Sales at Battery Park’s River & Warren building have soared since condos in the development hit the market late last year. Located at 212 Warren Street, formally 22 River Terrace, the 192 condominium rental-to-condo conversion will bring new style and flare to the riverside neighborhood. The development is a joint venture between Centurion Real Estate Partners and Five Mile Capital Partners LLC with Corcoran Sunshine Marketing Group as exclusive sales and marketing sales agent. Managing Director of Corcoran Sunshine Marketing Group, Justin D’Adamo, says sales have been consistently strong since the first apartments were released to the market in December last year.
“We started with a bang. Sales have been extremely brisk, I’d say overwhelmingly strong since December to March, and they continue to move forward that way,” he said.
Located in the northernmost part of Battery Park City, River & Warren is the latest addition to lower Manhattan’s evolving community. Surrounded by the Hudson River and some of the city’s best parks, the development will offer a unique product previously unseen in the riverside neighborhood. Mr. D’Adamo says he believes the development has been received well by the market, representing a rare opportunity due to the scarcity of new developments in Battery Park City.
“It’s a product that doesn’t exist in the market right now. Battery Park City is completely built so there’s no other new development condominium on the market right now,” he said.
Designed by award-winning architecture firm CetraRuddy, condos in the neighborhood’s newest upscale development will range in price from $1.5 million for a two bedroom, to upwards of $10 million for a penthouse residence. The layout of each residence serves to draw the eye to the expansive windows featuring spectacular river and park views. Custom made Italian oak kitchens, Calcutta marble counter tops, Miele appliances, and Barcelona style Victorian Albert freestanding tubs are just some of the features of the stylish development. Priced at $1850 per square foot, well above the $1,150 neighborhood average, Mr. D’Adamo says the unprecedented level of design detail, uncompromising level of quality, and popularity of the neighborhood justifies the building’s price point.
“The clientele and buyer base has changed over time. It went from being a neighborhood where people were looking for a little bit of value to being a first choice neighborhood. It’s a little bit elevated for the neighborhood there’s no question about it, but the design again is also elevated for the neighborhood too, so it’s justified,” he said.
Regardless of this, Mr. D’Adamo maintains the development is fantastic value, offering affordable luxury within the vibrant lower Manhattan community.
“Even at the prices we are at it is still a price that you cant find in the market today. If you go just across the street to Tribeca you’re spending 25% more for a building of the same style, or even more than 25%.”
The Corcoran Sunshine Marketing Group has also identified trends in sales within the development. One of the most pronounced being the increasing desire for more square footage and larger apartments.
“A recent trend that we’ve seen over the last month is requests coming in to combine units. We’ve decided and felt very strongly that the buyer now in Battery Park is more comfortable spending more money in Battery Park, getting more square footage in Battery Park, so we made larger residences at the top of the building. Even so with us giving a little bit more square footage per bedroom count, we are still seeing people come in and say ‘I need more’, so we’re having people come in and combining residences. So I think that’s a true testament to the growing popularity and confidence in the neighborhood,” he said.
Just steps from TriBeCa, Battery Park City has undergone transformation and is emerging as one of lower Manhattan’s premiere neighborhoods. Its location offers the convenience and sophistication of an urban setting, with the lush outdoor spaces and serene setting of the suburbs. For further information on the River & Warren development please click here to visit the official website.
-By Lizzie Crittenden