Closings Underway on Half-Sold Luxury Condo in Manhattan

New York–Well, somebody’s buying condominiums these days. New York City-based developer Tamarkin Company, developer of the new luxury residential building at 456 West 19th Street in Manhattan, has announced that buyers are in place for 50 percent of the property’s 22 luxury duplex residences and closings are in progress.

An 11-story, LEED Silver-certified structure located in West Chelsea, 456 West 19th Street features one-, two- and three-bedroom residences, as well as duplex penthouses as large as 3,000 square feet. Stribling Marketing Associates is spearheading sales and marketing activities for the building, where the price tags are as low as approximately $1.6 million for the smallest units and $6 million for the penthouses.

“We’ve seen great interest from buyers who want to live near the High Line, as well as from artists and art collectors who have been drawn to the building’s stylish design and attention to detail,” Cathy Taub, a senior vice president and associate broker at Stribling, noted in a prepared statement.

Manhattan’s condominium market, however, has been vacillating between upward swings and downward turns for the last several months. “It has been going up and down, month to month, in a sawtooth pattern with a slight upward trend since May 2009,” Quinn Eddins, director of research at real estate data and analytics company Radar Logic Inc., tells MHN. “But we’ve seen signs that demand is probably coming to the point of year where it’s starting to fall. From June to July, we saw the number of sales fall 3 percent in Manhattan, and this time last year, month-over-month sales had increased 30 percent. The market as a whole seems to be softening a little bit.”

But the team behind sales at 456 West 19th Street is undeterred and continues to have faith in the market–and the property. “With the start of closings and move-ins, we anticipate that sales will continue at a brisk pace,” Taub says.