Born in Boom, What these Condos Sell for Now

[Real Deal] 8/26/06
Back in the days when developers needed only to announce a New York condo project in a hot neighborhood or a design by a celebrity architect, buyers snapped up fresh units amid the city's real estate boom.As the go-go days recede into pricey memory, these developments, which transformed both the housing market and the geography of many neighborhoods, have, in fact, stood the test of (a short) time, and are still fetching healthy resale prices. We investigated the fates of condo developments and found that after the buzz faded, re-sales still boomed, according to figures provided by the brokerages that marketed them.

Clinton West 516 West 47th Street, Midtown West
The project by GPG Equities sold its 148 units within eight days of opening. The development features studios, one- and two-bedrooms with bamboo flooring and energy-efficient air conditioning and heating systems. The $80 million condo opened in June 2005, with prices ranging from $320,000 to $775,000, according to the Corcoran Group. Re-sales have averaged 23 percent, or $120,000, higher than their buying price, according to Corcoran.

The Orion 350 West 42nd Street, Midtown
The 61-story condo tower by Extell Development was the first in a spate of condo towers built on far West 42nd Street. Opening sales in February 2005 ranged from $409,000 to $1.5 million, according to Corcoran. Re-sales in 2006 have averaged 38 percent, or $205,000, higher than buying prices.