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Thread: The Laureate - 2150 Broadway

  1. #106

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    I've seen the building in person and it really looks great. I am curious to see how the balconies will be finished off. I agree with the prior comment that the limestone base does look upscale and of high quality. This is a nice addition to the UWS.

  2. #107

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    For pre-cast it really does not look bad at all. The ornamentation is tasteful. And this is much better than the usual SLCE, Handel crap that is going up on the upper west side.

  3. #108

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    Quote Originally Posted by View Finder View Post
    I've seen the building in person and it really looks great. .

    I saw it today, yes very nice: not quite 25 CPW level , but close.

    Also, the fact that the windows are large, but yet do not go-all-the-way to both ceiling/floor is an 'interior' feature I find particularly appealing. That type of window (3/4 I think its' called) is ideal because it provides both great light/views and also imparts a sense of 'interior closure/separation' from the street/outside.

    I have seen many of the new 'total glass' facade buildings, on the inside the windows obviously comprise the entire surface; floor-to-ceiling, and side-to-side - it makes for a 'floating in the air' effect that is a totally different experience for the occupant of the apartment.

  4. #109

  5. #110

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    Wow, that is a terrific photo: the contrast with that 'classic' in the background is a nice juxtaposition. The buff colored stone, and large glass windows, along with some simple decorative flourishes on the facade is a great way to go in general; but given the architectural context, this was particularly smart design decision.

    The one is a real beauty: so nice (and so rare) to see one done so well. (rhyme intended) lol
    Last edited by infoshare; August 24th, 2010 at 07:29 PM.

  6. #111
    NYC Aficionado from Oz Merry's Avatar
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    Very nice.


    Laureate exudes sense of serene competence

    By James Gardner

    Incrementally, though not without a few false steps, the Upper West Side is getting better. Some of its more recent developments, like the Corner at 200 West 72nd Street, have done the area no favors, but the general trend is one of improvement. What with 15 Central Park West -- which is as much about Broadway as about Central Park West -- the reborn Lincoln Center and the new Apple store on Broadway and 68th Street, among others, the place is looking increasingly lustrous and expensive. For those of us who grew up here in the 1970s, before such a transformation was even dreamed of, the change is astounding.

    One of the more charming adornments of Upper Broadway is the nearly completed Laureate, at 2150 Broadway and 76th Street. For years, if not for more than a century, this corner space was occupied by two very different, very low-lying buildings, united by nothing more than the fact that they were so drably generic. You could walk by them for decades and never notice them. Then came a razed lot, and now before our eyes materializes a white palace, designed by SLCE Architects and developed by Continental Ventures, headed by principals Jane Gol and Amir Chaluts. At 20 stories, it contains 75 condos ranging in size from one- to five-bedrooms, and asking prices between $1.67 and $8 million.

    Its shape and contours roughly resemble those of the Upper West Side's Corner but the result is so much finer. Instead of glass and steel and an ineffaceable whiff of value engineering, you have a pale, limestone clad structure, with an imposing Beaux Art awning at street-level, as well as the first two floors linked by giant-order pilasters.

    Above their imposing cornice, at the corner of the building, rise a sequence of Juliette balconies. On either side, the windows are arrayed with geometric regularity, but because they are punched-in, they exude classic old New York charm and never appear monotonous. The top four stories take the form of a set-back. There are no fireworks to the building, only a sense of serene competence.

    http://therealdeal.com/newyork/artic...-james-gardner

  7. #112

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    When this thread started in March 2007, the world was a much different place. While I agree with most here about the nice exterior and the interior finishes will probably match, I'm a little wary of how this will sell.

    By my math, there are 75 apartments and my current estimate is that 50 of them will be above $5 million per the floor plates and the approximate price per foot. Spending more than $1,800 per foot to live on Broadway with either dark north views or unimpressive western Broadway views could be a tough sell no matter how nice everything is.

    And are there really 50 buyers willing to spend more than $5 million here? Has the Harrison soaked up most of the buyers in that range with the Apthorp grabbing a few more? How many buyers are there willing to spend $5 million+ on the UWS? There are other choices.

    Don't get me wrong, I think they will sell. And we'll see when the schedule A gets out soon enough but I'm betting dollars to donuts they priced this all wrong.

