Tuesday, May 13, 2008

Upper East Side Condos May 2008 Development-O-Rama (70's +80's)

The Brompton- 92% Sold, $1750psf avg

The Lucida- 90% Sold, $1888psf avg

255 East 74th, 90% sold, $1869psf avg.

300 East 79th, 45% Sold, $1600psf avg.

The Georgica, just opened, $1450psf avg.

The Isis, coming soon, starting at $1350 psf

The Legacy, 2 duplex units left ($1300psf avg.)

The Upper East Side is officially a condo glut-free zone! Not only have prices appreciated over the past several months, sell through has been exceptional. Looking at the 3 biggest developments- The Lucida, The Brompton, and 255 East 74th, each condo is better than 90% sold and the buildings have not been completed. Additionally, the average price per square foot in these three buildings is up 11% over the past 6 months to average $1835 per square foot.

Looking forward, well located buildings like The Georgica (avg. $1450.psf) which just opened, and The Isis (starting at $1350. psf), officially open in June, look like they are priced to move. Investment wise, both buildings look very solid. Full market report and further info available by request (email: andrew@afinecompany.com).

Please note: all prices per square foot are approximates for units remaining and subject to error.

1 comment:

  1. 255 East 74th is the ugliest new building in Manhattan. Who designed this hulk? I never thought I'd prefer a row of old tenements but those had more charm than this thing.