Luxury Tribeca Condos at 45 Park Place Arrive Amidst Fierce Competition And A Soft Market
The building at 45 Park Place is all luxury condos but selling them, in current market conditions, won’t be easy.
In a country as contentious as the USA, getting approvals for an Islamic Center/skyscraper two blocks away from Ground Zero was always going to be a stretch. That was the initial intention of developer Sharif El-Gamal, who once envisioned a $100-million, 13-story glass center for Islamic studies at 45-51 Park Place in the heart of the Financial District.
Now, new renderings for the 43-story condo tower have just been released. Glass and steel are order of the day for the building with an adjoining three-story Islamic museum and cultural center at 45-51 Park Place. The 50-unit apartment complex comes complete with a swimming pool, floor to ceiling glass, and suitably upscale designs courtesy of Michel Abboud of SOMA with interiors by Piero Lissoni.
The building will arrive amid a leveling out of the previously over-heated condo market. Tribeca, in particular, is rife with competition for luxury buyers. The limestone, 70 Vestry, 56 Leonard St, Greenwich Lane and 30 Park Place are just some of the buildings that are going up or have gone up in the last year.
A recent Forbes article alluded to the fact that despite 70 Vestry being 60 percent sold out, Tribeca wasn’t immune to the Manhattan real estate downturn of 2016. Resale home prices in Manhattan fell by the most in more than four years in the fourth quarter of 2015, according to a report from appraiser Miller Samuel and real estate brokerage Douglas Elliman. It was the first annual decline since the beginning of 2015.
The upper end of the market endured more softening with the median price on more expensive co-ops falling sharply. The median price of three-bedroom co-ops sold in the final three months of 2016 was $2.24 million. That’s down 12 percent from the same period in 2015, the Elliman report said. Co-ops generally don’t sell as well condos and are usually the first the falter in a softening market. Still—the news will make somber reading for the sales team at 45 Park Place, who will need to either price to sell or convince buyers that their apartments have something that all the others don’t.
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