Without foreign buyers, the city's latest crop of condo-hotels would be, well, even emptier than they already are. The Journal's Josh Barbanel reports that the first buyer has closed on a pair of 42nd-floor apartments at the W New York Downtown Hotel & Residences, and the mystery buyer, who paid about $4 million, is an Italian investor. That $4 million gets him views of the future September 11 memorial and museum and of the construction site of one of the few projects with more delays than the W, the
Freedom Tower One World Trade Center. According to StreetEasy, there are 37 units at the W in contract for $66.8 million total, but the developer tells the Journal that in-contract sales actually total over $100 million, all at or near the $2,100/square foot asking prices. So what if a new building on the Deutsche Bank site ends up blocking W residents' views? There's plenty of time for a resale!
· Revival Near Ground Zero [WSJ]
· W Hotel and Residences coverage [Curbed]