Does The Highline Allow Developers/Landlords To Command Higher Prices?

IMG_20090608_029SOMETHING FOR THE HAVES-
Nick Hetherington
According to Streeteasy there are 6 condo developments that have risen near The Highline. 1 of the 6 is The Caledonia which sold out in record time back in 2006/7 when, well, you know when we young and innocent. The median price of these properties is $1,350,000. The median price per square foot of these properties is $1,276. Compare that now to say The Chelsea Enclave who is commanding $1500 psf for it’s cheapest 1 bedroom unit and $3,114 psf for it’s most expensive unit and we could argue that news of the global meltdown didn’t reach West of 9th avenue. Just to note how are sales doing at this new development? Well, there are 7 in contract so far out of a possible 53 units since the sales office opened in January. Then there’s 456 west 19th street-which is composed of 22 duplex residences each with open floor plans and soaring double height living rooms to almost 20 feet. Prices range from $1400 psf – $2650 psf. Sales began here in November 2008. To date 1 sale has been recorded.
There are some sales at 350 west 23rd that don’t reach the stratosphere and you can pick up a space for under $1000 psf if you don’t mind living on the 1st or 2nd floor. Otherwise it’s back to $1300 psf. Sales here at this collection of 15 floor-through homes with fireplaces and private outdoor space are less than steady with only 2 contracts signed to date.
So, what does this all mean? Well, if you want to live close to The Highline, developers say ‘show me the money.’ People with this kind of money may be saying ‘We’re not convinced’. We’ll stay tuned to see how this all plays out.

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