Condos at Eco-Friendly Project Will Sell at 30% Lower Than Average Area Price

By Anuradha Kher, Online News EditorNew York–311 E 11: Village Green could become the first LEED-Gold certified building in the New York’s East Village. The project’s developers, Michael and Izak Namer, planned the building, conscious of a change in the way people think about the environment. The eight-story, 36-unit project combines sustainable and renewable materials, and features water-conserving fixtures. A green roof will be installed to provide natural insulation and to reduce the “heat island effect,” and special drains will recover rainwater to reduce potable water required to irrigate gardens in the building.The building is set to open for occupancy in 2010 and the Namers have taken into account the realities of the market. “We wanted to be sensitive to the current economic situation and have priced the condos realistically,” Namer tells MHN. “We expect to open at prices 30 percent lower than the average apartment price in the East Village last year.”The one- and two-bedroom units are priced from $730,000 (under $1,000 per sq. ft.) to$1,278,000. The one- and two-bedroom garden duplexes start at $1,140,000 and the penthouses are $1.5 million upwards.The average price per square foot of apartments sold in 2007 in Manhattan was $1,400 and in the East Village was $1,300.The building also features energy efficient Energy Star appliances (some made of 100% recyclable materials), and low emission paints, sealants, coolants and coatings. Innovative features include built-in recycling centers in the kitchen to make recycling easy, lighting controls to reduce energy consumption in common areas during off-peak hours, and biothermal A/C and heating for the lobby and wellness center. The building also offers discount parking for hybrid vehicles at a nearby parking garage. Amenities include a wellness center and gym as well as wi-fi Internet.Featuring natural stone floors and embroidered accent walls, the 24-hour attended lobby is heated and cooled using geothermal energy, representing the perfect fusion of modern elegance and 21st Century technology. The spacious one-bedroom, two-bedroom, and penthouse homes, ranging from approximately 730 square feet to 2,000 square feet, have been designed to appeal to educated consumers of an environmentally-conscious mind and sophisticated aesthetic.The developer hopes to attract many first time homebuyers, currently renting in this area. “There is very limited new housing stock in this neighborhood and we are serving that need. In addition, there are also a lot of people who want to do something to alleviate global warming and this building offers that,” explains Namer.