More than $560 million in sales and 12 price amendments up . . . in six weeks. Welcome to the new pre-construction frenzy.
The building is 150 Charles St., a 91-unit, 16-story, ground-up condo that's currently pouring its foundation. Since the development went on sale in February, its Douglas Elliman marketing team has signed contracts on more than two-thirds of its residences — at prices upwards of $3,000 per square foot — including one of two penthouses, which was on the market for $34 million.
This is what happens when new elite housing stock — residences at 150 Charles come in more than 75 different layouts — is built in the West Village.
Lorenzo Ciniglio; Hayes Davidson (top)
A rendering (top) shows the promise of 150 Charles St., which is selling at a breakneck pace.
"There's limited supply and increasing demand" in the NYC market overall, says Tricia Hayes Cole, executive managing director at Corcoran Sunshine Marketing Group. And the West Village, "happens to be in a sub-market where there is even less supply . . . It's a limited opportunity, so they're coming in and snapping up units."
Indeed, 150 Charles is just the latest in a line of ultra-luxury new construction developments that have conga'd their way through the West Village, breaking records and selling like wildfire. The neighborhood's introduction to high-end new construction and starchitecture came by way of the Richard Meier buildings, which appeared on Perry Street in 2002. They were followed by 165 Charles St., also by Meier. After that came 385 W. 12th St., One Jackson Square and Superior Ink.
"Last year there was 130 W. 12th St. That sold quickly. A couple years ago it was Superior Ink, and now 150 Charles is the new guy in the neighborhood," Cole says.
What all these buildings have in common is not only their level of luxury, but also the scale of their units.
"The West Village has been coveted for decades, and the issue has been that there haven't been enough big, loft-like products to serve the needs of the demographic," says Wendy Maitland, senior managing director of sales for Town Residential, which has done multiple deals at 150 Charles. "What [developer Steven Witkoff] did with 150 Charles is he created large loft-like spaces with high ceilings and amenities."
Layouts at 150 Charles go from one- to six-bedrooms, 1,400 to 5,800-plus square feet. The amenities include park-like green space and a club level with a 75-foot lap pool and hot tub.
"Not only do we have units with up to six bedrooms, but we planned our project so we could do combos," says Steven Witkoff, chairman and CEO of the Witkoff Group. "Where we anticipated combinations, they have all combined. Those asking for larger apartments are all families."
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