Saturday, August 19, 2006

62nd Street - Update

Photo of now Vacant EMS Store at 61st and Broadway.

62nd Street:
Since June 6 when Apt. #4C, a one bedroom, went into contract nothing has been available for sale at the Allegro, 62 West 62nd Street. Could this be the beginning of the impact a not yet finishesd 15 Central Park West is already having on the desirability of 62nd street? In 2006 to date the average price per square foot at the Allegro has been $1,128/sqft. according to Prudential Douglas Elliman's Database.

The Harmony, 61 West 62nd Street, has several listings currently on the Market but that is rather typical of the building. The Harmony Atrium rehab and return of the Empire Hotel will have a huge impact on both the building and the Street.

According to 15 Central Park West's Sales Office:
-Building is Slated to open towards the end of 2007
-More then 70%
-Retail has yet to be determined (Nordstrom perhaps?)
-Retail slated to open end of 2007
-Avg. for more then $3,000+/sqft; Penthouses are asking $6,000/sqft
-They do have $1,000,000 studio sized apartments but you can buy one only if you are already a resident in tbe building
-12,000 sqft gym
-Private Club/Chef in building

Could the retail be changing hands at One Lincoln Plaza? I predict there will be a Starbucks there within the next 3 years. I hear as soon as their current rental contracts expire they will hike the rents up forcing the current local coffee (Lincoln Cafe) & Sandwhich shop (Bread Soul) out.

Any news on what will become of the retail space that used to be Eastern Mountain Sports on 61st Street?

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