Overview

I find it cool when developers do similar projects in Miami and New York. They’re entirely different cities but the real estate often appeals to the same audience. One reason for that could be a New Yorker’s need to own a beachfront pad in which to relax and escape the cold winters. Today we’re talking about The Setai, one of Miami’s most well-known (and sold out) hotel condominiums, is now bringing its brand to 40 Broad Street. 40 Broad is smack in the middle of downtown’s financial district, near all the major Wall Street firms and a handful of restaurants and retail. It’s not exactly ‘residential’ in nature, but that seems to be changing, even if at a slow pace.

Units & Prices

The units are relatively small and plentiful, just what you’d expect from a boutique project which includes super-high-end amenities such as a club, spa, and common roof terrace. Most of the roughly 10 units currently on the market are between 582 and 1115 feet. The prices average $1,200-$1,300/foot, which isn’t particularly expensive compared to some of the stuff we’ve seen. This is probably due to the financial district location, which has not caught up yet with hotter downtown areas. That being said, we are seeing more residential and rental developments downtown, and prices are improving bit by bit.

Features & Amenities

The Setai entrance will be sort of like the one in Miami; tall, ominous looking, but very inviting on the inside. The lobby will use beige and brown tones with patterned walls, open seating areas, and candles. One will immediately notice the Asian-inspired details and serenity theme balanced carefully with New York details such as more stone and wood than you’d find in Miami.

The roof terrace will have bamboo detailing, daybeds, Jacuzzis, and gas-fired grills. You can sense the appeal to wealthy 30-somethings in the developer’s design choices. Residents will also have access to the Setai club, which includes a full-sized spa with gym facilities, more Jacuzzis, sauna/steam rooms, etc. There will also be a restaurant, wine cellar, library, mini-theatre, and conference centers. The developers have commented that the amenities should allow for business meetings and proper entertaining. The doorman/concierge will obviously take care of your every need as well. I’m not sure what the monthly carrying charges are but I would imagine they are on the high side given the amenities. Taxes are low with the coveted tax abatement.

The views are so-so, not too bad from the higher floors. Downtown has a lot of tall buildings, so your view is often into other tall buildings.

Location

You’re in luck if you like the financial district. Most people don’t, which is why condo prices down here for new construction are on the low end. Downtown, while the oldest section of Manhattan, is known for hosting Wall Street firms and not typically residential development. There are a couple of residential spots right near the Setai including 15 and 25 Broad Street. 25 Broad has been trying to unload their 346 units seemingly forever. One of the more interesting downtown projects may be The William Beaver house, located nearby and catering to a similar audience.

Investment Potential

I’m not sure if the Setai appeal will go over as well in New York as it did in Miami. Having said that, it’s a really nice project with the clear purpose of appealing to Wall Street types and buyers looking for a serene pied-a-terre. I think the location works as a positive and negative for the building. On the upside, downtown will most likely pick up steam over the next five years as the WTC site gets rebuilt. Although for some the financial district will always be a place to work. We give the Setai a B for investment potential.

This entry was posted on Wednesday, January 16th, 2008 at 7:11 pm and is filed under The Setai - 40 Broad 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.