Discuss the rarity of having an apartment with outdoor space on the market?
A lot of the buildings in the Financial District are converted commercial buildings and were never designed to have outdoor space in the building. The only time you have outdoor space is when the building has a setback which occurs in buildings that are designed in a “wedding cake” style.
15 William Street is unique because it was built from the ground up as a residential building. Our two penthouse listings, Penthouse 2 and 3 provide an incredible opportunity for someone to have an immense amount of private outdoor space. The outdoor spaces are also very different from each other, one facing the East River and the other which is much larger has amazing views of the downtown skyline including One World Trade Center as well as the New York Harbor.
What’s your favorite thing about Penthouse 2/3?
The views in the units are incredible. The windows are very large and the way that the combination is laid out you actually get every single exposure; east, west, north and south. Upon entering Penthouse 3 you’re welcomed by a wall of windows facing West which creates a very dramatic entryway with the view of the city skyline, which is illuminated at night.
What’s the current state of the sales market in the Financial District and where do you think it’s headed?
I have a very bullish view of the Financial District sales market. Almost every where is a new development being announced. In fact, 2014 was the first time the average sales price exceeded $1,000,000. That number continues to increase as we’ve just wrapped up the first quarter of 2015 with an average price of over $1,250,000.
Seeing as many people are buying pre-construction, we anticipate a jump in both volume as well as price per square foot once buildings like 5 Beekman, 30 Park Place and 50 West Street start closings. I think in the next year and a half we should see the price per square foot inch above $1500 per foot and the average price of a property come close to $2,000,000.
To read more about the sales market in the Fiancial District read the 2015 First Quarter FiDi Report HERE