A new addition to the midtown condominiums in New York City is rising. One Hundred East Fifty Third Street is good to go for its condominium market.
The renderings of the One Hundred East Fifty Third Street have been published in NY Curbed in October 2015. It is noted that after several years of delay, "the Norman Foster's glassy condo tower at 100 East 53rd Street-which has been renamed One Hundred East Fifty Third Street" is now back to progress its development.
With the said slowing down of sales of condo market, The Real Deal reports that Aby Rosen, the developer of the One Hundred East Fifty Third Street, is very optimistic that the Midtown condo tower would not be put down by the slacking of sales of the luxury condo in the city. He firmly believes that condo market is still vibrant "for his 94-unit building's price point."
Despite top competition among other luxury condos, Rosen thinks that there's a better promise for 100 East 53rd Street because the prices are moderate. Currently, the company is selling the condo in an average price of $4,623 per square foot. Rosen also believes that NYC needs housing. "I think at crazy numbers, [units] aren't going to move. People need to be realistic about what they want to achieve," Rosen adds.
The developer also discloses that condo market has a different wave of foreign buyers. He said that there are already merging market for condominiums, such as foreign buyers from India and Brazil.
At present, the current price of 100 East 53rd Street has increased 16% per square foot. But then Compass president Leonard Steinberg explained that the midtown condo project actually has the so-called more realistic price mentality compared to other luxury high-rise condo in Manhattan. It is noted that the most pricey unit is "located adjacent to RFR's iconic Seagram Building, is its top penthouse unit priced at $65 million, or $9,615 per square foot." The least costly unit is a one-bedroom which is "located on the lower floors, is asking slightly over $3 million, or just over $3,000 per square foot."
Report also says that the developer and partners are working hard in every single details of the condo tower so that it would "avoid the 'dry' look of condos a lot of his competitors were putting up."
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