THE LOWER EAST SIDE – BEST OF OLD AND NEW

 

The Lower East Side (‘LES’) is undergoing a renaissance with 9 new luxury condo projects currently on the market or soon to be listed. We are seeing a mix of both personal use and investment buyers.

  • Much of the LES’ appeal centers on the following points:
    • Unlike Hudson Yards or other mega-project areas, this is an established neighborhood with existing diverse and fantastic restaurants and retail that cannot be replicated by a developer irrespective of how much money they invest.
    • Walking distance to some of the most coveted downtown locations (e.g. Soho, Nolita, Tribeca) where new condos are significantly more expensive on an overall and price per square foot basis. Since 2012 the LES’ average price per square foot has risen more slowly than other downtown locations, creating potential opportunities for future appreciation.
    • Developers are mixing high-end finishes and large windows with more efficient floor plans that maximize the number of bedrooms relative to square feet.
    • Limited plots of developable land in neighborhood.
  • Below are just some of the new residential offerings:
    • 150 Rivington: former site of Strait’s Matzo Factory which will include 45 condos ranging from a ~$995K 1-bedroom to a $3.9 million 3-bedroom.
    • 196 Orchard: created from the sale of the air rights over neighborhood favorite Katz’s Deli.  Includes two-story Equinox and 94 apartments ranging from a ~$1 million studio to a ~$4.2 million 3-bedroom.
    • 215 Chrystie Street: Ultra-luxury new development launched in 2014 as a partnership between Herzog & de Meruon and Ian Schrager. Prices start at ~$4 million (with the majority of units over $7 million).  All units are already under contract other than one.
    • 242 Broome: one of the buildings slated for the Essex Crossing SPURA site with 55 apartments ranging from a ~$1.3 million 1-bedroom to a ~$5.25 million 2-bedroom.
  • Another highly significant project is the ~1.65 million square foot Essex Crossing Redevelopment that is transforming the six-acre section of the LES commonly known as the Seward Park Urban Renewal Area (‘SPURA’) which had remained largely vacant since 1967.
    • Upon fruition the project will include approximately 1,000 units of housing, retail, a park, offices, movie theater, and an indoor ‘Market Line’ housing the Essex Street Market and other vendors. Phased construction began in 2015 and is anticipated for completion in 2024.

Thank you for your continued referrals!

Sincerely,

Sybille and Alexander

TheNovackTeam.com

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