75 Wall
Miraval
One Jackson Square
The Rushmore Riverside
Superior Ink
Manhattan House
Overview
Situated on East 34th street between Second and Third Avenue, The Charleston is unique in that it is among the few new condominium developments located smack in the center of Murray Hill. There are plenty of developments further west, mainly on Park, Madison, and Fifth, but not so many east of Lexington. This luxury condominium residence offers about 190 units covering 170,000 square feet throughout a 21 story residential tower. The ground floor of the building will also house an 11,000 square foot commercial space for office and retail purposes. I would be surprised to see the retail space taken up immediately as the luxury rental building, The Anthem across the street has had tremendous retail space lying empty for several years now. And while The Charleston will certainly be a vast improvement to the block, one hopes that it will not add to the vacant commercial space consuming the street.
The project is being developed by LCOR, a development company that specializes in this kind of generic but fiscally sound project. Prudential Douglas Elliman is overseeing the sales office.
Pricing and Units
Murray Hill is by and large one of the city’s most affordable areas and the pricing at the Charleston reflects that. At the moment there are still twenty units available ranging from $850,000 to $1.9 million. There is also one studio for $660,000 and a 3-bedroom penthouse for $2.4 million. At $1,000-$1,300 per square foot, these units are priced moderately well. However, considering Murray Hill is usually not a buyer’s first choice in terms of a Manhattan neighborhood, and the building is quite close to the Queens Midtown tunnel exit traffic, the prices explain themselves. The majority of these units all have balconies, although anyone with a view of the tunnel traffic may prefer to enjoy the view from inside their apartment. The reasonable maintenance is a little less than $1 per square foot with low taxes as well.
Interior
The interiors of the apartments are very elegant and reflect careful consideration to comfort and quality while not overdoing it too much. High ceilings and clean lines with attractive finishes tie in well with the hardwood floors. The kitchens are well designed, except when they are along the entrance hallway of a studio. Appliances are top of the line as is the cabinetry. The bathrooms are probably the selling point here, with gorgeous marble countertops and floors and a very spacious hotel like feel to them. The master baths also include glass-enclosed showers. Closet space is surprisingly available too.
Amenities
The second floor of the building, dubbed “Club Charleston”, contains a resident lounge, Zen garden, fitness center and a catering area. The Zen garden is an interesting touch, but remains to be seen how truly zen it will be with the heavy flow of traffic that plagues the block. But the fitness center should be suitable and the catering area is a nice bonus touch for people who would want to entertain on a larger scale. As well, every unit gets a private storage room that measures 200 square feet, which is a nice touch.
Investment Potential
While the location is not ideal (close proximity to traffic and lacking a neighborhood feel) the potential for great retail to appear on 34th street still remains and the convenient midtown location cannot be denied. The units are moving pretty steadily and the building is a rarity of its kind in this neighborhood whose popularity is ever growing, although, there seems to be a higher demand for the studios and one bedrooms than the pricier two bedrooms. Those Murray Hill renters are eventually going to want to buy, and as the units are reasonably priced and beautifully designed, it is fairly safe to assume that a profit can eventually be turned from buying in the building.
