After a bad marriage with Abi Rosen, Chinese developers are struggling to save a luxury midtown condo.
Step 1: Price reduction. many.
Then get a new broker.
Vanke’s Serene is a 63-story tower on the corner of 53rd Street and Lexington Avenue, with 28 of 94 units sold since marketing began in 2019.
CompassHaving shared sales with an in-house intermediary team at Rosen’s RFR, he resigned in late 2020 due to the battle between Vanke and Rosen and the turmoil in the project. Brown Harris Stevens Development marketing is currently the exclusive broker.
“Unfortunately, the developer’s pricing aspirations that combined Covid and the ownership dispute weren’t in line with market conditions,” said Leonard Steinberg of Compass, who led the team previously responsible for sales. I am.
“We are confident that the building will be sold out due to the notable price revision,” he added.
Notable are them. The revised offer plan submitted on May 3 shows that the 6,800-square-foot penthouse, which was demanding $ 65 million, is now $ 35 million. The 6,600-square-foot “Garden Mansion” on the 10th floor, with a 5,300-square-foot terrace, currently costs about $ 30 to $ 20 million.
The discount also applies to smaller units. A two-bedroom, 2.5-bathroom apartment on the 27th floor, sold for $ 2,100 per square foot in January. The same unit, one flight up, acquired $ 2,675 per square foot in 2019, and the 42nd floor unit of the year was sold in the building. It’s up to $ 3,300 per square foot.
Robin Schneiderman, Managing Director of Brown Harris Stevens Development Marketing, says “price improvement” represents “significant value.” He added, “This is not a fire sale of any shape, shape or form.”
The Schneiderman team has sold two units for a total of $ 7.8 million since the beginning of April.
One bedroom costs $ 1,504 per square foot, or $ 1.7 million, and two bedrooms cost $ 2,091 per square foot, or $ 3.4 million. Loft units start at $ 1,448 per square foot, or about $ 6 million. Full-floor units with three bedrooms are also on sale.
In 2020 Rosen sued Vanke. Trying to remove RFR From the project.Vanke accused Rosen of using the proceedings Extract large buyouts.. The sale was discontinued, but resumed after Rosen accepted the minority shareholder settlement and left.
This project is located on 100 East 53rd Street behind the Seagram Building in Midtown East and has some work to do. Built with a $ 360 million loan from a Chinese bank, it sold only $ 108 million worth of units before Rosen came out.
The building, designed by Foster + Partners, features radiant floor heating and a free-standing bathtub. Facilities include a spa, fitness room, swimming pool and private entrance to Michelin-starred restaurant Le Jardinier.
Vanke is one of the China-based developers who encountered a disability in New York City. Ocean wide I just lost control of the financial district site that was planning the skyscraper, Amban suffered a cost overrun At Waldorf Astoria, it was subsequently taken over by the Chinese authorities.
According to Schneiderman, the city’s condominium market has been supported by limited supply.
“Inventory levels for new condominiums have fallen below 6,000 for the first time since 2018,” he said, predicting that “market inventories will be less than two years by the end of the year.”