The high-end condo building at 520 W. 28th St. along the High Line that the company completed roughly two years ago appears so far to be a rare bust.
According to property records, only 16 of the building's 39 units have sold, a roughly 40% sell through that shrinks to an even smaller percentage when measured by square footage. That's because the building's largest and most expensive apartments, including its three penthouse units, all remain unsold.
— Crain's New York Business
The high asking prices force this project to compete with a plethora of other properties with better views, better neighborhood locations, and more neutral decor. Premium pricing for a ZHA design has not been accepted by the market. But to be be fair, the building is also quite short (unimpressive views) and much too close to the High Line (no privacy). The deveolper really needs to cut prices. It is inevitable.
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Those mucusy, phlegmy facade elements rarely look good.
$4,000 - 9,000 / sf.
I slam ZHA and the Highline and Hudson and starchitects all the time but! This building is *gorgeous*. I would totally live there if I was able.
The entery to one of these apartments at this time goes for $14,000 a month at 1,691 ft². Does standardized apartment interior experience/ living, allow for these numbers to play out? Not so sure it does. The facade is beautiful the interior is nothing out of the world. It’s at par and not only the experience is at par but so are fixtures.
It’s a niche market that it’s going to stagger until you get an REA or Investors to pick it up and help it along.
Sure it’s a Zaha, but even the Zaha’s of the world need to get by with a little help from their friends.
Buildings for rich people. Who cares! This is why starchitects are increasingly irrelevant. Totally out of touch with the national/global zeitgeist.
This kind of development is just another example of everything that is wrong.
I agree the building is good looking in a tech sort of way, but having been there recently, the problem might be its transparency. You always have gawking tourists staring through its shear glass walls, meaning you are living with walls of curtains. No space to hang art or photos and no privacy. Further, there's no way to crank a window open.
This is an excellent point, Thayer. You are *right on* the Highline in many of those units. Some might find that invigorating, but many would not!
The high asking prices force this project to compete with a plethora of other properties with better views, better neighborhood locations, and more neutral decor. Premium pricing for a ZHA design has not been accepted by the market. But to be be fair, the building is also quite short (unimpressive views) and much too close to the High Line (no privacy). The deveolper really needs to cut prices. It is inevitable.
Condos are for living in? I thought they were for investors to sink money.
It's one statement of luxury and elegance, at least from the exterior. Reminds me of luxury cars, long ago:
there’s only so many Russian billionaires with style out there
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