by Amanda Fung
Crain’s New York Business
Asked recently to conduct searches for two clients seeking Upper West Side apartments—one seeking a four- to five-bedroom, the other a two-bedroom—Malcolm Carter made a startling discovery. The prices on half a dozen apartments that fit the bills had been raised 3% to 4% since they were first listed.
Among them was a 717-square-foot one-bedroom at Trump International at 1 Central Park West, now listed at $1.295 million—up 4% from five months earlier. Similarly, a four-bedroom at The Laureate at 2150 Broadway is $5.2 million, up 3% from just a month earlier.
“Sellers see any market movement as an opportunity to collect more money for their properties,” said Mr. Carter, a broker at Charles Rutenberg Realty.
These days, many of them are seizing that opportunity, driving apartment prices upward across the city for the first time in three years. Most of the increases fall into the modest 3% to 10% range. While that pales in comparison with the boom years, when prices soared by more than 25% in a single year, it is clear that a turning point has been reached and that higher prices are sticking.
Prices started inching up late last year as the residential sales market began to stabilize after years of slipping. Despite conditions in the rest of the nation, where reports last week showed that new home prices had slumped to a seven-year low, here in the city buyers seem to be betting that there is money to be made once again in owning—or at least wagering that prices will not go down from here. Historically low interest rates and a small supply of new units resulting from the construction drought are also contributing to the rising prices.
“There is pent-up demand, more buyers are out, and there seems to be quite an appetite,” said Adrienne Albert, chief executive of residential sales firm The Marketing Directors Inc. To capitalize on that trend, she recently upped prices 3% to 5% on selected apartments at Apex, a new 44-unit condo development atop the Aloft Hotel in Harlem, and at The Sheffield, the city’s largest—and just two years ago its most troubled—condo conversion. Marketing Directors is the exclusive agent for both buildings.
“The market is now slowly but surely becoming a seller’s market,” Ms. Albert added.
Read the full article in Crain’s New York Business.
The Harlem Bespoke recently featured Harlem’s Apex Condominiums in their blog. Here’s the post:
The Apex condos above the Aloft hotel debuted at the end of last summer on FDB/8th Avenue and a recent press release announced that the new construction at 124th Street has 20% of the units accounted for. A quick check on Streeteasy shows that there are a total of 8 apartment in contract and 13 units active: Original reports confirm a total of 44 condos up for sale altogether but some of them apparently are not ready for the market since the listings are not available. Studio to 3-bedroom residences are priced in the mid $300K range to just over 1 million, consist of 476 to 1,809 square foot of space and maintenance fees look to be from the $700 range to over $2,000 per month. Location wise, this area around South Harlem has a lot of amenities and the express A train is just a block away. More details at: www.ApexCondominiums.com
See the full Harlem Bespoke post here.
By Roslyn Lo
Situated in the heart of Harlem, the new Apex Condominiums offer the best of both worlds: An avant-garde building in the midst of a neighborhood lush with history.
The building complex is the site of the first hotel-condominium community in Harlem since 1967. Quickly becoming a popular hub for tourists and residents alike, the 12-story building is a swanky new destination on the corner of Frederick Douglass Boulevard and 124th street.
With 44 newly built condominiums starting from the sixth floor, the units range from 476 s/f studios; 660 s/f one-bedroom; 1,206 s/f two-bedroom and 1,699 s/f three-bedroom residences. Prices start from $335,000; $440,000; $645,000 and $1.04 million, respectively.
The condominiums sit atop Aloft, a trendy, ultra-chic boutique hotel, aimed at attracting the young demographic. The hotel-condo complex was constructed as part of a new project to restore and modernize Harlem. The development of close-by fine dining establishments and retail is also in the works, aiming to boost the area’s economy.
Besides its modern appeal, Apex Condominiums is at the site of many historical American places, such as the famed Apollo Theater, only blocks away. Central Park, Columbia University and New York Transit are accessible.
The condos are near the subway station, which is only two stops away from mid-town. With the Ivy League school Columbia University nearby, the complex has a contract with the learning institution to accommodate visiting guests.
The modern condominiums are equipped with state-of-the-art furnishings. The units feature 8.5 to 10.5-foot ceilings, polished Nordic hardwood floors and dual-pane windows, which allow for maximum sunlight exposure.
