[One Manhattan Square]
An analysis by The Real Deal published yesterday shows that the Lower East Side and the East Village have the second-highest number of condos on the market or in the pipeline when compared to all Manhattan neighborhoods.
In total, that makes 1,004 new units.
The is a big HOWEVER however.
It should be noted ... that its inventory count is significantly bolstered by one massive project: Extell Development’s 815-unit One Manhattan Square — the biggest condo development in Manhattan by unit count.
But some argued that sweeping the glassy condo project, which sits at 252 South Street in the Two Bridges section, in with Lower East Side inventory doesn’t make sense. They argued that the tower — which is shooting for a $1.9 billion sellout — is simply not in competition with the other inventory there.
As The Real Deal noted, Extell reported that it has sold 15 percent of its units. "And it’s going after a mostly Chinese clientele."
The published results of the analysis did not mention who was No. 1 on the list of condos on the market or in the pipeline.
9 comments:
The height on that thing! Un. Real.
So basically we now have a giant glass phallus disfiguring the skyline for a benefit of a bunch of overseas investors looking to hide their money here, so will spend millions on apartments they will most likely never lived in. And this is the first of two? Wonderful. Simply wonderful.
That building is even more horrendously oversized when you see it up close. Sorry, but if I’m buying a Manhattan condo that is the last neighborhood I’d want to be in, although Chinese buyers might not mind the sights and smells and fish guts in the gutters of East Chinatown. My bet is most buyers won’t feel too comfortable in such an old working class neighborhood, no matter how good the view is.
Horrible building in every way. They skirted zoning laws, then wouldn't reveal how many floors it would be. Sales opened to Chinese ONLY for a year, then Americans after they couldn't sell enough. Enjoy your flood zone.
Seeing as it's going to be obliterated in the next major hurricane, selling to foreign, non-resident investors makes sense.
Are they getting the property tax freebie?
Ah, another Bloombergia building - waaaay too tall, totally out of context, AND permanently giving the finger to all, far & wide.
And yeah, in a flood zone!
Does *anyone* in NYC government care that the Manhattan skyline is being permanently uglified & distorted? That building is so out of place it looks like a bad photoshop effort.
AND that high rise monstrosity could be ANYWHERE; perhaps its mindless blandness is comfortingly familiar to buyers from Hong Kong?
There is worst news, 3 of these buildings are planned. Our beautiful bridges will look like toys next to these in including the Brooklyn bridge. A much smaller side building with a "poor door" is what citizens get for giving this prize to big developers.
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