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The 21 East 12th Street Tower Is A New York building For New Yorkers

About 65 percent of the units are from buyers, most of whom are native New Yorkers – plus many already live in the neighborhood.

By Nagidmy Marquez June 14, 2017
Credit: All Images Wordsearch

Forget the out-of-town investors, the 21 East 12th St luxury tower building is a New York building, for New Yorkers, and the people buying are going to live here, in the words of Billy Macklowe – builder of the Greenwich Village tower. About 65 percent of the units (52 total) are from buyers, most of whom are native New Yorkers. Plus, many already live in the neighborhood.

It’s not a secret that Manhattan is flourishing with new high-end/luxury developments full of dreamy condos and penthouses. A real estate practice that is clearly tailored to the wallets of big spenders, who in some cases happen to be foreign investors. And yes, international buyers don’t always have the greatest reputation within the New York City real estate world. Why? There is a perception, and in some cases a fact, that foreign investors are all about buying luxury condos and then leaving those amazing properties vacant.

The question/answer raised in a recent article published by Bloomberg is a mandatory one, “How do you offload luxury condos in Manhattan, where there’s a glut of offerings and the foreign investors have disappeared? You attract the locals.”

Related: Size Doesn’t Matter As Architects Plot High Rises On Odd Shaped NYC Lots

Source: Wordsearch

In the past month or so, The Real Deal has confirmed that the city’s luxury market is experiencing something of a hot streak, with more than 120 contracts signed at $4 million or above over the past month. A total of 31 luxury contracts were signed between May 29 and June 4, according to the weekly report from Olshan Realty. The top contract was for apartments 21A and 21B at William Macklowe Company’s 21 East 12th Street. The two apartments, together spanning a total of 5,175 square feet, were sold for a combined $17.6 million.

Yet, and before this recent transaction, contracts were signed last month for different units including two duplex “townhomes” on the third and fourth floors. According to Bloomberg, Unit 3A, with a 3,310-square-foot (308-square-meter) interior, was priced at $11.5 million, while the other, 3B, has 3,307 square feet and was listed for $12 million.

Source: Wordsearch

Related: The Demand For The No-Frills Non-Luxury Rentals In Manhattan Is At All-Time High

This luxury tower is located near the corner of 12th Street and University Place, featuring 52 condominium units averaging 2,076 square feet per unit. William Macklowe Company and Goldman Sachs are the developers. Annabelle Selldorf’s New York-based firm is the design architect and SLCE Architects is the executive architect. Move-ins are expected by the end of 2018.

Nagidmy Marquez

ABOUT THE AUTHOR Nagidmy Marquez

ABOUT THE AUTHOR Nagidmy Marquez

Nagidmy is a global communications strategist with more than 13 years of experience in the creation, curation and implementation of strategic content and integrated communications practices. She has worked across different regions and cultures of the world including: United States, Latin America, Europe and the Middle East. She is a Mafalda and Don Quixote lover.

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