Aug 21, 2011
Overview
is a truly modern condo project coming to us from a young development and design firm called FLAnk (Architecture on the Front Lines).Broadway compose Cy Coleman and quickly demolished it.You may be familiar with some of the developers other projects–most notably Novare, an interesting looking church on West 4th street which always had sort of a mixed reaction. I used to go there for orchestra practice during my NYU days. FLAnk also has projects in the West Village and Lower East Side. FLAnk founders Jon Kully and Michael Walsdorf are on the younger side and have architectural degrees from the prestigious architectural school at Columbia University.The which comments on the new building’s neighbors, socialites Tina Brown and Harold Evans (Vanity Fair and Random House). They apparently sued the developer over the ownership and destruction of a few inches of wall. The developers won the suit and are close to breaking ground on the building.
Units & Prices
Rather than chopping up the space, the developer plans to produce 7 residences, referred to as “townhouses” stacked on top of each other. The ground floor is a Maisonette duplex coming in at 3,835 feet, comprised of 13 rooms including 2-bedrooms, 3-baths, and a 475-foot outdoor terrace facing south out the back of the building.According to the sales office, a few units have already sold (I think 3) and 4 remain. Two of the units which sold quickly were the ground floor maisonette apartment–the largest in the building, and the 7th floor penthouse. Occupancy is tentatively slated for Fall, 2008, at which point the construction of this unique sliver of glass should be finished.
Features and Amenities
The building is edged in “anodized metal.” Each residence can be clearly identified from the street as they appear to be townhouses stacked on top of each other. The separate homes are unified through a complicated process of assembling panels which consist of over fifteen-hundred framed puzzle pieces and one “ubiquitous frit pattern.” Again, I can’t wait to see this when it’s done.
The inside has a “Smart Lobby” and touchless elevator. It also has a virtual doorman system which is essentially a video intercom. It’s not rocket science–or a robot. It allows residents to monitor the lobby and speak through the intercom system.
The apartments have incredible finishes, from the sybaritic baths–which are huge–to the deep soaking tubs and deep sinks. The kitchens have Bulgarian limestone floors, marble counters, and La Cornue (ultra-expensive) ranges. All kitchens appliances are top of the line.
The amenities package includes housekeeping from the famous Lindquist Agency, free membership to the Sports Club LA (4 blocks away) and use of the wine cellar at Crush, which is also a short walk.
Location
The building will certainly modernize the current look of the Sutton Place block, which is currently comprised of expensive co-operative apartments. The building is literally sandwiched between two large co-ops. Sutton Place is generally understood to be an affluent street and surrounding area located on the northern cusp of midtown on the far east side along the East River. Sutton Place encompasses two public parks, one at 57th Street and another at 53rd Street.
Investment Potential
This is certainly what you’d refer to as a boutique property. Considering the area and limited number of units, I’m not particularly surprised . The design is also extremely unique, lending itself to strong investment value, even if the pool of buyers looking for this sort of property in this location may be limited.
We’re also intrigued by the level of buyers referenced by Jennifer Bell (FLAnks PR director). The first two units apparently were sold to the owner of an aerospace company and a powerful I-banker. Rumors of a pro basketball player in the building surfaced as well. If the building can develop a following of celebrity pied-a-terre’s, it will do wonders for the prices. It seemed to me that Atelier got twice as much attention after Nick Lachey bought his place in there. 15 CPW developed a celebrity following that has predominately attracted other celebrities. Good marketing is very important.
Overall, we rate the building a B+ for investment potential. It’s pricey, and the market is hot, but we must be a little cautious about these risqué projects going up in more traditional neighborhoods.
