooms vary from about 1,250 to 1,900 feet of space.  Many units have a large master suite complete with a dressing area, while others offer a split bedroom design.  An additional powder room, or half-bathroom, for guests is also available in some unit plans.  The variation in two-bed floorplans is reflected by prices from $1.75 to $2.6M.

Three bedroom units offer 1,700 to 2,350 feet of space. These units are priced from $2.5M to $3.2M.  Floor plans for three-beds feature large gallery foyers, and master suites with sitting areas.  These unit plans feature a kitchen that opens onto a combined living/dining room with an additional separated family room.  Some units have a library in place of the separate family room.  Closet space is ample and exceptional, including three walk-in closets in the master suite.  These units also feature a separate utility room that houses a washer and dryer, as well as a powder room off the gallery.

Four bedroom units offer 2,398 square feet and a 119 square foot balcony for about $4M.  These units feature large living/dining areas just off the kitchen which include wood burning fireplace which often lead to private outdoor space.  Some units contain an additional family room or den.  There is also a powder room and utility room and the master suite features a walk-in closet and two additional closets as part of its dressing room area.
 
Some of the four bedrooms have split floor plan designs that include a smaller foyer leading to the living area, with a separate longer hallway leading to three of the bedrooms.  Another interesting floorplan has a fourth bedroom that is accessed from the kitchen, making its use flexible as a den or family room. 
 
Note there are only two to four apartments on each floor offering more privacy and a smaller feel than many other large condominium developments.  Of note, four bedroom units are located on the highest floors, and there are only two of these units on each floor.  We don’t have word on the common charges or real estate taxes just yet.
  
Features & Amenities
 
The Georgica’s unique glass tower design ensures that units have ample light from oversized windows.  Most units offer at least two exposures, some offer all four exposures.  Many units have a full wall of windows in the living areas as well.

Apartment features include high ceilings (nine to fourteen feet) and herringbone oak floors.  Kitchens feature gold marble on the countertops, hood and backsplash.  Appliances are by Miele.  Bathrooms feature imported marble floors with radiant heat along with mosaic glass walls and stone floors.  Powder rooms are equally exquisite with limestone floors and walls, and fixtures by Waterworks.
 
The Georgica will be a full-service building for its residents complete with a 24-hour doorman/concierge, and refrigerated package room that will hold your groceries.  The building will also have a children’s playroom and comprehensive fitness room.  The rooftop deck will be landscaped and divided into multiple uses which include: a children’s rooftop wonderland, adult roof lounge, adult roof lawn and deck and an eat-in sky kitchen.

View from the corner of 2nd Avenue
Area
 
The Upper East Side offers something for everyone.  The Georgica’s central location within this upscale neighborhood should satisfy most buyers. The neighborhood is very family friendly and any imaginable need of couple with children and/or pets would be satisfied here.  The Georgica is a relatively short walk to either Central Park or Carl Schurz Park, the East River and its greenways for public outdoor space.  Museum Mile and other artistic pursuits are also about a 15 minute walk.  Buyers looking to find an area with ample shopping and dining options will not be disappointed.  1^st Avenue, 2^nd Avenue, and 3^rd Avenue are loaded with restaurants and cafes.  The 86^th Street thoroughfare has many corporate names including Barnes & Noble, Best Buy, Circuit City, and Duane Reade. 
 
In terms of transportation, Georgica is two avenues from the Nos. 4, 5 and 6 trains and very close to multiple bus lines including the M101, M15 and M86.  Cabs are all over this area as well.

A view of East 85th Street

Investment Potential
 
With everything the Georgica offers, in terms of building features, amenities, and location, this condo appears to be an excellent long-term investment.  The price tags for today are fair and probably will increase between now and the ‘sometime in ‘09’ move-in date.  Buying earlier than later will probably be a good idea if sales here follow what happened at both the Lucida and the Brompton.  We give this development an A- and look forward to seeing how the finished project turns out.

Overview

62 East First Street adds a sleek and modern residence to this busy and trendy section of the East Village.  Racanelli Construction Company is heading up this new condominium project which will stand seven floors high and houses 10 residential units. The building’s exterior consists of a modern white and brick red façade that is intertwined with balconies in the front of the building.  The architectural design is by  NF Architectural Designs/Frank Truglio RA/ERM Architecture Inc. The interior design is by Curated Inc. Sales and marketing will be handled by Halstead Co. Although the First and First condominium development is far from a colossal residential structure, the privacy and comfort it provides its residents are not to be understated.

Read the rest of this entry »

Overview

Seeking to add a splash of modernity to the area, Brack Capital is heading up the highly anticipated development at 15 Union Square West.  Formerly known as the 19^th century home to Tiffany and Co., the property was sold to Brack late last year who then announced plans for a condominium conversion of the building.  The idea behind the project was to create a residential structure that would be a perfect blend of modern style and luxury in order to provide a positive contrast to the hectic and congested Union Square area.  In keeping with this idea, Perkins Eastman (a prominent architectural firm with a niche in modern design) was delegated with the architectural design while Vicente Wolf was called upon for the interior design.  Far from a skyscraper, (standing merely 12 floors high) the building’s black glass facade definitely strays from the classic architectural structure of its neighbors.  Positioned a mere stone-throw from Union Square Park, news of the development has created some excitement amongst potential buyers seeking a luxury residence adjacent to one of the most popular parks in the area. 

Read the rest of this entry »

Overview

I had a chance to meet yesterday with Susan Rubell, sales representative for the Morgan Court condominium.  This project is truly unlike anything I’ve reviewed in a while.  The unique building entrance was originally a porte-cochere complete with gated entrance and gatehouse when the building opened in the late 80’s.  The gates remain to this day (and close in the evening for security) but cars can no longer turn into the entrance.  Residents might notice a certain transformation when walking from the busy streets of Madison Avenue into the carefully designed lobby which is bright and full of lush greenery.  The lobby actually backs the resident garden—one of the largest in Manhattan—which features a reflecting pool and wide variety of trees and plants.  It really is quite pleasant.  Note: Unit 5B was recently shot for an ad for Elle Decor featuring Starck Carpet–a neat little extra.   

The building has always been a condominium, but Perlbinder, the New York real estate firm which built the ‘Sliver’ building roughly 20 years ago, has decided to jump on the condo wave and ‘freshen’ these units with brand new interiors and slightly improved layouts.  The interior designer for the building is Robyn Karp and sales are being handled by Reba Miller of RP Miller & Associates, Inc.

Read the rest of this entry »