Manhattan House
845 West End Ave
The Aldyn
15 Union Square West
The Rushmore Riverside
515 East 72
Overview
I recently visited the sales office and building site for Gramercy by Philippe Starck. Wow, wow, and more wow! I knew this building deserved coverage back in mid-2007 when sales started, but I didn’t realize the extent to which Starck reveals himself in this project. Like many other people, I recognize the Starck name when I hear it, but only know scattered details about his background. Besides 15 Broad Street, a recent condominium conversion he did downtown, Starck also collaborated with celebrity hotelier Ian Schrager on New York projects including the Royalton Hotel and the Hudson Hotel. Starck’s design concepts have helped popularize boutique hotels over the past decade with a focus on chic looks, form, and function. As you can see by the photos, this project demonstrates these principals quite well.
A penthouse living room in the ‘classic’ finish complete with gas fireplace
Units & Prices
Gramercy by Starck is not a small project. The original offering of over 200 units is now down to about 24, many of which are 2-bedrooms. The units are incredibly efficient, as you will learn in the thoughtfully designed sales presentation which brings you from room to room interacting with Mr. Starck through plasma televisions and allowing you to view various apartment finishes and features. Critics may point out that the units aren’t overly spacious, but they really strike a balance with top-notch finishes, efficient layouts, and prices which are fair and reflect the size. You can feel Starck’s European design-style in many parts of the project. For example, the master bedrooms could probably have been designed a bit larger, but the oversized bathrooms complete with designer soaking tub, beautiful stall shower and toilet room demand about a hundred square feet of their own. It was clearly a choice, and if you think about it, why not? People spend plenty of time in the bathroom, especially when it’s an inviting room within the home. These bathrooms are exceptional and practically beg the owner to relax in a bubble bath or in the tiled stall shower.
Based on the current availability sheet, prices currently average about $1,500/foot. However, the prices truly vary with the units. The three-beds are priced particularly well with two 1,600-foot apartments coming in at under $2M. The prices on two-beds vary widely with the floor and view. And while some views are clearly better than others, even the lower floor apartments get great light thanks to the glass wall of windows and double-width of 23rd Street. Many units have outdoor space as well and some of the penthouses come with hot tubs.
Features and Amenities
Starck simplifies the design process by allowing buyers to choose between three overall styles: classic, nature and color. Based on your choice, the apartment ‘shell’ will already have a style associated with it. Regardless of which style you choose, you will find plenty of other Starck finishes in each unit ranging from gas fireplaces in the penthouses to tasteful lighting fixtures in the bathrooms and unique paint colors in the closets.
The kitchens and baths have neat and clean lines and all the best appliances. The fridges are tall, slim, concealed and match the cabinetry, including the concealed washer/dryer. I was particularly fond of the Fisher Paykel dishwasher drawers.
The common areas of the building are just as impressive as the interior details. Each apartment has doorbells with polished plates complete with seductive purple lighting and Braille. It continues the European-cool, boutique hotel ambience which Starck does so well. Residents will enjoy two common outdoor terraces, one on the second floor complete with an outdoor fireplace and one on the roof with expansive views and cabanas. The building will also have an interior lounge which features a library, game room, and screening room.
The kitchens are all custom designed by Starck with his own Duravit fixtures, concealed Sub-Zero fridge, Miele cooktop and stove, cove lighting and concealed washer and dryer
The bathrooms are some of the most impressive we’ve seen in new construction with Starcks Duravit fixtures, Starck soaking tub and shower room with rain shower head
3,000 square feet of landscaped roof deck with river and city views and cabanas
Location
The building is on 23rd Street between 1st and 2nd Avenues. You’re downtown, close to Gramercy, Flatiron, Union Square, even Midtown. Critics will likely point out that 1st Avenue isn’t the sexiest block with the NYU Medical Center buildings north of 23rd and Stuyvesant town south of 23rd, but it is certainly improving. Stuyvesant town was recently sold by MetLife to Tishman Speyer for over $5 billion, so clearly people think the area is investment worthy. As you walk west you’ll find other condo projects sprouting up on 23rd street and plenty more as you hit Madison Square Park. You’re within walking distance of restaurants, nightclubs, retail, pretty much whatever you can think of.
Investment Potential
Gramercy by Starck has plenty going for it between the fabulous Starck design, laundry list of amenities, 23rd street location and glass wall of windows. There isn’t all that much for critics to complain about except that in an ideal world the building would be located somewhat closer to where the sales office is. My feeling is that those who bought units when sales first began are already making money. Naturally, prices are a bit higher now after brisk sales, but they still strike me as fair. We give the building a B+ for investment potential and congratulate the developer and marketing team on a great project.
