240 Park Avenue South

[MMM]

What are your thoughts on the new building by Tessler Developments, the architects are Gwathmey Siegel

http://www.240pas.com/

Looking to purchase there, they claim to be 50% sold and started marketing late last year.

[bigkdc]

what is pricing like? which floorplan are you thinking about?

I know 260 park ave s did quite well but that came out at the peak of the market

[MMM]

Pricing is $1500/sqft on the higher floors to $1300/sqft mid-floors and $1200/sqft on the lower floors. That is for the B,C and D pipes. The A pipes (2bed + 2bth, corner units) seem to be rather expensive and they add $400-500k onto the price of the C pipe (2bed + 2.5bth). None of these prices pertain to the PH units.

[ablarc]

This building doesn't end right at the top.

[MMM]

Correct, the pricing I mentioned is for floors 1-14. Their are 4 addtional "Penthouse" floors above. The floor area of the top four floors are slightly smaller than the bottom fourteen floors.

[Front_Porch]

For whatever it's worth, there was a huge broker-to-broker marketing push in the fall ("240 PAS: It's About Time!"), but they've stopped sending me e-flyers.

ali r.
{downtown broker}

[pianoman11686]

For anyone who's interested, there are several posts about the project in this thread:

http://www.wirednewyork.com/forum/showthread.php?t=6412&highlight=240+park+avenue+south

[BrooklynRider]

If you are uber rich then the price per square foot might be right, but as new hig-amenity residential towers appear on the Jersey City, LIC, and Brooklyn horizons those $1500/sf properties are going to seem mighty over priced.

Good article in today's NY Times about collapse of condo markets in Miami, DC & Las Vegas. NYC is always behind the curve, but eventually we catch up.

These are times when co-ops are safer bets than condos. We're going to to see foreclosures and condo flipping as the new wave of NY residential future. People are "investing" thinking there's a huge market of renters willing to pay $4,000 for a one bedroom unit. Not so.

I think it is overpriced - especially for the location. You could actually continue renting and SAVE money.

[chan_2001]

see below

[sfenn1117]

Thanks for your updates. I didn't know this one was so far along.