Tuesday, April 22, 2014

A Peak at 1110 Park Ave Under Wraps, Carnegie Hill Commanding $4000++ per square foot?

1110 Park Avenue (A. Fine)

Palace atop 1110 Park Avenue (A. Fine)

Peak at limestone (A. Fine)
Rendering (grifted from Curbed.com)
While previously the subject of much NIMBYism, lot line follies with neighbors 1100 Park and 1112 Park, Toll Brother's 1110 Park Avenue has risen! The 47,000sf plus condo will feature 11 apartments over 16 floors- a ground level triplex, 7 full floor residences (floors 3-9), 2 duplexes (floors10-13), and a palatial triplex with POOL on floors 14-16. The building will be clad in limestone, and much like Toll Brother's exceptional effort, the Touraine on East 65th Street, the building will take on a prewar look with a Parisian flair of sorts. Plans filed with the city indicate a gym, wine cellar, and bike room will also be included.

How about pricing? Word on the street, and it is just that, nothing else, is that prices will start at $10 Million and rise to $35 Million plus. Just doing the math, the smallest apartments should be the full floor residences with approximately 2860 gross square footage (lot size of 4146 x .69 coverage). Figuring loss factor for common space, stairs, etc.. it would appear that the least expensive apartment will be asking close to $3900 per square foot. You would have to figure that number will only rise with floor, and lord only knows what the will ask for the palace with the pool! Can Carnegie Hill above 86th Street, even on Park Avenue support such pricing? If condo sales in the area at buildings like 135 East 79th are any indication, the answer is a resounding yes! Sales are slated to start any time now, so we will soon find out.

Schedule A, (NYC DOB)
Toll Brothers Aspires To Unity On Park (The Real Deal)
All Things 1110 Park Avenue (Curbed)

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