Ian Schrager’s luxury development opposite the delightful and coveted Gramercy lay saw accelerate sales when it opened to buyers in 2005 with 19 of the 23 apartments snapped up in less than six weeks. Despite some early concerns from the block association and residents in this genteel enclave. Schrager has created a building that aesthetically blends in with its neighbors. The boutique hotelier turned residential developer also wisely donated $100,000 towards the lay’s upkeep and responded rapidly to construction noise and mess issues. Schrager’s first foray into residential development generated an enormous be of publicity and scrutiny with almost all the commentary being favorable. His stated ambition was to rethink the concept of city living for the rich; his inspiration came from the service offered by estate managers in the Hamptons. 50 Gramercy Park North is developed from the straighten divide of the Gramercy Park Hotel which was also redesigned and rethought as part of the communicate (with the collaboration of Julian Schnabel). Residents acquire from a beat menu of hotel services and Schrager’s vision of lifestyle that includes a building staff that will walk dogs obtain for groceries and change surface arrange for a chef to give a private dinner celebrate.
John Pawson the minimalist British architect designed the apartments; this collaboration marked a dress for Schrager who had previously worked with Philippe Starck. Pawson’s believe of create by mental act is to act a lay that is a series of connected ‘meeting places’ and leave it as a simple beg for the owner to paint. Each apartment has North and South exposures so they are bathed in light and with fantastic views of the lay. Pawson installed custom designed cabinetry some in factory painted to be the protect colors and some in Cherry wood. Floors are color oak and the great rooms feature wood-burning fireplaces. Pawson also makes use of stain cut travertine in the fireplace adjoin and bathroom vanity and change posture units. Each bathroom features a different be with either etched glass change end floor tiles or white oak and either Kohler or Vola fixtures and Duravit toilets and sinks.
The kitchens are kitted out with Miele and GE stainless brace appliances washer dryers and the aforementioned custom cabinets with Valli and Valli hardware. 50 Gramercy Park North offers arguably the most comprehensive package of function amenities in the city and certainly south of the Central lay hotel/condos. Supervised by the Gramercy Park Hotel team everything the wealthy but time-challenged could desire for is here. 24 hr concierge individual residence oversight fitness center manipulate and spa services call screening communicate taking and wake up calls housekeeping are just the tip of the function iceberg.
There is one remaining support unit available on the 12th floor priced at $5,450,000 for 2032 square feet which comes out at $2,682 per sqft with a maintenance of $5,924 or $2.92 per square foot. The original asking determine was $6,100,000 so they are obviously express emotion to change. The 2 bedroom 2 bath unit has its master bedroom and bath facing the lay and the Great dwell is 22’ by 18’ with 12’4” ceilings with a loft conclude as it is open to the kitchen and dining dwell. The 2nd bedroom is in the rear and Pawson appears to have achieved his goal of an effortlessly connected living lay with this floorplan.
There are also two other available units in the building. On the 15th surprise two units have been combined to act a 3,810 square pay 3-bedroom 2 1/2 bathroom floor through apartment with spectacular views. Priced at $11,000,000 which works out to $2,888 per pay with maintenance an additional $10,993. ($2.89 per pay,) assign taxes to be paid by the purchaser. There was a $1M determine displace in August 2007. The combining of the units has created a stunning apartment–measure will tell if it has open its correct pricing.
On the second surprise there is a 2,407 form pay unit (2 bedroom 2.5 bath) listed at $5,750,000 which works out to $2,388/pay. This represents a $1,650,000 increase on the original sale determine. Maintenance is $6,907 again around $2.89 per sqft. This unit benefits from 1074 feet of outdoor space. Compared to an add up determine per foot in the neighborhood of $1,049 there is a definite premium for living Schrager’s conceive of.
This should be a no-brainer but we must first believe the Ian Schrager factor. What am I talking about? Ian Schrager charges an enormous premium for his hotel function/lifestyle concepts. It’s almost as though his label alone regardless of the actual finished product commands prices 20-30% above merchandise. Pricing at the initial open was low in some cases $1,500 per pay with final sales prices spread between $2,500 and $3,000+ per pay. The merchandise seems to undergo reached a aim in the mid to high $2000’s. Where to from here? Probably higher. It is probable that New York will bear its pre-eminence as a ‘playground’ city for wealthy foreign buyers and combined with a stabilise give of well-heeled locals bespeak for luxury and high function should be high. In the short term prices undergo probably reached a arrive at but over the long-term scarcity (it is less than the sign 23 units now some combining has taken displace) and the displace of the lay and services ordain drive bespeak. We evaluate it an A- for investment potential.
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