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Thread: 240 Park Avenue South @ East 19th Street - Condo - by Gwathmey Siegel

  1. #1

    Post 240 Park Avenue South @ East 19th Street - Condo - by Gwathmey Siegel

    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.

  2. #2

    Default well

    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

  3. #3

    Post 240pas Pricing

    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.

  4. #4

    Default

    This building doesn't end right at the top.

  5. #5

    Post 240pas

    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.

  6. #6
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default

    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}

  7. #7
    The Dude Abides
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    Default

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

    http://www.wirednewyork.com/forum/sh...k+avenue+south

  8. #8
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    Default

    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.

  9. #9

    Default Construction pic from yesterday

    see below
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

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  10. #10

    Default

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

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