New Yorkers looking for a little more living space have a lot of options these days. Construction on new co-op and condo buildings–as well as conversions–are moving along at a steady pace, while the recent economic downturn has made New York City real estate something more closely resembling a buyer’s market than has been seen in some time. Prices are dropping while availability is increasing. Couple that with low interest rates, and developers are seeing a steady stream of new customers for their latest co-op and condo offerings.
"It’s been a surprisingly strong market," says Izak Senbahar, developer of the new Grand Beekman luxury high-rise at 400 East 51st Street. "For eight weeks or so after September 11, traffic was down, but since Christmas and especially in the last few weeks, things have come back. If you have a good product and good location, the people are out there and willing to buy."
Whether a buyer is searching for trendy elegance, high-rise luxury, or a moderately priced family dwelling, the market is offering an uncharacteristic wealth of new choices. The 32-story Grand Beekman, designed by architect Costas Kondylis, began construction in August 2001, marking the first new luxury tower construction in Beekman Place in more than a quarter of a century. "This corner needed a new building–and this really meshes with the fabric of Beekman Place," Senbahar says. "It has a pre-war look. The colors are the same as other original buildings in the area. It’s going to look like it belongs here."
The building’s 89 units will be comprised of one- to four-bedroom apartments with views of the city’s skyline and the East River. Senbahar says inquiries are coming fast and furious. "The product has been very well received," he says. "We spent a lot of time choosing the right materials. The building has an Old World charm with New World amenities."