Overview of Units & Prices

Riverhouse is a 32-story new construction building in the heart of Battery Park City. The movement towards being ecologically conscious yet still sophisticated, without traditionally “crunchy” or “hippy” materials, is seen at Riverhouse in full force. The developer, The Sheldrake Organization, sought to exceed the environmental standards set in place by the Battery Park City Authority by committing 15% of the project cost directly to “green” measures.

The layouts and sizes of the 264 one-to-four and a half-bedroom units change considerably depending upon the size you want and how willing you are to pay for it. An 865 square foot one-bedroom unit is currently on the market for $880,000, while a 3,560 square foot four-bedroom is listed for $5,910,000. Prices for this building are comparable to the neighborhood average, clocking in around $1,350 per square foot.

With 39 units currently available, buyers still have a broad spectrum of layouts to choose from. Apartment 12T, a three-bedroom with eastern and western exposures and 1,807 square feet of living space, is currently listed for $2,935,000. Bucking from the current nationwide trend of price chopping, this unit was originally listed at $2,810,000, an increase of 4.4%. Common charges for this unit are $909 per month while taxes will cost you another $1,921 per month.

The idea behind marketing these luxury green condos is to give people, who can seemingly afford to live wherever, the option of doing it in a way that causes less strain on the environment, something that while noble, is very trendy at the moment. Then the hope is such potential buyers will feel better about themselves and their more fulfilling way of life, if they lived there.

Features & Amenities

The powerhouse sales and marketing duo of Corcoran and The Sunshine Group are behind this project, like many other high-end Manhattan developments as of late. While most of their other buildings are in more traditionally residential neighborhoods, it seems like they upped the ante a bit on the amenities in order to lure people in to this changing area of Lower Manhattan.

The building features an all-star team of architects and designers, including hospitality and Broadway set-designer David Rockwell, Ismael Levva Architects (One Central Park, 101 Warren) and the Polshek Partnership (William Clinton Presidential Library) to give the building added cache.

In addition to concierge service in this doorman building, there is a landscaped roof terrace, fitness/yoga center, billiard’s/media room, children’s center, attended parking, on-site bicycle storage and a dog spa. In each of the residential units, high-end finishes and appliances are used extensively. The kitchens are a major selling feature and each includes David Rockwell-designed teak cabinetry and countertops, Sub-Zero refrigerators, Thermador ranges and Energy Star compliant Miele dishwashers and washer/dryer.

While green living is the central theme at Riverhouse, no mention is ever made of any LEED certification, the industry standard for sustainable construction. Nevertheless, the building was created using low and no VOC paints, adhesives and sealants, as well as locally acquired sustainable materials, used whenever possible. Residents also have the added benefits of a built-in water filtration system and custom air filters that clean the air twice before it enters it each apartment. Furthermore, the humidity levels in the building are monitored and adjusted per the changing seasons, claiming that it allows for a more comfortable living environment.

Location

1 River Terrace doesn’t sound like a typical Manhattan street, and you may not have heard of it before, as it is west of the West Side Highway. The building is on the corner of Murray Street and is bound on the east side by North End Avenue. The west side of the structure faces Rockefeller Park and the Hudson River, while the north side overlooks Teardrop Park. The surroundings are definitely a plus for outdoor enthusiasts and people with children, as there is a lot to do in the bucolic surroundings, especially on a pleasant day.

The building also features a branch of the New York Public Library and a Birdbath (an organic bakery owned by Maury Rubin of City Bakery) on its lower levels.

The area has traditionally been one with a lack of typical residential pluses, such as shopping and dining options, but it is changing to become more conducive to the rise in families in the area. This summer a 69,000 square foot Whole Foods Market is set to open a few blocks away on Greenwich and Warren Streets, most likely to the delight of many in the area. Families also have the added benefit of being only a stone’s throw away from the revered Stuyvesant High School and within walking distance to P.S. 234/Independence School, one of the best public elementary schools in New York City.

One of the major downsides some people see with this area, and the stigma that still surrounds it, is its close proximity to the World Trade Center site, as well as many other high-rise commercial structures. Distance to public transportation also could be seen as a minor inconvenience, as it is a brisk eight minute walk from the nearest subway stations, Chambers Street, where you can get the 1,2,3 trains or the E train at the World Trade Center station.

Investment Potential

As with almost any Manhattan property, it is a pretty sure bet that your apartment will appreciate in the coming years, though how much is another question. Due to the influx of new retail stores and the increasing amount of families staying in the city, it is likely that more people will find it amenable to live in this neighborhood, in part seeking the large apartment layouts and proximity to parks and good public schools.

In terms of Riverhouse, the prices have held firm since they began sales in late 2006, so pending a sharp recession or another 9/11, I find it unlikely that you would be able to get a great “steal” anytime soon. Overall, I would give this a B for investment potential.

This entry was posted on Tuesday, February 12th, 2008 at 7:51 pm and is filed under Riverhouse Condo - 1 River Terrace. 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.