Posted Apr 8, 2014, 5:24 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
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http://www.bloomberg.com/news/2014-0...yscrapers.html
Lower Manhattan Condos Rival Midtown’s Luxury Skyscrapers
By Oshrat Carmiel
Apr 8, 2014
Quote:
.....“It’s a new class of luxury product that’s being introduced,” said Kelly Kennedy Mack, president of Corcoran Sunshine. “We are seeing buyers who historically were attracted to Midtown come downtown. They’re getting the same high level of design and spectacular views.”
Downtown buildings accounted for 51 percent of Manhattan’s new-development sales last year, compared with 35 percent in 2012, according to the brokerage. Developers in the area have more than 4,000 units planned for construction or delivery within the next two years.
.....In the southern part of Tribeca, once largely a warren of government office buildings, more than $1 billion of sales were completed in the past year at 56 Leonard after the developer, Alexico Group LLC, waited out the financial crisis.
The foundation for the planned 60-story tower was poured in mid-2008, just before the collapse of Lehman Brothers Holdings Inc. Alexico halted deals and construction for more than four years, said Izak Senbahar, the company’s president.
Now, of the 145 units in the building, designed to look like a stack of delicately balanced blocks, only eight remain. A 7,800-square-foot duplex penthouse sold for $47 million.
The project “just hit a nerve where a lot of downtown people wanted to upgrade,” Senbahar said. “They needed a larger space, they wanted views, they needed a doorman and a garage.”
About 75 percent of the buyers were New Yorkers, said Senbahar, who initially assumed that much of the interest in the tower would come from overseas.
“Local people really grabbed it before we could do a marketing campaign overseas,” he said.
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