Overview

After completing an extensive series of renovations, 254 Park Avenue South hopes to entice new residents looking for a pad in the Flatiron District.  Standing 287 feet high and comprised of 211 units, the design of the high-rise building places a huge emphasis on its great location with its extravagant style and luxury.  Rosen Partners, LLC is heading up the conversion which originally was an office tower, followed by rental building, and finally now a luxury condo. The team acquired the building in 2006 and began the all too familiar process of ripping out kitchens and baths and dropping in stainless steel and fresh hardwood flooring. The building has a plain grey façade intertwined with numerous large windows. The ground floor of the building is commercial space.  One thing is for sure, 254 PAS is certain to invoke interest in many professional buyers looking for a comfortable luxury residence that is close to the office.

Units and Pricing

As a result of the location, units in this building tend to be very pricey. A two bedroom, two and a half bathroom condo that is a little over 1,400 square feet runs about $2.5M. This doesn’t include monthly real estate taxes of roughly $1,773 and common charges of around $1,300. At over $1,700 per foot, the unit is well above the Manhattan average but similar to asking prices at nearby 260 Park Avenue South.  Most units are large with high ceilings and generous layouts.  That being said, it’s tough to tell how many families would choose a busy location on lower Park Avenue for their families.  We think the push on empty nesters and wealthy families looking for a pied-e-terre is more likely.  The units are being sold by The Marketing Directors and the last we checked there were plenty of remaining units.

Features & Amenities

Each unit comes with ebony stained oak flooring and 14 foot ceilings.  There is a Bosch washer and dryer included in each residence as well. The living spaces have oversized windows and views over the Flatiron district.  254 Park Avenue South is heavy on interior style and has all the amenities which condo buyers have come to expect.  There is a 24-hour doorman/concierge to ensure the safety of residents working inside the beautiful lobby designed by highly-regarded interior designer Charles Allem.  The building also has a large fitness center complete with cardiovascular and weight-lifting machines.

Location

The Flatiron district is one of the busiest areas in Manhattan.  Known for its office buildings, restaurants, and tourist attractions the area has a diverse draw of people which include professionals, locals and tourists.  Located just a small walk away from both Chelsea and Murray Hill the area is understandably one of the hottest and most expensive real estate markets in New York.

Investment Potential

254 Park Avenue South, when viewed holistically, has its fair share of advantages and disadvantages.  Potential buyers looking for a great location (perhaps at the expense of spacious living quarters) will be very enticed by this project.  On the other hand, buyers looking for a ‘great deal’ amidst a tough economy may not make the jump on this one.  Having said that, I wouldn’t expect the remaining units in the building to last long.  Flatiron is a very busy neighborhood and the condo market continues to be flooded with buyers taking advantage of the weak dollar.  We give this project a B.

This entry was posted on Wednesday, July 23rd, 2008 at 12:49 pm and is filed under 254 Park Avenue South. 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.