Overview

The campaign for this development is all about their atmosphere when it should be more about a futuristic NYC. For starters the entire façade is rendered to be an all glass structure that appears to bent in and out of itself. Additionally you walk into a lobby that looks more like something out of Star Trek than a residence ad campaign. The very sterile looking metal ceiling with inlayed lighting surrounds a lobby where everything has an acute angle including the concierge desk. That’s just for starters; the elevator bank looks like you should be teleporting somewhere rather than using it to enter your home. This futuristic feel continues but thankfully subdues itself once you enter the residences. The Windows are floor to ceiling with a height of 12 feet for most, creating a spectacular entrance for light and dramatic effect. The bathrooms and kitchens have sleek clean lines and transition with little effort into the common spaces. The one “out of place” item in this super futuristic setting is the columns although if the renderings hold true, they should create an inspiring effect to the already tall ceilings. As for the location of this building, it’s not too shabby. The area is in the most inner workings of the Far West Village and steps from Hudson River Park. While far from most mass transit, this allows for a fairly calm and tranquil area to live in. The developer began sales just after July 4th on this 24 unit building along side his Corcoran Sunshine Marketing team.

While inquiring about how the sales were going thus far the team seemed quite tight-lipped, this usually indicating few to no sales to speak of. The first and second release of units seems to be a mixture of the hardest sales, including a first floor duplex with over 2,500 square feet priced at just a smidge over $1,000 per square foot; to a desirable PH unit with 3:1 ratio of indoor to outdoor space (needless to say, this unit is quite over $1,000 per sq. ft.). Overall, great location, nice spaces, Average prices for new development and practical amenities allow for this development to shine over some of its re-sale competitors in the area, however the monthlies seem to dull that shine a bit.

Progress of current construction. We’ll see if it turns out like the photo above.

Amenities

The building allows for a 24 hour doorman/concierge combo, housed in the sleek futuristic lobby along with a fitness center and additional storage for sale. Now that we’ve gotten the typical amenities out of the way, how about this one, room service! That’s right, following the lead of 76 Madison’s relationship with Country, this development has signed on with Chef Jean George’s latest restaurant, appropriately named Perry Street allowing for room service. The extent to which the relationship exists is unclear, but I give them 10 points for effort, with the judgment for execution to come! These apartments also include finishes and interiors chosen by Asymptote Architectures. Asymptote is a seemingly accredited company working on projects like the Guggenheim Museum complex in Mexico and a 146 story financial building in Dubai, but has oddly chosen this 24 unit building to break into the Manhattan market. The look for the building itself may be a bit too modern for some but could win over those who like its appeal.

Location

If you have ever been frustrated with the chaos that is Manhattan, but assume it’s something you have to put up with while living in the city, you’re wrong! This area must be one of the most tranquil and calm areas in Manhattan, even with the highway within yards of the building. You may have to deal with the west side highway near by, but in return you get a wonderful street-lined block that is quintessential Far West Village. To top it off, you’re in walking distance of some of the most amazing restaurants in Manhattan, trendiest Meat Packing District boutiques and right next to the Hudson River Park. The area also seems to be exploding with new all glass developments along the river, but none in the immediate area that aren’t in re-sales. The neighborhood is a mixture of families with strollers, Dog owners, famous folks and ordinary business people. Although it’s pretty far from mass transit, it’s pretty safe to say that if you’re buying in this building you can afford a cab. The best example I can give of the mentality of the area is through anecdotal evidence. While walking to the development to get pictures I was stopped by a small girl handing out free lemonade to passers-by while sitting on her brownstone stoop, does it get any better than that?

Units and Prices

The developer has chosen a nice cross-section of floorplans for this building. Although they can appear to be somewhat cookie-cutter, nothing could be further from the truth. With wide open living spaces and bathrooms that open up in some units on both sides through pocket doors, this development allows for the southern exposure light to really carry throughout. Most units have an open kitchen into the living space that contains a large amount of counter space. The kitchen itself continues the theme of the very sterile ambience with its clean white surfaces and seamless composition. The bathrooms are again very modern and most have a “roll-in” shower with huge glass doors. The views for the building are far from cityscape but do allow for the quaint tree-lined street for most units and the upper portions currently have a very nice Hudson river view. The river views may change if something was to be built on the corner, which seems to be the fashion of the area, but unlikely to happen any time too soon.

Investment Potential

It’s hard to picture any apartment in the West Village not being a good investment (well let’s exclude those scary looking block like co-ops that used to be public housing) and this building should be no exception. Given the recent history of the area, it seems to be one of the hippest areas to build and therefore to re-sell! Recent examples are 163 Charles as well as this developments neighbor across the street. All the buildings seem to have the commonality of being large glass structures. It should be noted that this was done intentionally for the purpose of allowing river views from floor to ceiling windows. This development, however, is not directly on the highway, meaning the majority of the units don’t allow for this view. Once into the upper portion of the building you are allotted this unique attribute of the area, however the tree-lined view from the North facing units is nothing to scoff at. This building is also a conversion/new structure meaning it is not eligible for the 421a tax break; however it does offer a j51 tax break which is considerable but nothing like the 421a. These tax cuts are mostly for a buyer who plans to flip the building or not live in it long and the j51 is optional and you should consult your financial advisor as to whether or not to take it considering your circumstances. All that being said, there is an investment potential concern and it lies in the tax and common charges combination which ranges from $3 a square foot to over $3.50 a square foot with out the tax break! In the end the price for a unit in the building is not bad with units starting at just over $1,000 per square foot, the area is one of the most desirable in Manhattan, the buildings finishes are quality but the monthlies are a bit absurd, but if you like a modern feel and don’t mind the common charges this could be the building for you!

This entry was posted on Friday, August 3rd, 2007 at 3:27 pm and is filed under 166 Perry Street, Blogroll. 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.