The housing market has seen a spectacular upturn final yr and that constructive momentum continued via 2022. With low inventory and excessive demand, multifamily rents rose in April to an all-time excessive of $1,659, in response to a latest Yardi Matrix report.
The condominium market is reaping the advantages of a booming housing market. In New York Metropolis, each renters and consumers are significantly on this asset class. In 2021, Manhattan apartment gross sales had been 102 p.c above 2020 ranges, and 33 p.c above 2019 ranges, in response to CORE—a boutique actual property brokerage firm in New York Metropolis.
Shaun Osher, founder & CEO of CORE, talked to Multi-Housing Information concerning the borough’s apartment market and a very enticing constructing located at 150 W. 82nd St. on the Higher West Facet. Designed by BKSK Architects and one of many few conversions from the prewar period, Marlow pays tribute to the positioning’s historical past, whereas accommodating the wants of the modern-day homebuyer. The ten-story constructing options 27 residences, starting from studios to four-bedroom penthouse duplexes.
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Inform our readers concerning the historical past of the constructing and its conversion course of.
Osher: Marlow is a basic prewar, pretty ornate constructing on the Higher West Facet, inbuilt 1926 by American architect George Pelham. It’s a development sort that was frequent at the moment interval in New York Metropolis.
Alterations to buildings of this era require cautious consideration and detailing to adapt them for modern-day residing. Buildings constructed on this period in New York characteristic explicit signature components, reminiscent of seen beams, well-proportioned rooms—however with small kitchens and baths. BKSK tailored the constructing to have fun these quintessential Higher West Facet residences by highlighting the perfect features of the structure, whereas making residing areas that meet the wants of a contemporary purchaser.
The challenge additionally included energy-efficient retrofits, together with alternative home windows, new perimeter insulation and alternative of heating and cooling techniques. A lot of this work required approval by the NYC Landmarks Preservation Fee.
What kinds of residences does the property supply?
Osher: The enchantment of Marlow comes from the mix of an in depth conversion of a boutique, prewar constructing with the appeal of the outdated, combined with the comfort of a now totally renovated and trendy amenitized constructing.
Marlow’s 27 luxurious residences supply a variety of sizes and floorplans, that includes herringbone wooden flooring all through the kitchen, residing and eating rooms, with 5-inch plank oak wooden flooring all through the hallways and bedrooms.
Every unit provides ample pure gentle, prewar beamed ceilings as much as 9 ft with Windsor Pinnacle collection double-hung home windows, ample storage and walk-in closets all through, in addition to a stacked Miele washer and dryer. The kitchens supply Miele home equipment, customized stained matte white oak cabinetry with lacquered white bronze detailing, specialty etched glass backsplash in a satin end, and Kohler brushed brass taps.
What are the common-area facilities of Marlow?
Osher: The event options an array of family-friendly and out of doors facilities, together with a 24-hour doorman, residents lounge with a kitchenette, a youngsters’s playroom, health club outfitted by Matrix USA, tranquil courtyard, landscaped rooftop terrace with panoramic views of town and a barbecue space, a laundry room with business measurement washer and dryer, and storage models.
Who’s your goal purchaser pool and the way are gross sales going?
Osher: Attributable to its nice location within the excellent residential pocket of the Higher West Facet, we knew we might have lots of curiosity from younger households, in addition to these trying to relocate throughout the metropolis or spend money on a pied-a-terre. Marlow provides residents handy entry to among the gems of the Higher West Facet, together with walkability to Central Park, top-of-the-line eating places, cafes, music venues, landmarks and extra. A lot in order that Marlow is over 65 p.c bought and we’re trying ahead to welcoming our residents quickly.
What’s the present state of Manhattan’s apartment market? Increase on Marlow’s strengths on this context.
Osher: All through the U.S., the actual property market has continued to see a scarcity of stock, paired with gross sales hitting historic highs in 2021—and we see no indicators of slowing down this yr. As folks return to town and the market shifts again to pre-pandemic momentum, Manhattan gross sales have skilled unimaginable enchancment from the place we as soon as had been.
New York’s housing market is again and Marlow is reaping the advantages. Above all, now we have seen elevated curiosity from consumers searching for the comfort of a apartment unit that has the texture of a single-family residence with the accessibility and openness to the outside, and Marlow meets these wants with added historic appeal.
How is the Higher West Facet performing by way of apartment gross sales?
Osher: Our knowledge signifies that charming neighborhoods just like the Higher West Facet are among the many most in-demand residential pockets, significantly for contemporary condos like Marlow. Attributable to this demand, knowledge is displaying that gross sales for Higher West Facet condos have elevated year-over-year.
The Higher West Facet is quintessentially New York, providing a creative, inviting neighborhood with an abundance of quiet streets and greenspace. Its splendid location throughout the Higher West Facet caters to a neighborly, outdoor-centric way of life, with Central Park simply steps away.
What are among the present tendencies in apartment improvement and design?
Osher: In the case of improvement and design, individuals are taking into account that now we have been in a pandemic for the final two years, and their wishes are shifting. There’s a large demand for out of doors house and entry to the outside. With extra time spent at residence, there’s a pattern of consumers trying to maximize their house to be able to work comfortably, whether or not full-time or with a hybrid distant schedule.
Now greater than ever, there’s such worth positioned on the house, with the elevated want for a secure, comfy and pleasant house. Persons are valuing their houses above another asset portfolio and they’re looking for the house of their goals to assist the fashionable way of life.
What are your expectations for Manhattan’s apartment market going ahead?
Osher: The truth that now we have report low stock paired with excessive demand will hold the market buoyant.