April 28th 2010
Across the board, New York brokers are attesting to the rebirth in sales activity, and now there are a number of them who can put their money where their mouth is.
Based on StreetEasy sales data tracking the number of closings from Jan 1 through April 12, the following are Manhattan’s 10 hottest condominium projects of the year – and why the insiders believe they’ve been such a success.
ELLINGTON ON THE PARK
From hip downtown developments, Upper East Side towers to West Side luxury there’s something for everybody on the list of most active condo buildings, but Harlem’s Ellington on the Park has amassed the most closings this year, thus far.
According to StreetEasy, 78 condos have closed at the 133-unit Bradhurst Avenue complex overlooking Jackie Robinson Park since January 2010.
For those wondering why we’ve been hearing the buzzword “value” over the last 18 months, look no further that the 421A approved Ellington, which features 23 market-rate condos and 110 affordable units.
But the sales team said the value of the affordable units (starting at $375,000 according to StreetEasy) not only spurred the sales of the lower-priced product but the marker-rate units as well.
“In today’s economy where obtaining financing in a new development has been quite a challenge, the affordable units…has made this building a viable option for buyers who want the market-rate units and do not have to wait until the building reaches a certain percentage sold in order to obtain financing,” said Charlie Lewis and Robert Williams, both of Warburg Realty Partnership, the exclusive agent for Ellington.
“This gave the market-rate buyers the confidence to move forward with their purchase knowing they can close immediately.”
In addition to its own roster of private amenities, including fitness center, courtyard and community room, buyers essentially have a 12-acre park as a backyard. The proximity to Jackie Robinson Park has provided a “hotbed” of Harlem activity, with buyers taking advantage of a number or recreational opportunities there including baseball fields, basketball courts, volleyball courts, playgrounds, a concert band shell and an Olympic sized pool. As a result, Lewis and Williams noted that Warburg has just 20 Ellington units left to sell.