The European-style kitchens come equipped with KitchenAid appliances, including a seamlessly integrated wall
oven, Bosch washer-dryer, bottom-freezer refrigerator, stainless steel sink and built-in microwaves.
The bathrooms feature Italian tiles and marble, and fixtures including drop down vanities, a Zuma soaking tub and frameless shower stalls. The hallways were designed extra wide, spanning four feet in width, with windows lining the corridor to allow southern exposure lighting.
Apex Condominium boasts a wide array of amenities, including resident access to hotel features such as Aloft’s bar and mini convenience store, a fitness center and doorman.
The WXYZ bar is a special destination for Harlem residents. An ultra-chic lounge, it is a popular local place to enjoy lively music with cocktails.
Residents are also given exclusive rooftop access with a sight of Manhattan’s skyline. From the panoramic view, residents are able to see famed New York landmarks such as the Chrysler building and Central Park. The dual-rooftop deck will be decorated and fully furnished so residents can enjoy the city vistas in comfort. Select three-bedroom units have balcony access as well, for a more personalized view.
The condominium-hotel hybrid has two separate street entrances for guests and residents, with two sets of elevators. Parking and storage are also available for an additional fee, and are optional features for driving commuters.
RCG Longview developed the Apex Condominiums, with the Marketing Directors, Inc. as the exclusive agents. Since Apex’s late 2010 opening, 20% of the condominiums have already been sold. The recent trend shows that families are set on finding comfortable living space in Manhattan.
As the three-bedroom units are being occupied swiftly, it is proof that the modern condominiums not only attract young sin-
gles. The client demographic so far trends towards 30-40 year old professionals, who Marty Brady of The Marketing Directors said were coming from all over the city.
“They’re from everywhere,” Brady said. “Manhattan, Jersey, Brooklyn and Queens.” The location makes it convenient to commute to anywhere in Manhattan, or even Connecticut and New Jersey,
Brady expressed his enthusiasm for the new venture and its price points. “The Apex condominiums are as unbelievable in value as you can get, nothing like anything else you can find in Manhattan,” he said. “The hotel hasn’t even opened yet, but our condominium sales are tremendous.”
With a combination of the old and the new, Harlem is seeing a spirited revival. Apex Condominiums is a bold new venture that embraces the neighborhood’s changes, offering an edgy and comfortable living space to complement Harlem’s rich history.
See the full Brokers Weekly clip: Brokers Weekly – Buyers Checking Out New Condo-Hotel – 3.16.11
Majority of buyers in 220-unit tower hail from overseas
By Candace Taylor
The Real Deal
After nearly four years on the market, the 220-unit Platinum condominium is sold out.
The last five units in the Times Square tower, designed by Costas Kondylis, went into contract in March, according to the Marketing Directors, the sales agent for the building.
Units in the 43-story building sold for an average of $1,350 per square foot, said Allen Goldman, president of SJP Residential Properties, the project’s developer.
It’s been a long road for Platinum, located at 247 West 46th Street at Eighth Avenue.
When the project first hit the sales market in 2007, before the Lehman Brothers collapse, the New York City real estate market was in a different place, said Marketing Directors CEO Adrienne Albert. With some units priced up to $7.5 million, the building made a splash with sexy advertisements featuring svelte, half-naked models covered in platinum paint.
See the full clip of the article: The Real Deal – Platinum Condo in Times Square Sells Out – 3.16.11
By Betsy Kraat
New Jersey & Company
Gulls Cove, one of downtown Jersey City’s premier residential addresses, is now more than 90 percent sold and closed following a flurry of activity in the new year.
The luxury condominium community continues to see exceptional interest from homebuyers, leaving fewer and fewer opportunities to own a home here, according to developer Dean Geibel and The Marketing Directors, Inc., Gulls Cove’s exclusive sales and marketing agent.
The 323-residence building is a popular choice for commuters to New York City and buyers who enjoy the building’s social atmosphere. Whether it’s resident parties, barbecues on the expansive patio deck or friendly neighbors chatting in the lobby or lounge, buyers continue to find the community’s social character appealing.
Located in the Liberty Harbor North Redevelopment District of downtown Jersey City, Gulls Cove is a 16-story luxury condominium building overlooking Liberty Harbor and the Manhattan skyline. Homes range in size from studios to luxurious 2,000-sf three-bedroom designs. They include a variety of elegant finishes and appointments, featuring spacious kitchens and balconies in some residences. Prices start in the $300,000s.
