Eyes out for a market indicator / 240 Park Av South follows its sibling at #260

Comparing pricing at building A to building B – pretty good lab data is coming
By then we will probably all know how the market is doing, but the related developments at 260 Park Avenue South (at 20th St; occupancy began this year) and at 240 Park Avenue South (at 19th St; to be completed next year) would provide very good comparative data about the Manhattan luxury market in general, and the market for high-end condominium lofts more specifically late this year or early next.
THX to Triple Mint for pointing out the project. Her take was on 240 PAS as one of several Gwathmey Seigel projects in the post-Design For Living period (the Astor Place curved glass tower that has taken many shots in the press and New York City blogosphere).

My take is that ready-in-2007 #240 PAS will provide a great side-by-side market study compared to its sibling at #260 PAS, which was sold beginning in 2005. The same developer is aiming at the same market.

Same finishes, same sizes, same developer, same location (nearly)
According to The Real Deal, 240 PAS sold at an average price of $1,275/ft, but that “front end” apartments sold for more (“as much as” $2,400/ft). 240 PAS will feature all “frontal” apartments. (#240 will be smaller, with only 55 units, compared to the 110 units at #260).
“Like its neighbor at 260 Park, the new project will feature loft-style apartments with 11-foot ceilings (15 feet in the penthouses) and 8-foot high windows that will let in light from the front, back and sides — courtesy of a back courtyard and a rounded southeast corner that will grant expansive Downtown views. All the units will be "frontal," unlike at 260 Park Avenue South, [Yitzchak] Tessler says.”
The two bedroom “B” line at 260 PAS should qualify as “frontal;” it has the best downtown view, at the Southeast corner of the building. The top floor unit, #11B, just went into contract off an asking price of $2.825mm for 1880 sq ft, or $1,503/ ft asking.
(Makes me wonder about some the front-end space that sold for “as much as” $2,400/ft, but who am I to quibble with a developer’s data??)
Two bedrooms at 240 PAS will be smaller than the “B” line a block north (though bigger than the two bedrooms in other lines at 260 PAS).
“The project at 240 Park Avenue South will include 800-square-foot one-bedrooms, 1,500-square-foot two-bedrooms, 2,150- square-foot three-bedrooms, and four 4,000- square-foot penthouses.”
The developer has not selected a marketing firm yet, so there will be no marketing for a while. But when that new building “comes out”, it should be easy to compare how the market is doing at that time.
Just look one block north.
© Sandy Mattingly 2006
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