Flank’s 224 Mulberry Could Set New Price Record for Nolita

The Real DealOctober 04, 2013
Pricing for Flank’s seven units at 224 Mulberry Street will be “unapologetically high,” the project’s broker told the New York Times.

Pricing for the property’s individual units will range from $6 million to $30 million — in excess of $3,500 per square foot. The numbers could set a new record for the neighborhood, where prices for new-construction condominiums currently hover around $2,000 per square foot.

But the stratospheric price tags aren’t out of line for large apartments ranging from 1,950 square feet to 5,650 square feet in a well-constructed building.

“If you can figure out a way to build here, every project that comes into this neighborhood inevitably breaks a record, because there’s a lot of desire and a following in this neighborhood, but not a lot of real estate,” Tim Crowley, the project’s broker, told the New York Times.

Even so, competition is growing as units in the neighboring Puck Building, only a block away, are marketed for $20 million to $60 million a pop.

To nab such exorbitant asks, the properties will have to deliver a truly superior product, Shaun Osher, founder and chief executive of the CORE Group, told the Times.

“It has to be exceptional,” he told the Times, “whereas if you’re on Central Park or in the West Village on the water or in other prime neighborhoods, the location there will demand the price per foot. Here, you need the product to help achieve that number.”

The eight-story building is to feature living rooms with massive 25-foot ceilings, unrestricted views for upper-floor units, a four-story garage with an enameled-brick interior and Art Deco touches like black-and-white penny-round mosaic flooring in the bathrooms, John Kully, a Flank managing partner, told the Times.

Flank, 224 Mulberry’s developer, is also behind the Far West Side’s 385 West 12th Street and the Abingdon at 320 West 12th Street, unveiled plans for the new project on the site of a Nolita parking garage in March, as The Real Deal reported.

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