Overview

This new boutique building is being dubbed a “modern residential sculpture amidst the historic landmarks of Midtown” by the sales team at CORE Marketing Group. Situated in between pre-war behemoths, neo-gothic landmarks, and boxy mid-century structures, this white metal clad facade with distinctive red stripe is sure to turn heads in this traditionally commercial area of Midtown Manhattan.

The Vintage Group is developing the project, and the prestigious York-based firm of Philip Johnson Alan Ritchie Architects is the designer. Though, as many of you already know, the iconic Philip Johnson passed away in 2005, so even though his name is attached to it he did not have a chance to work on this project.

The aesthetic of this development is being described as a “modernist balance between form and function.” The large open spaces, clean lines, and minimal pops of color seen here are somewhat unusual for this neighborhood, but with its well executed design it is sure to be appreciated nonetheless.

Units & Pricing

Currently there are 11 units on the market, with another 7 in contract, impressive considering sales only began only last month. Prices on the available units range from $725,000 for a 579 square foot studio to $3.9M for a 2,708 square foot two bedroom.

Right now there are four identical full floor two bedroom units available, all with 1,416 square feet of interior space. Prices vary depending upon which floor you are on, ranging from $1.84M to $1.975M. Each of these units has private elevator access that opens to a sizeable open living/dining space and a semi-partitioned kitchen. As you head towards the north end of the units, there is an enclosed laundry room on your right, followed by the second bathroom, with the master suite and second bedroom situated side by side in the back. The least expensive of the four units, listed at $1.84M, has $1,027 of common charges and $513 of taxes per month, thanks to the 421A tax abatement.

Features & Amenities

The most intriguing rendering shown for this project is definitely the lobby. It truly looks like a piece of art, a cross between the Guggenheim museum and a snow covered mountain in the great white north. The rolling curves, reflective stark white walls, and subtle cove lighting make it seem like you are walking thorough some kind of futuristic portal to another galaxy.

In addition to having round the clock doorman service, residents will also receive a one year complimentary membership to Quintessentially- the elite concierge service, and the option of partaking in Ligne Roset (France’s largest furniture maker) design services and/or furniture packages.

Kitchens will feature a sleek design by Balthaup and will be fitted with high-end appliances, of course. All bathrooms will come with state of the art fixtures, textured walls, and Toto Neorest toilets (the first residential building in Manhattan to feature them in every apartment!).

Location

Saying “I live in Midtown” may not have the same cache as living in some of the trendier neighborhoods downtown, but the area is certainly becoming a more desirable place to reside, especially with some of the new construction and renovation projects going on at the moment.

5 East 44^th Street is literally steps from Fifth Avenue and within a short walk to a cavalcade of top destinations such as The New York Public Library, MoMA, Bryant Park, Grand Central Station, Saks Fifth Avenue, Rockefeller Center, and Central Park. Walking a little farther west you are in the heart of the Theatre District, as well as close to a many Midtown office buildings.

Investment Potential

With the high end modern design and limited number of units, this building is on par for being a solid investment for purchasers. Even though the immediate neighborhood isn’t traditionally residential, I can imagine that this building is a good enough reason to lure people in. We give a B+

This entry was posted on Monday, March 10th, 2008 at 1:35 pm and is filed under Number 5 - 5 East 44th Street. 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.