The housing market experienced a dramatic recovery last year and this positive momentum has continued through 2022. With low inventory and strong demand, multi-family rents rose in April to an all-time high of 1,659 $, according to a recent Yardi Matrix report.
The condominium market is reaping the benefits of a booming housing market. In New York, both tenants and buyers are particularly interested in this asset class. In 2021, condo sales in Manhattan were 102% above 2020 levels and 33% above 2019 levels, according to HEART—a boutique real estate brokerage firm in New York.
Shaun Osher, Founder and CEO of CORE, spoke with Multi-Accommodation News in the borough’s condo market and a particularly attractive building at 150 W. 82nd St. on the Upper West Side. Conceived by BKSK Architects and one of the few conversions from the pre-war era, Marlow pays homage to the site’s history, while meeting the needs of the modern homebuyer. The 10-story building features 27 residences, ranging from studios to four-bedroom penthouse duplexes.
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Tell our readers about the history of the building and its conversion process.
Dare: Marlow is a classic, fairly ornate Upper West Side antebellum building, built in 1926 by American architect George Pelham. It is a type of construction that was common at that time in New York.
Alterations to buildings from this period require careful attention and detail to adapt them to modern life. Buildings constructed during this era in New York City feature particular signature elements, such as exposed beams, well-proportioned rooms, but with small kitchens and bathrooms. BKSK adapted the building to celebrate these quintessential Upper West Side apartments by showcasing the best aspects of the architecture, while creating living spaces that meet the needs of a modern buyer.
The project also included energy-efficient renovations, including replacing windows, new perimeter insulation, and replacing heating and cooling systems. Much of this work required approval from the NYC Landmarks Preservation Commission.
What types of residences does the property offer?
Dare: Marlow’s appeal comes from blending a detailed conversion of a boutique, pre-war building with the charm of the old, blended with the convenience of a fully renovated, modern building.
Marlow’s 27 luxury residences offer a wide range of sizes and floor plans, with herringbone wood floors in the kitchen, living room and dining room, with 5-inch oak wood floors throughout. hallways and rooms.
Each unit offers abundant natural light, up to 9-foot antebellum beamed ceilings with Windsor Pinnacle Series double-hung windows, abundant storage and walk-in closets throughout, as well as a stacked Miele washer and dryer. The kitchens offer Miele appliances, custom stained matte white oak cabinetry with lacquered white bronze detailing, a special etched glass backsplash in a satin finish, and Kohler brushed brass faucets.
What are the amenities of Marlow’s common areas?
Dare: The development offers a range of family and outdoor amenities, including a 24-hour doorman, residents’ lounge with kitchenette, children’s playroom, gym equipped by Matrix USA, quiet courtyard , a landscaped rooftop terrace with panoramic city views and BBQ area, laundry room with commercial size washer and dryer, and storage units.
What is your target buyer pool and how are sales going?
Dare: Due to its convenient location in the perfect Upper West Side residential pocket, we knew we would have a lot of interest from young families, as well as those looking to relocate to the city or invest in a foot on the ground. Marlow offers residents convenient access to some of the Upper West Side’s gems, including walking access to Central Park, upscale restaurants, cafes, music venues, landmarks and more. So much so that Marlow is over 65% sold and we look forward to welcoming our residents soon.
What is the current state of the condo market in Manhattan? Expand on Marlow’s strengths in this context.
Dare: Across the United States, the real estate market continued to experience a lack of inventory, coupled with sales hitting all-time highs in 2021 – and we see no signs of slowing down this year. As people return to the city and the market returns to pre-pandemic momentum, Manhattan sales have seen incredible improvement from where they once were.
New York’s housing market is back and Marlow is reaping the benefits. Above all, we’ve seen increased interest from buyers looking for the convenience of a condo unit that feels like a single-family home with the accessibility and openness to the outdoors, and Marlow responds these needs with added historic charm.
How is the Upper West Side doing in terms of condo sales?
Dare: Our data indicates that charming neighborhoods like the Upper West Side are among the most in-demand residential pockets, especially for modern condos like Marlow. Due to this demand, data shows that condo sales on the Upper West Side have increased year over year.
The Upper West Side is quintessential New York, offering an artsy and welcoming neighborhood with an abundance of quiet streets and green spaces. Its ideal Upper West Side location caters to an outdoors-centric neighborhood lifestyle, with Central Park just steps away.
What are the current trends in condo development and design?
Dare: In terms of development and design, people take into account the fact that we have been in the midst of a pandemic for two years, and their desires evolve. There is a huge demand for outdoor space and access to the outdoors. With more time spent at home, there is a trend of buyers looking to maximize their space in order to work comfortably, whether full-time or with a hybrid remote schedule.
Today more than ever, such a value is placed on the home, with the increased need for a safe, comfortable and pleasant space. People value their homes above any other portfolio of assets and they are looking for their dream home to support the modern lifestyle.
What are your expectations for the Manhattan condo market in the future?
Dare: The fact that we have historically low inventory coupled with strong demand will keep the market buoyant.