Manhattan House
845 West End Ave
The Aldyn
15 Union Square West
The Rushmore Riverside
515 East 72
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.
Units and Pricing
The building houses 10 units which include one and two bedroom units as well as two duplexes. There is standard hardwood flooring in each unit. In addition, each room has an extensive modern kitchen that comes with a Viking Stove, Liebherr Refrigerator, Bosch Dishwasher, Glass Backsplashes, White Stone Countertops Glass & Zebra Wood Cabinetry, and a Microwave. Each unit’s bathroom includes an illuminated shower, KWC Fixtures, a Toto toilet and Pedini Italian Cabinetry. There is also an outdoor terrace as well as a washer and dryer in each apartment.
The prices of the units vary from about $960,000 to over $2M. It appears most of the units are already in contract. The asking price for a one-bedroom condo ranges from about $960,000 to around $1.2 million. Combined taxes and common charges come in at just under $1 per foot. The building also has two somewhat more impressive two-bedroom units, coming in at 1,511 and 1,760 square feet. Both of these units are listed around $2M. The building, like most condos, offers up to 90% financing.
Amenities
Because 62 East First Street is a loud cry from the huge residential structures which we usually write about, the amenities here aren’t quite as abundant. There is a virtual doorman system in the lobby to provide a sense of security and provide building access exclusively to the residents and guests. There is also a rooftop garden with a view of the East Village and Noho skyline. Each unit also has spacious (206 square foot) terraces. The building’s small size works in its favor in that it provides privacy for each resident.
Location
This condo, located on the corner of 1st Street and 1st Avenue is in the East Village bordering on the Lower East Side. I happen to like the young vibe and enthusiasm found in the East Village—I’m not as big a fan of the somewhat dingier Lower East Side, even though it is improving. Residents looking at this condo will undoubtedly seek out its location. I’ve found that downtown condo buyers are often more familiar with each distinctive neighborhood than some uptown buyers who merely want to be ‘above 59th Street.’ Anyway, the area includes a ton of restaurants, bars, and stores, and is near Soho and Greenwich Village as well. The area has quite an extensive nightlife.
Investment Potential
62 East First Street’s position in the heating East Village/Lower East Side real estate market makes it a high demand residence. It is for this reason that the building sold 9 of its 10 units within the first nine weeks of sales. Considering that the area has received a significant increase in price and demand, one would suspect the property value of a unit in this building to have a significant upside in the near future. It is for this reason that we give the project a B+.
