On Friday, March 11th, Emily Beare hosted 50 brokers at 199 Mott Street, 2 to discuss the future of boutique condominiums. Leading names in New York City’s boutique condominiums came together to discuss the projects that epitomize the city, the ever-evolving real estate market and what’s next for New York City’s neighborhoods. CORE’s Director of New Development, Tim Crowley, led the lively and insightful discussion amongst the three panelists. Here are some highlights:
Shawn Katz, KUB Capital – notable projects include Wythe Lane, 150 Wooster Street and 253 Pacific Street:
- On inventory: “If we’re going to buy something, we want it to be special. We see a lot of people buying things that aren’t – those are not our buyers. In New York City, there will always be a demand for a unique and special project like The Schumacher and 224 Mulberry Street.”
Jon Kully, FLANK – notable projects include 224 Mulberry Street, The Boerum, 385 West 12th Street, 441 East 57th Street and The Abington:
- On strategizing: “What we should all contemplate moving forward when it comes to selling boutique condominiums is that we should wait until they’re ready, not when there are just plans. There is a lot of detailing and a lot of messaging [that goes into these properties]. Save marketing dollars and put that into an event, staging and a better finished end product because of the uniqueness of the offering.”
Roy Stillman, Stillman Development – notable projects include The Schumacher at 36 Bleecker Street, The Centurion and The Metropolitan:
- On pricing: “To be aggressive is to set unrealistic expectations. Arbitrary ideas don’t mean anything. There are two sides to every coin: great success and great failure. With your own hand you can cause great failure by being too greedy. It’s also about the long-term health of the relationship with the purchaser that is worth leaving a few dollars on the table. You want buyers to feel like doing business with you is a good thing.”
Overall, all panelists agreed that boutique condominium projects are distinctly unique in that they invite a more personal buying experience than a larger development. Put best by Roy Stillman, “Something that’s the center of the bull’s eye deserves special treatment…Because of the low unit count, we can know our buyers better and provide them that same special treatment.”