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.

Units and Pricing

Residents at 15 Union Square West have quite a variety of unit arrangements to choose from. The building houses 36 apartments in total. The building offers two bedroom units ranging anywhere from 1,760 square feet to 2,189 square feet as well as three bedroom units that range from 2,370 to 3,164 square feet. The first five floors consist of the older renovated section of the building. This part of the building houses large units with high ceilings (as high as 17 ft. tall) and windows as wide as 30 feet that are framed in the original iron arches of the structure.

The seven top floors follow a more modern formula. Units in this section have high ceilings as well as a 35 foot outdoor terrace with views of Union Square Park and Northern Manhattan. Both the master suite and second bedroom have access to the terrace as well. Each unit in the building comes standard with mahogany colored maple wood floors. Many units include fireplaces as well as a Crestron Home Technology System that centralizes control of the lighting, blinds and temperature. Both the kitchen and the bathroom fixtures of each unit are made by Sherle Wagner. Each kitchen comes with a Sub-Zero refrigerator, as well as a stove-top and oven. Each unit also has a Miele washer and dryer. As far as interior design goes, 15 Union Square West definitely went the extra mile in style and luxury.

Unfortunately, luxury does have its price. The asking price for a two-bedroom unit in the building is approximately $4 million while the starting price for a three-bedroom of 2,370 square feet is around $6 million. These figures don’t include an annual real estate tax as well as a maintenance charge of over $2000 or more per apartment. To make a long story short, potential buyers can certainly expect to pay a pretty penny for a condo in this building.

Amenities

15 Union Square West offers a wealth of amenities and perks for its residents. For starters, the building offers valet parking and a 24-hour concierge service by Luxury Attache. The building also has a modern fitness center which includes a full-sized 50-ft indoor lap pool. There are also private storage facilities available. All things considered it’s a nice amenities package. The common charges will be a bit high in light of this, but the assumption is that buyer’s shelling out the high asking price probably won’t change their minds over an extra few hundred per month for amenities.

Location

15 Union Square West is situated in one of the busiest and most sought after real estate markets in Manhattan. Because of the landscape of the area, its accessibility to all of the major transportation outlets as well as unobstructed direct views of Union Square Park, the asking prices are no surprise. In addition to Union Square, buyers are a short stroll from Washington Square and its New York University scenery, as well as the great restaurants of flatiron and easy access to midtown. Demand in this area has truly been on the up and up, keeping pace with any other growing neighborhood in the city.

Investment Potential

It’s hard to consider the broader factors that affect the investment potential of a condo when it’s situated at the foot of Union Square. It’s the uniqueness of this project that makes it so valuable and allows it to ask $2000-$3,000 per foot. I think these units will hold their value well because of the specific audience that looks for apartments like these to open up. We give an A- for long-term investment potential.

This entry was posted on Tuesday, April 29th, 2008 at 12:36 pm and is filed under 15 Union Square West. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.