Back HomeTrending: NYC Boutiques Offering Privacy Premiums
Photo via Curbed NY
As of late, a trend has arisen in the residential development world. In a city of 8 million people, there’s little room for privacy. Instead, privacy is a bit like a commodity—there’s demand for it and very little supply. Residential buyers who come with high and/or public profiles—your Domenico Dolces and Gigi Hadids—are seeking out newly developed buildings with only a handful of apartments (roughly 10-20 units) and comparable amenities found in any high rise coming up around Central Park.
Jeffrey Schleider, CEO of Miron Properties, explained to the Observer the source of buyer need to seek out buildings like these. Small talk, Schleider raises, is a burden that, when repeated on a day in and day out basis, is worth the specificity when scouting potential homes with a real estate agent.
Bill Kowalczuk, a Town Residential broker, illustrated the efficacy of certain amenities designed for little (unwanted) interaction. “I have seen [boutique 176 Perry residents] Hugh Jackman and Calvin Klein get out of their car, the door is already open for them and the elevator is pushed from behind the front desk so they can walk right onto the elevator, and then it opens right onto their apartment.” Bumping into unwanted attention, then, is largely precluded by the building’s features.
An enticing feature for developers, zoning limitations typically favor the shorter condo conversions. Financially, developers have less units to sell through, making their investment in a boutique safer than, say, one year for 200 plus units in a premium tower.
Photo via Trulia
Boutique residences are relatively affordable for the city. The average price per square foot is currently trading for $1,877 for boutique apartments. Compare that number with $1,440, the city’s average sale price per square foot for a resale apartment, according to Trulia’s latest market reports.
Written by Alexandra Gámez New York
