Overview

Architectural firm SHoP Architects (recent winners of the 2008 Progressive Architecture Award) is at the head of an extensive residential project that the firm describes as “an expression of contemporary living.”  The interior design (also done by SHoP) executes this concept in nearly every aspect of each residence.  Inspired by past architectural styles of the area, the facade of the building consists of a really cool decorative patterned brick.  The consistent theme of the building is to provide exclusive and luxurious residences with a dichotomy which reflects a modernized culture and an apprecation for the history of architecture in the neighborhood.  Although the building is far from the most ambitious residential structure in the city, its efficiency and stylistic substance is sure to get the attention of many potential buyers.  The building should be ready for occupancy sometime during the first half of 2009.

Units & Pricing

290 Mulberry houses 8 full-floor residences as well as a penthouse unit.  Special detail was placed on each unit and SHoP’s goal of modern ‘extravagance’ is very evident in these floorplans.  At about $1,500/foot, the average pricing in the building isn’t quite as crazy as some other projects we’ve encountered in Nolita.  A 3-bedroom, 3-bath unit coming in at 1,802 feet will run you about $2.5M.  According to the Core Marketing Group website, there are a few other 3-beds which come in at 1,922 feet which are priced at $2.9M, 3.15M, and 3.45M.  The penthouse (see rendering below) is listed at $7.5M for 2,613 feet, or about $2,870/foot.

Features & Finishes

Each unit comes with walnut flooring, double-glazed tilt and turn windows with sound isulation, private elevator access, and an extensive Kastle Controls Security system that has in-unit elevator controls as well as cameras at the entry door.  Each residence has north, west, and south exposures.  The kitchens include stone countertops, a Sub-Zero refrigerator, and other appliances by Bosch.  The bathrooms are equally luxurious with a Vola rainhead and faucet, Siberian marble floors, glass tile walls, teak wood paneling, and a custom vanity designed by SHoP.  The penthouse residence is a tri-level unit which includes eight separate exits to three different private terraces, as well as oversized windows.

Amenities

As a boutique building with large living spaces, the amenities aren’t fabulous.  Still, you’ll find a doorman, private elevator access, and outdoor spaces with the units that offer great views of the city.  The radiant heated floors are pretty sweet as well.

Location

The building is located in Nolita, on the corner of Houston and Mulberry which is very trendy and all the rage lately.  The project is situated right next to the Puck building on Lafayette and Houston (where I had my prom many years ago and still plays host to many NYU parties/events).  NYU along with Greenwich Village is not far from here either.  Some snobby purchasers may point out that Houston street is ‘ugly’ and this particular downtown vibe appeals more to younger, jet-sets than it does older, successful professionals.

Investment Potential

The quality of construction combined with trendy location makes this a very appealing project.  We also like the privacy and boutique quality of this condo.  We think the units are fairly priced and should appreciate nicely over the next 3-5 years with the continued gentrification of Houston Street.  We give a B+ for investment potential.

This entry was posted on Wednesday, June 11th, 2008 at 4:13 pm and is filed under NY Condo Blog. 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.