The community offers a host of exciting amenities, including a landscaped patio with putting green, state-of-the-art fitness center and an indoor parking garage. The patio offers breathtaking views of Liberty Harbor, The Statue of Liberty and the New York City skyline. An “At Your Service” concierge takes care of every resident’s needs, from dog walking to maid service to dry cleaning. Gulls Cove management recently introduced a remodeled lobby and adjacent unique social lounge space with fireplace which gives residents an additional gathering place. More than 200 residents came to a recent grand opening party to celebrate the opening of the new lounge.
Gulls Cove is ideal for commuters. Literally steps away from a Light Rail station, residents can access New York City and points of interest in New Jersey right from their front door. A commuter ferry to Manhattan and a PATH station are both within walking distance. The New Jersey Turnpike and Newark Liberty International Airport are just a short drive away. Residents who don’t want to leave home find that the neighborhood is teeming with a variety of interesting shops and restaurants.
Read the full article in the New York Times.
The renaissance of Harlem’s Frederick Douglas Boulevard corridor is on full display at Apex Condominiums where 20% of the new residences have already been sold, according to owner/developer RCG Longview and The Marketing Directors, Inc., the property’s exclusive sales and marketing agent.
The building’s 44 contemporary condominium homes are situated on the top six floors of the new 12-story, 124-room Aloft hotel — the first hotel to open in Harlem in nearly a century.
While the hotel’s stylish rooms, dynamic re:mix lounge and energetic w xyz bar have quickly made Aloft Harlem the area’s hottest new destination, the condominium residences are claiming their share of the spotlight as well as astute homebuyers are taking advantage of the unique opportunity to live in a striking new residence atop a world-class boutique hotel at a reasonable price point.
“Apex Condominiums fills an important gap in the area by offering new, well-appointed residences in the heart of this well-located and bustling neighborhood at prices that appeal to a wide range of buyers,” notes Richard Gorsky who leads the RCG Longview team. “Buyers from Queens to Brooklyn to upper Manhattan are responding to the opportunity to purchase larger homes with upscale finishes at a more competitive price.”
Apex Condominiums’ studio-to-three-bedroom residences are priced from the mid-$300,000’s to just over $1 million. The homes enjoy a separate, private, secured entrance to the condominiums with an attended lobby, residents-only elevators, storage, and a rooftop terrace with panoramic views reserved exclusively for the residential condominium owners. In addition, owners of these striking residences will enjoy shared hotel amenities such as a second, spectacular entrance, bar, fitness center and on-site parking.
The well-appointed residential floor plans offer 476 to 1,809 square feet of living space with stylish interior designs that provide a contemporary look at an exceptional value, according to Adrienne Albert, CEO of The Marketing Directors, Inc.
“The finishes were chosen to be distinct and to appeal to the values of our target market,” notes Ms. Albert. “There are dramatic floor-to-ceiling windows in many homes, wood flooring throughout and Bosch washer and dryers in every residence.
Kitchens are notable for their custom two- tone cabinetry, granite countertops and a Kitchen Aid stainless steel appliance package that includes cook top, wall oven, dishwasher, refrigerator and microwave, while lavish master baths offer over-sized glass showers, custom designed vanities with polished marble counters and Grohe fixtures.”
Both the Aloft hotel and Apex Condominiums are benefitting from the area’s ever-growing cultural, dining and recreational pursuits, including universities, the famed Apollo Theater, tourism industry, and many retail services.
“Harlem is a resurgent community which has retained its timeless charm while embracing new development — particularly along the Frederick Douglass Boulevard corridor, which now provides all of the necessary amenities and services to appeal to Apex residents, including great restaurants, coffee houses, markets, movie theaters and other retail,” Mr. Gorsky points out. “Apex is one block from the 125th Street subway station, which offers direct express commuter service to 33rd Street. And there are a wealth of fine restaurants and cultural, historic, entertainment and shopping venues nearby.”
An onsite Apex condominium sales office and furnished model home are open for viewing. For more information and to schedule an appointment, call 646-374-3900, or visit the Apex website at www.apexcondominiums.com.
Hudson Reporter – What’s New in Residential Development? – 3.6.11