According to the Head of Business Development at 4 Stories, the Marketing and Consulting Division for New Developments at LG Fairmont, Leah Azizian states that “there were only a handful of projects that saw major success. And, one of these projects was 124 W 16th Street in Chelsea.” Watch her video more below to learn more about this project.
Data used in this video is from MarketProof New Developments
124 West 16th Street is a 15-unit, 11 story building that was officially launched in February of 2020 – exactly one year ago. And just this past month, they sold out on all their units. Twelve months! Keep in mind, we went through a pandemic where from March through June, they weren’t able to do in person showings. They managed to sell out their building completely.
Why is this so remarkable?
Almost every feature about it was kind of rooting it against itself. The developers bought it in 2012. They acquired from the church which is right next door, which they ended up actually building above. But they bought it in 2012. I’m sure it wasn’t their intention to launch a building during the year of 2020, and when you look at the building specifically, you’ll find that the majority of the 15 units… 9 of the 15 units are 4 bedrooms or more. Square footages were starting at 1,500 square feet. The average selling price according to MarketProof was over $2,600, with the average price of $5.8 million, so this takes a very specific buyer. And usually in buildings like this where they’re luxury buildings – especially boutique buildings, we see a lot of international buyers flooding the gates and acquiring these properties. But considering that we weren’t able to have these type of buyers coming in, it’s so incredible to see that regardless, they were able to sell out completely in one year.
So how did they do it?
Every single one of these units have these gorgeous, great rooms with fireplaces. Every single one of the units featured private outdoor space, no more than two homes on every floor share a private elevator landing. They couldn’t have launched this building in a more perfect time. They launched a building that checked off the boxes of every single buyer during COVID. And because of that, they were incredibly successful with their launch.
If you have any questions for Leah regarding New Developments, learning more about the real estate field, or even working in the real estate field, please reach out to her via LinkedIn or email@example.com!
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