New York, NY
PROJECT OVERVIEW:
Chelsea Stratus, a 40-story ground-up residential sales development, is located in the heart of Manhattan's fashionable Chelsea neighborhood at Sixth Avenue and 24th Street, at time being the tallest condo building in the neighborhood. Construction began in mid-2006 and was completed in 2008, with unit sizes ranging from studios to three-bedroom residences and penthouse, and priced from $1M - $3.9M.
LCOR'S ROLE:
While the Chelsea neighborhood was a crowded residential marketplace at the time, LCOR recognized the lack of new construction sales offerings in the neighborhood – the only comparable product at the time (luxury high-rise) were rentals, and most sale properties were predominantly brownstone and/or low-rise buildings. LCOR's ability to recognize this untapped market segment, as well as the neighborhood's growing resurgence, created an opportunity to meet a product demand without adequate supply.
VALUE CREATED:
LCOR's market foresight enabled them to set a price and quality standard within the market segment, and achieve a full sellout within 18 months of sales commencing. Sales continued with minimal concessions post-Lehman in late 2008/early 2009, enabling LCOR to meet pro forma in a difficult marketplace.