In a much-needed burst of downtown housing energy, the 242 luxury condos at 130 William St. owned by the Lightstone Group are almost sold out.
The deluge of high-priced purchases since marketing began in 2018 will hopefully herald a resurgence for the entire area, which needs all of the resurgence it could possibly get.
The condo sales are the true story of 130 William, but have been largely overshadowed by swollen, design-centric stories about views from the 66-story tower, elegant amenities, and architect David Adjaye’s vision – which is unlike the rest on the Lower Manhattan skyline.
The public face of the constructing is tough to miss. Huge arched windows are set in a hand-cast concrete façade that appears black from a distance but turns silver-gray up close. The constructing’s monolithic Moorish profile is as striking a departure from the downtown skyline because the all-white, square display case of 432 Park Ave. Rafael Vinoly comes from Midtown’s.
Lightstone’s senior vice chairman of development, Scott Avram, said, “130 William Street is over 90% sold and occupied and ranked as town’s best-selling residential tower in the previous couple of years.”
The impressive record was achieved during a five-year sales effort that included an almost three-year pandemic when most of Lower Manhattan was deserted. An affordable price contributed to the recognition of the project. (Despite several $10 million penthouse deals, most units sold within the $2 million to $3 million range, in keeping with the Department of Finance.)
“Lightstone was smart to set an inexpensive price for his or her product early on in order that they didn’t get the negative publicity of lowering prices like some downtown locations did,” one analyst said.
In fact, a lot of the 130 Williams were sold at or very near the unique “inquiry”. Prices averaged about $3,000 per square foot or less, in comparison with over $5,000 at 432 Park Ave. and even higher in Extell’s Central Park Tower.
The area has witnessed many other heartening events. The owners of an outdated residential skyscraper on Greenwich St. 125 just received a $313 million loan to complete the job. Whole Foods has opened an enormous store on Harry Macklowe’s One Wall Street. French department store Printemps will likely be on site in 2024.
The Century 21 discount clothing store, which gave the impression to be dead after closing throughout the pandemic and was later expected to return in shrunk form, is ready to reopen this spring at a size near its original size.
Casa Cipriani atop the Battery Maritime Building draws fashionable suburban residents to Manhattan’s East River. The long-delayed Center for the Performing Arts Ronald O. Perelman on the World Trade Center is finally on the right track to open later this 12 months.
However, positive changes, while welcome, hardly negate the challenges that Śródmieście faces because it struggles to rebuild after the pandemic.
According to the Downtown Alliance, nearly 90 million square feet of office space had a emptiness rate of 21% at the top of 2022. Only some major restorations have saved the world from even worse numbers. Brokers told Realty Check that vacancies are as high as 35% in older and outdated buildings in the guts of the district.
But the figures also include three modern buildings which can be completely empty, most notably 60 Wall St., a 1.6 million-square-foot former Deutsche Bank tower.
Asking office rents proceed to fall. Two World Trade Center doesn’t seem closer to being built than 10 years ago as Larry Silverstein prays for a tenant. The attractive beer garden and art installation cannot hide the World Trade Center’s disappointment of 1 tower with out a full quartet.
There remains to be not a single full-service restaurant within the WTC complex aside from Eataly. Westfield Mall and Oculus remain a food wasteland despite having a couple of fast, casual spots.
The housing picture, although healthier, is obscured by site-specific issues. Developer Harry Macklowe faces what Real Deal called “bill” over $750 million in debt to One Wall Street.
The retail picture is usually gloomy. Between the thriving Brookfield Place on the west end and the dining mecca of the Tin Building and the rejuvenated seaport on the east end, Fulton Street and John Street present a sea of empty storefronts.
It’s hard to fathom the amount of dark space given the huge increase in foot traffic. On Fulton Street specifically, the death toll has claimed a dozen fast food and fast food outlets that must be thriving.
Perhaps retailers and property owners will take comfort in all of the affluent newcomers to 130 William St. and begin making contracts.