    If they priced at $1,500 psf out of the gate leaving a good cushion for prices increases, I will retract. If the average is more like $1,800+ as I suspect it will be, they are going to have a tall hill to climb described below


    My prediction is this:

    They will start with prices that are too high ($1,800+ psf) which will end up being the flaw. You can always raise prices but lowering them is tough.

    When they go on the market, the initial availability list and the interest of a few, active apartment seekers will give the Sponsor a false sense of confidence as a bunch of contracts are quickly signed to be then followed by the inevitable amendment with price increases. That may have worked in 2004-2007, but it will just end up putting the developer further in the hole they can't yet see. Sales will start to taper off and by the holidays, what looked like a good, fast sales clip ends up slowing to a trickle even as the sales team tries to feign strength and momentum.

    They get to a decent percent sold by January but there will be a good chunk of $5 million + apartments left even as closings -- those with all cash -- begins.

    By the end of Q1 2011, the construction will come to a close and the developer will still be left with more than $100 million worth of inventory and it will become a waiting game. Will the lender let the developer hold or will prices need to come down?

    That "serene competence" will be replaced by something else.

    Let the post Labor day games begin!

  8. #113

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    If the interiors are nice, I think that $1,800/sf is reasonable. The area is great. The exterior looks really nice, and many people will be getting very high bonuses on Wall Street this year.

  9. #114

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    #504 in The Harrison, a 2,667 sq 4 bedroom recently closed for $1,564 psf. I'm hard pressed to believe there are 50 more buyers out there willing to spend even more than that per foot. There are two $5m-ish apartments for sale at the Harrison right now.

    I also wouldn't put The Element and 57 Reade as examples of a what I would want in my developer of my $5 million apartment. Related's finishes may be middle of the road, but there's an experience to their buildings that is worth something -- and yes, people do like the Bob Stern thing.

    I would *hope* that 57 Reade was a learning lesson for the Sponsor. We can already see that SLCE learned something.

    Bonuses -- probably paid in 2010 this year for tax reasons -- I think are a sales myth. My own belief based on 40+ years in NYC. Selling over $250 million worth of apartments over $5 million isn't going to be easy. That's a lot of dough in an uncertain world.

    Don't get me wrong. I like the building. It's a nice addition to the UWS and while the UWS is certainly a family area, I just think the mix of apartments and the pricing could be the mistake.

    We'll know more when the schedule A is out in the wild.
    Last edited by LabradorLove; September 6th, 2010 at 09:09 AM.

  10. #115

    Default Could not agree more LabradorLove

    Re Wall Street- growth assumptions are being slashed daily as well. Will be an interesting end of year for equities as a result. Another cold rain on confidence won't help closings at 1800/sq ft either!

  11. #116

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    Quote Originally Posted by UWSjack View Post
    Re Wall Street- growth assumptions are being slashed daily as well. Will be an interesting end of year for equities as a result. Another cold rain on confidence won't help closings at 1800/sq ft either!
    The full website is up.

    The building is obviously geared towards large apartments. By my math, there won't be more than 16 apartments 3 bedrooms and under. The 3 bedroom facing north looks dark and a 3'6" corridor?

    So lots of big big apartments.

    The 4 bedrooms are all the same size. I really don't understand that. All three are around 3,000 square feet. Makes the pricing a little rough. I could understand one at 2,300 sq ft, one at 2,700 and one at 3,000 but to have all three at the same square footage? What's the point?

    The Candela comparison is a bit much. I like the building and wish them well. I just can't see how there are 50 buyers willing to spend more than $5 million each to live on Broadway with no views and poor light -- relative to other exposures.

    It isn't easy selling 2,800+ sq feet for more than $1,800 per foot. They seem to want to do that many many many times over. I don't get it.

    Just looking at those 3 four bedroom plans, they erred in their floor plans and mix. Is there $300 million worth of buyers waiting to live on Broadway? Maybe I'm out of touch but this seems like it is in for a slow sales cycle

  12. #117
    Forum Veteran Tectonic's Avatar
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    Not looking to shabby on 11.13.2010:


  13. #118

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    Very nice!

  14. #119
    Build the Tower Verre antinimby's Avatar
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  15. #120

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    Very well done building I say. Puts most clumsy pre-cast apartments to shame.

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