Posted: Jul 13, 2012, 1:14 AM
|
 |
New Yorker for life
|
|
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 24,957
|
|
http://www.nytimes.com/2012/07/15/re...pagewanted=all
Back in Business
From left, renderings of Baccarat Hotel and Residences in Manhattan, 388 Bridge Street in Brooklyn and 56 Leonard in Manhattan.
By C. J. HUGHES
July 12, 2012
Quote:
Now, in a move that seems to parallel the national housing recovery, the condo sector appears to be clawing its way back, according to brokers, developers and industry analysts. Workers are pouring concrete. Lenders are negotiating loans. And projects once written off as dead are coming back to life, which is stoking hopes that this comeback, unlike previous false starts, has some momentum. “I would call it a swell,” said Stephen Kliegerman, president for new development marketing of Halstead Property. “It’s not a wave yet, but it’s certainly not a drizzle either.”
388 BRIDGE STREET, BROOKLYN
If this project under construction near Fulton Street in Downtown Brooklyn is any indication, developers are thinking bigger this time around. At 594 feet, or 53 stories, the glassy skyscraper from the Stahl Organization will be Brooklyn’s tallest residential building when it opens in 2014.
Not all of its 378 units will be condos; hedging its bets, Stahl will also offer 234 rentals, on Floors 7 through 31. The 144 condos will enjoy the best seats in the house, on Floors 32 through 53. “This is a good way to handle the market,” said Gregg Wolpert, a co-president of Stahl, the developer of the Laureate, the Upper West Side condo whose penthouse went for $3,000 a square foot.
Prices have not yet been determined for Bridge Street, Mr. Wolpert said, but he does not expect it to be nearly as expensive. “We will not be selling $15 million apartments,” he said.
Reflecting a new reality about how these kinds of projects get financed, Stahl is kicking in $120 million of its own equity for the $265 million project, or about 45 percent, which is a huge change from the boom years. “The days of putting up 5 or 10 percent are gone,” Mr. Wolpert said.
|
|
Prev
Linear Mode
