Units at the new luxury condo at 277 E. Seventh St. near Avenue D hit the market in early October.
Hilarity ensued in the accompanying marketing materials:
This intimate new development presents a bold alliance of concepts and materials. The neutral concrete façade incorporates the pewter patina of weathered zinc panels arranged in a vertical “reveal” pattern with glass curtain walls and balconies facing north and south, framed in architectural stainless steel mesh. The result is a contextually and thoughtfully designed newcomer to the heart of the East Village’s vibrant and diverse neighborhood, best known as the birthplace of the Beat Generation poets, experimental theater and music and the post modern art movement.
Shockingly, not a single unit, which are in the $1 and $2 million range, is in contract after two-plus months. Which is why The Real Deal reports that broker Ryan Serhant, star of “Million Dollar Listing New York,” is taking over the sales.
His team will be rebranding the building the ominous sounding "Seven East Village" early in the New Year "with a high-profile launch party." (Can't wait to read about it on Page Six!)
What else?
Part of the rebrand will be creating a bike-sharing program for the building and auctioning off a Vespa at the launch party.
Previously on EV Grieve:
The next sliver of space for development: The parking lot at 277 Seventh St.
Seventh Street parking lot destined to become 6-floor apartment building
A look at the dwindling number of East Village lots
Pricing and interior shots of the 'intimate new development' at 277 E. 7th St.
25 comments:
Uhh why would they need a bikeshare program? CitiBikes too downmarket for them?
I'll go for the shot at that Vespa.
Nicely done building but too close to Projects on Ave D 7th street great block. Condo's on 7th street just off Ave C sold quickly. These I think will linger because of Ave D.
Its a great investment, the Ave D projects are in some developer's cross hairs and I predict they will be gone in 10 years - we'll get another 90% luxury for the transnationals and 10% separate entrance for the citizens.
The condos on C maybe sold quickly because of the police station on 8th and C. Paying $1M to live off the projects isn't attractive I'd imagine, plus the closest train is 8 blocks (including 4 crosstown) away.
Anyone who thinks they are going to kick 10,000 or 20,000 people or how many ever people live in Jacob Riis, Lillian Wald, and Baruch is out of their minds.
And any real estate agent that even hints those projects are going away in order to sell condos is committing fraud.
If the contract provides a 24 hour body guard and bullet proof clothing as well as windows I will think about it.
Wife's head in a box free with condo at Seven East Village
Based on that rendering they should have just rebranded the building the Chia Pet Tower and called it a day.
What Shawn said.
I hope you're right Shawn, but it doesn't look good for the long term. Developers are paying the city $150 million for a 50-50 partnership in Campos Plaza.
The deal has feds paying the developers the difference between the NYCHA tenants’ rents and the apartments' market rate value. Then in 30 years, the developers can ask NYCHA for the units to become fully market rate.
dailynews.com/news/politics/city-sell-stakes-housing-projects-developers-article-1.2037359?cid=bitly
Before people start going all bullshit on the city or NYCHA over this, it's happening because Washington DC is the primary source of money for public housing, and thanks to the GOP, congressional appropriations for public housing programs has about dried up.
That leaves it up to the city and state to rebuild NYCHA, but I am (1) skeptical about Cuomo's and certain about Skelos' commitment (ie: lack of commitment) to that because of (2) how much real estate money is spent lobbying Albany.
http://www.nydailynews.com/new-york/city-state-act-rescue-nycha-article-1.1914034
Will they utilize those bright NYPD circus lights to keep the precious safe?
Zaha Hadid-designed bikes, Vuitton-patterned Vespas and free-range Soylent Green, handcrafted from the bodies of former Projects dwellers.
Shawn, I am out of my mind, but I base my prediction on what has happened at other public housing projects across the country. Everyone scoffed at me when I told them CBGB would be gone a couple years before it turned into smoke. Everything is fodder for Goldman.
Shawn the only city left in america with these giant projects in nyc. Guessing residents will be paid to leave. Or the buildings will be in such bad shape people will have to leave. The GOP in DC isn't giving NYC billions for public housing. Its not far fetched to assume these buildings won't be projects in 15 years. Ken is right.
"contextually... designed" -- if they're lying about something so obviously BS, makes ya wonder how many other things they are making up.
LOUDEST CONSTRUCTION EVER. It's been almost two years, and they're still not done!
I am reassured that so far there's exactly zero people stupid enough to pay upwards of $1 million to live in this location.
Maybe, just maybe, the developers have misjudged the number of over-funded dumb-ass buyers out there. That would be refreshing.
Recent comparison sales, all according to streeteasy: In an older Avenue D condo building, a unit recently sold for just a few thousand dollars short of $1 million, getting just greater than $1,000 per sq foot. In the only few doors' down FlowerBox Building at 259 East 7th -- while more mid-block and perhaps a better overall building -- there's a 2-bed 2-bath with an asking price of $2,650,000 (or more than $1,700 per square foot) now listed as "in contract". Until the sale closes, it's not clear what was the actual selling price. At 277 E. 7th, before the new TV broker took over, units were asking approx $1,300 and up per sq ft. Avenue D "action" becomes less an issue for any buyer who scoops up a unit as an investment and not as a primary residence. And actually, having one's own building bike share might a good idea considering how awfully run CitiBike has turned out.
With the laws changing regarding the growing and selling of marijuana these balconies could encourage the next pot titans to move in.
$1 million is nothing in today's Manhattan real estate market. I'm surprised they haven't sold, at least to an investor. Either the broker isn't listing it properly or there is something very wrong with the units.
That said, everyone reading this should show up to win the vespa, just because we can.
An honest question: Is Avenue D still dangerous these days? I get over that way a few times a year and have never had any problems and I have lived here for 15 years.
Thanks for all the comments, didn't mean to say you good people were out of your mind, far from it. :-)
I was referring to these real estate agents I've overheard outright lying to prospective tenants about those NYCHA projects in order to sell condos on Ave D. The NYT had a hilarious piece where these yuppies expressed reservations about Ave D. I was dying laughing:
http://www.nytimes.com/2014/04/20/realestate/the-east-village-in-the-thick-of-things.html
This NYCHA deal, which you can read about here http://nydn.us/1vDCzNZ would take 30 years for the developers to even be able to ask for these apartments to be so-called "market rate."
Well, that's the year 2045 and makes me about 70 years old so maybe I'll take one and retire!
It's a beautifuk building but Ave D, no way. Anyone else notice the photoshopped white people in the photo ?
I hear most people who buy these ridiculously expensive NYC condos are foreigners who only do so as a financial investment anyway. This is perfect for said foreigners who have no intention of ever actually living here.
*rage*
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