Jagger condo hopes buyers find satisfaction in smaller units
Smaller apartments are historically more sensitive to interest rate moves. According the Max Dobens, an agent with the Jacky Teplitzky team at Prudential Douglas Elliman, "If you have an increase in interest rates, the first people to pull out of the market are the studio and one-bedroom buyers." But Dobens thinks Jade's smallness should insulate it. "Because Jade is not a 400-unit building, it'll do OK at the end of the day." Chelsea independent broker Fionn Campbell agrees that the mix of smaller apartments should work. "A lot of investors have been priced out of the market. The price point at the Jade could attract investors buying to flip or parents buying for their children -- and a lot of single people who can't afford other buildings in Chelsea," he said. "I wouldn't be surprised if they sell the whole thing in one day."
Chelsea Scores Again
On the 11th floor of the ultra-cool Chelsea Mercantile building, this is the bachelor pad for the Chelsea boy who feels it's time to start growing up. The tones are mellow, the floors are wood and the granite kitchen counter is perfect for mixing your Margaritas. The bedroom has more wardrobe space than even the hardest retail addict could need and, downstairs, there's a Whole Foods deli that will deliver when cooking would be just too stressful. Chelsea apartments usually sacrifice space for location. This has both and there's even a fitness centre in the building so you can perfect your pecs before facing your public.
UPS: Tom Ford style, Henry Ford price.
DOWNS: Not really big enough for two.
BROKER: Fionn Campbell
The Real Deal
For 40 Bond Condo, It Seems Schrager Name Suffices
Independent broker Fionn Campbell, a veteran of the fashion industry, agrees that the rare top-quality product, especially the boutique selling a limited number of units at top-of-the-line prices, has a market edge. "They can make their bottom line by creating fewer units at higher prices," he says. "Why bother with an exclusive product for a select few? Like Gucci, or any of the Fifth or Madison Avenue boutiques, which have only a select number of garments in the store."
New York Living
A Good Time To Buy, With Caution
While many new buildings are truly special, independent broker Fionn Campbell, founder of Chelseek.com, cautions people against "buying into beautiful brochures." "People have to be really careful about selecting the right building," advises Campbell. "The current prices might be a reflection of where the market is today, but you have to think about whether the building you're buying into will hold its value. I determine that by asking, 'what makes this building unique among everything else in the market at this moment?" Consider the amenities ("New Yorkers will always love high ceilings and big windows" says Campbell), the architecture, and the location. "When you're paying $1,400 to $2,000 a square foot in this market, it had better be in a neighborhood that has already gentrified or one that you know for a fact will be better in the next couple of years."