Overview

There has been much discussion of FLAnk’s newest project sprouting at 385 West 12^th Street, just steps from two other fabulous condos: Cary Tamarkin’s 393 West 12^th Street and Related’s Superior Ink project.  Seeking to create a modernized building with an architectural style that blends perfectly with the West Village neighborhood, FLAnk did some pretty cool stuff. The building, as rendered below, will have a copper façade that is intertwined with well-angled glass.  The idea is to create an upscale and private community within a low-rise residential structure.  And, like many new condominium developments, the amenities package and design details will go beyond any reasonable expectations.  This notion is seen through features such as a home technology service (controlling your unit with a remote) and fancy extras such as housekeeping and dry cleaning delivered to your door.  Another funny detail: in order to get an early look at units in this building, potential buyers have to book a private cocktail party with members of FLAnk.  With so many custom-designed perks, 385 West 12^th Street is in many ways a resident’s residence that is sure to generate a lot of interest at its opening.

Units and Pricing

The entire project consists of 12 spacious units.  There are six full-floor condos along with four townhouses and two incredible penthouse duplexes.  Units range from 2,500 feet to 4,300 feet with one massive (8,300 foot) penthouse. According to StreetEasy, four units remain on the market—all four bedrooms and up—in a price range of $8-$17M.  The first handful of units in this project sold before the sales office even opened.  This tends to happen in the West Village where buyers are very sticky and have brokers which notify them when projects like this become available.  The buzz started around the 3-bedrooms and sales have slowed a bit since those became unavailable.  It’ll be interesting to see when and to whom the uber-expensive penthouse sells.

Features & Amenities

All units have 5 ¼ inch wide rift-sawn flooring and high ceilings, with some ceilings heights soaring up 18 feet. The kitchen includes custom-designed cabinetry along with Viking dual oven and a fully equipped appliance package.  The condominiums will also use a modern home technology system.  Each unit will include a centralized remote control that monitors the home audio and video, climate control, the window shades, and the lighting.  Last but not least, each unit comes with private outdoor space.

FLAnk has a reputation for courting its customers.  It comes as no surprise that the firm went the extra mile on the amenities package.  In addition to the 24-hour concierge service, there is a two-tier rooftop (2,700 feet) which includes a full-sized 50’ pool, a hot tub and spa, an outdoor shower, and an amazing view of the Hudson River.  There’s even a rooftop dining area with gas grills, and a meditation deck below it for residents to reflect and relax.  The building also provides resident manager/lifestyle services such as daily housekeeping, laundry delivery, and dog-walking.

Investment Potential

As pricey as units in this development are, FLAnk was happy to report that 7 of the 12 units were sold before the sales office opened.  The West Village real estate market has been generating a huge buzz lately with some of the best projects in development located in Chelsea and the West Village.  And while the luxury market has softened a bit over the past couple of months, boutique projects like this are somewhat isolated from your more typical $1M condo.  We think this project has great long-term potential, and West 12^th Street is looking increasingly like a hangout for the rich with so many ultra high-end units going up on nearby.  We give a B+ for investment potential.