The Reel

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A blog for breaking sales and neighborhood real estate news.

There's little positive news in the media today, but I have found one bright spot from a developer who is still reporting very strong sales. Kenneth Horn, from Alchemy Properties, is finishing two condominium projects this year at 125 West 21st Street (The Indigo Condominium) and 50 West 15th Street (The Oculus Condominium).

At the Indigo, where closings started on or about May 1, 2008, Ken reports that 47 of the 52 units have closed. All of the units were sold at the asking pricing and about seven of these units were sold after July 1, 2008.

Meanwhile at the Oculus, 42 of the 46 units sold. About seven of the units have been sold since July 1, 2008. Ken said he has had an issue with only one buyer who is having difficulty with obtaining end loan financing. For both projects, they are achieving sell outs of $1,200-$1,300/ft.

Alchemy also closed on two construction loans so far in 2008 with 303 East 77th Street in March and 800 Tenth Avenue in July. Ken said the closings were lengthy and more difficult than in the past, but the loans did close.

Clearly, it's the developers with track records who are getting projects done. This audience of buyers seems to be growing smaller and smaller, but it is encouraging that closings have continued to happen.

Neighborhoods: Chelsea