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Mar. 28, 2013

NYC Condo Property Now Offers Bigger Units

By Dees Stribling, Contributing Editor

New York—It’s a mark of the recovery of the condo market in New York that condos aren’t only selling again, but demand is rising for larger units. One example of the trend is at 515 East 72, whose management has decided to offer newly designed two-bedroom residences in response to demand for space that size.

515 East 72 is a 326-unit property comprised of a mix of unit sizes, including one four-bedroom penthouse. Most of the residences have outdoor spaces. The units range in price from $699,000 to more than $12.5 million.

Almost 80 percent of the units are now sold, and according to Corcoran Sunshine Marketing Group managing director Elaine Diratz, a lot of buyers are looking for “two bedrooms with grand living space.” In the spirit of giving the buyers what they want, the property expanded its offering of units that size. She characterizes them as featuring “natural light and air from terraces and large windows, which are very appealing to buyers.”

The two-bedroom spaces can be had for starting at $1.88 million (compared with that penthouse at more than $12.5 million). The units sport custom kitchens with ebony Macassar upper cabinets, complemented by stainless steel lower cabinets and drawers with Calacatta marble countertops and backsplashes, Franke sinks, Sub-Zero integrated refrigerators, freezers and Miele Incognito dishwashers. The bathroom walls are custom-designed crema d’orcia bamboo-textured and honed Piombo tiles with a Zuma soaking tub and Watermark fixtures.

The property began as a condo conversion in the mid-2000s, but the economy and other complications slowed things down. Formerly known as Miraval Living, it formerly included a Miraval spa component, but the building ended its agreement with that spa operator last year. American Leisure is now operating the property’s spa.

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