Mega-developer Larry Silverstein (responsible for the highly anticipated Freedom Tower) is adding yet another residential project to his extensive downtown collection. After building three commercial towers (totaling about 6.2 million square feet of space and 52 stories) at 7 World Trade Center, Silverstein Properties quickly sought to construct a gigantic lavish hotel/condominium just a block north of ground zero realizing that there was little comparable residential competition in the area. The 80 story building will house 143 condominiums making it the largest residential building in Manhattan. However, this development is different than most residential projects of its kind. The first 22 floors will house a Four Seasons Hotel and a restaurant while the upper 48 floors will be constructed into extravagant condominiums. Although the building will not be completed until 2011, the anticipation for the structure has
steadily risen ever since the development was announced in late 2006.
Silverstein Properties consulted highly renowned international architect Robert A.M Stern for the structural design of the project. Robert A.M Stern Architects is a very prominent architectural firm responsible for the design of Fifteen Central Park West and countless other developments around the world. Implementing an intricate pre-war style architectural design with a limestone facade, the clear intention of this project is to both astound and amuse as Larry Silverstein continues optimistically to pursue downtown developments.
A possible rendering which has been circling the Web
Units and Pricing
The building is expected to offer a very diverse selection of residential spaces. Unit offerings will range from single and multiple bedroom condominiums to full floor penthouses. It goes without saying that a room of any kind in this building will be both quite costly and in very high demand. Although units have yet to go on sale in the building, Silverstein properties has confirmed that there are hundreds of potential buyers on the waiting list to view units. With that said, units in comparable buildings are currently being sold at prices as high as $3,000 per square foot. Based on these figures buyers can be certain of one thing; purchasing a condo in this building is certain to put a dent in even the wealthiest wallets.
Location
Positioned downtown, a mere stone-throw away from the ensuing World Trade Center developments, 99 Church Street will quickly become an ideal place for both tourists and accomplished Financial District dwellers. Its position amongst a myriad of upcoming developments and tourist attractions is sure to generate much interest when the building officially opens in 2011. With that said, the area is more known for its commercial and corporate appeal as there haven’t been an abundance of residential buildings in the area in recent years. It is this fact that inspired developer Larry Silverstein to pursue various development projects in the area in an effort to generate new excitement in the downtown Manhattan market.
Amenities
If there is one thing that a project of this magnitude will not be at a shortage of, it is undoubtedly special features. The development offers a wide array of amenities. Given that the lower floors of the building will serve as a luxurious Four Seasons Hotel, many standard perks such as a 24-hour concierge service were to be expected. However, the building will also include four floors of finely designed lobbies and lounges, meeting facilities, as well as a restaurant and a ballroom. A public plaza will be built on the east side of the building that will link Barclay Street and Park Place. Residents of the building will have access to a separate entrance on Park Place as well. There will also be an extensive fitness center that will include a spa and a pool. The exclusive perks and features offered add greatly to the luxurious appeal of the development.
Investment Potential
Despite initial skepticism of the area following September 11th, the market’s expectations are steadily on the rise. Upon the building’s completion, it will become the tallest residential building in Manhattan making units highly desirable. For this reason, one can expect the value of units to appreciate consistently for the foreseeable future. In a slumping national real estate market, the Manhattan market shows few signs of a skid. As appealing as this development is, it carries an even heavier price tag. With the costs of a unit totaling anywhere from 2 to 3 times the average cost of an apartment in an already expensive market, some buyers may have a tough time justifying such a cost of living regardless of how lavish and aesthetically pleasing it may be. For this reason, we give the development a B+ overall.
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