One Carnegie Hill: New Condop Update

A: With One Carnegie Hill, 215 East 96th Street, almost finished I see 14 listings currently for sale by those who purchased units last year during pre-contruction. As we get closer to occupancy, planned for Winter 2006, expect more units to be up for sale setting the stage for in-building competition amongst investors. However, this building is NOT entirely made up of sales units, as Related Companies will hold on to a portion of units for rental use.

The Related Companies new condop (A Co-op with Condo Rules/By-Laws) is part residential sales, part rentals with tons of amenities. While the location is right on the cusp of the "Do Not Cross 96th Street" mantra of Upper East Siders, and it is right next to a Mosque (a pretty nice one too), sellers are valuing units for sale here at aproximately $912-$1350/Per Square Foot.

Occupancy for this new building is expected during the Winter of 2006. Based on the description on file:

Over 16,000 Square Feet of ammenities including a private Swim and Health Club, Pet Spa, Aerobic and Yoga studio, Childrens Play Room, His & Her Locker Rooms with saunas and showers, Massage Room, Business center, and outdoor Garden Patio with private Barbecue Areas. Additionally, the roof top sun deck boasts Panoramic views and has an indoor Party Lounge. Kitchens feature luce de Luna granite, porcelain tile floors, stainless appliances and Waterworks fixtures. Bathrooms feature Botticino Marble tub surround, a honed Imperadore Floor, high gloss ebonized cabinet and kohler fixtures. The warm enveloping lobby is designed by Rockwell Group and the entrance is on 96th Street. It features Spanish ambarino pavers, Santos Rosewood Panelled Walls, and a copper leaf vaulted ceiling.

Of the more expensive units listed for sale are:

Apt. 33B
Asking: $1.95M
Size: 1,653 Sq. Ft.
Price Per Sq. Ft: $1,180
Marketed By: Carol Kelly of Corcoran

Apt. 37B
Asking: $1.9M
Size: 1,513 Sq. Ft.
Price Per Sq. Ft: $1,256
Marketed By: Carol Kelly of Corcoran

Apt. 31D
Asking: $900K
Size: 679 Sq. Ft.
Price Per Sq. Ft: $1,325
Marketed By: Carol Kelly of Corcoran

And finally, the 1 Unit in the building priced UNDER $1,000 per square foot:

Apt. 31A
Asking: $805K
Size: 883 Sq. Ft.
Price Per Sq. Ft: $912
Marketed By: Carol Kelly of Corcoran

Related is certainly one of the most popular developers in NYC and you can be assured that their buildings will be very luxurious with great amenities. However, with a cooling market and location that is suspect I'm not sure that these units are going to sell as fast or as high as investors' hoped. They should still make money on the deal, just not as much as they previously thought. Let's see what happens when deals are closed and the first units are flipped.