Something about the Setai?the Financial District office-to-condo conversion at 40 Broad Street?has always seemed a little off to us. From the over-the-top zen/spa theme to the awful tagline ("There's no word for it in English") to the clumsily-named rooftop lounge (Aarais!), this South Beach-styled former Development Du Jour gives off a vibe that's out of place in the buttoned-down FiDi. Which must be why it's attracting non-FiDi prices! In a story spotlighting commercial and residential development in Lower Manhattan, the Sun's Michael Stoller reports that the Setai's penthouse sold last month for a whopping $1,800 per square foot. That could be a record for an area that normally gets up to $1,300/sf, but the record may not stand for long. Developer Joseph Moinian says he expects to get "in excess of $2,000 a square foot" for the Washington Street W Hotel & Residences. FiDi, my how you've grown!
· All Signs Pointing Up in Downtown Manhattan [Sun]
· Development Du Jour: The Setai [Curbed]