Mid-Market Condo Sales Progress Amid Luxury Market Slowdown
While the high end luxury market may have experienced a slight slowdown of late, sales on apartments in the mid-market range, which is between $1 million and $4 million approximately, are moving along swimmingly, The Real Deal reports.
There has been some hesitation on part of buyers even in the mid-market range due to the slowdown in the high-end market, but that hasn't necessarily impacted sales yet.
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One of the units at 389 East 89th Street
TRD spoke with Ben Shaoul of Magnum Real Estate who said his mid-market projects on the Upper East Side and in Gramercy Park where apartments range from just under $1 million to a little over $5 million are experiencing good sales. The former at 389 East 89th Street is expected to sell out by the end of the year.
Just this morning, Curbed learned that the Morris Adjmi-designed condo building at 465 Pacific Street in Boerum is fully sold. The building features a total of 30 apartments and prices ranged from $835,000 to $4.85 million.
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Lobby at the Luminaire, Ben Shaoul's Gramercy Park conversion.
