Condo sales at 130 Williams offer downtown residential revitalization

The Lightstone Group’s 242-room luxury condominium apartment at 130 William Street is a flash of much-needed residential energy downtown, according to an analysis of public records on the city’s Treasury Department’s ACRIS database. Inside, it’s on the verge of being sold out.

The flood of expensive purchases since marketing began in 2018 hopefully portends a revival for the entire region.

Selling an apartment is 130 William’s true story, Views from a 66-story skyscraper, tasteful amenities and the vision of architect David Adjaye — like no other in the lower Manhattan skyline.

The building’s public face is not to be missed by anyone. Huge arched windows are set in a hand-cast concrete façade that appears black from a distance, but softens to a silvery gray when you get closer. The building’s monolithic, Moore-reminiscent profile sets it apart from the downtown skyline in the same way Rafael Vinoly’s stark white, square-windowed 432 Park does his avenue away from Midtown. .

“130 William Street is recognized as the city’s best-selling condominium tower, with more than 90 percent sold and occupied over the past several years,” said Scott Avram, senior vice president of development at Lightstone. I am.”

This impressive record was achieved in a five-year sales effort that included a nearly three-year pandemic that devastated much of Lower Manhattan. Conscientious pricing contributed to the popularity of the project. (Despite a few of his $10 million deals for penthouses, most units sell in the $2 million to his $3 million range, according to finance department data).

One analyst said, “Lightstone has been smart from the start because it’s been reasonably priced, so it doesn’t get the negative reputation that some uptown stores have for cutting prices.” was.”

In fact, most of the 130 William units were sold at or very close to the original “request” price. The average price he had was about $3,000 or less per square foot, while at 432 Park Avenue it’s over $5,000 and even higher. Extel’s Central Park Tower.

There are many other encouraging developments in the surrounding area. The owner of the long-stuck condominium tower at 125 Greenwich Street has secured a $313 million loan to complete the job.Whole Foods opens big store Harry McCullough’s One Wall StreetFrench department store Printemps will be available in 2024.

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The Century 21 discount fashion store appeared dead after closing during the pandemic and was later expected to return in a scaled-down form. Reopened this spring Almost original size.

Located on the top floor of the Battery Maritime Building, Casa Cipriani draws fashionable uptowners to Manhattan’s East River Foot. The long-delayed Ronald O. Perelman Performing Arts Center at the World Trade Center will finally open later this year.

But while positive developments are welcomed as they are, there’s little denying the challenges downtown is struggling to recover from the pandemic.

According to the Downtown Alliance, the nearly 90 million-square-foot office had 21% vacancy at the end of 2022. Only a few major upgrades have saved the area from even worse numbers, with the broker telling Realty Check that the vacancy rate in the old, dilapidated building in the heart of the district has reached 35%. Told.

However, the data also contains three modern buildings that are completely empty. The most notable is 60 Wall St., the 1.6 million-square-foot former Deutsche Bank tower.

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Asking office rents continue to trend downward. 2 The World Trade Center looks no closer to its uptick than it did a decade ago. Larry Silverstein Prays for TenantsA charming beer garden and art installations can’t hide the disappointment of the World Trade Center, which is less than a full quartet.

The WTC complex does not have a single full-service restaurant other than Eataly. Westfield Mall and Oculus remain food wastelands despite a few fast casual spots.

The housing picture, while healthy, is overshadowed by site-specific problems. Developer Harry McCraw Real deals called “Reckoning” One Wall Street has over $750 million in debt.

The retail situation is mostly bleak. Between bustling Brookfield Place at the western end and the Tin Building food mecca and revitalized Seaport at the eastern end, Fulton and John Streets are a sea of ​​vacant stores.

Given the significant increase in pedestrian traffic, it’s hard to guess how much dark space there is. On Fulton Street in particular, he killed 12 of the supposedly thriving fast food and fast casual spots.

Perhaps retailers and landlords will be reassured by all the wealthy people who arrive at 130 William Street and will open up a deal.