Tag: new development

The Head of Business Development at 4 Stories, the Marketing and Consulting Division for New Developments at LG Fairmont, Leah Azizian speaks about The Lantern House, “an exquisite project in West Chelsea that was developed by Related Companies. The Architect on the project was Heatherwick Studio & the Interior Designers (also British Influence) were March and White Design.”

Data used in this video is from MarketProof New Developments

Now what I love about Heatherwick Studios’ vision here is that he was inspired by the big windows in the Victorian homes in the UK. So he wanted to create a project that essentially when you are standing by the windows, you almost feel as if you’re immersed in the city and in the skyline of New York City.

Last week, we spoke about 124 West 16th Street – which is another project in Chelsea that managed to sell out in one year. This week, we’re going to speak about the Lantern House.

Since July of 2020, they’ve managed to put over 40 units into contract. Keep in mind that Chelsea is a neighborhood that’s extremely congested. There is over 750 units available amongst new developments for sale, and over 580 units in just West Chelsea alone. So let’s dive into what makes this project stand out from them all.

Tell me the specs…

The Lantern House is a 2 tower project that’s comprised of 180 units – mostly of one bedrooms and two bedrooms. The one beds are starting at $1.4 million, the 2 bedrooms are starting at right under $2 and a half million, and there’s an average offering price per square foot of right under $2,750.

What’s so awesome about The Lantern House is that the 2 towers actually connect right underneath the High Line, which is an area that’s been seeing a ton of development in the past few years and a lot more to come.

Another awesome feature about The Lantern House is that they offer purchasers the choice between a darker finish and a lighter finish.

Finishing thoughts …

Overall, The Lantern House has a handful of unique qualities that really stands out from them all. The first being the facade. It leads us to question, “Should we be seeing more projects being built with unique facades in the years to come?” and also, “Should buyers have more of a hand in their finishes and more of a choice in what’s going to be installed in their home?”

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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 lazizian@lgfairmont.com!
LG Fairmont is hiring a Licensed Real Estate Salesperson and if you have an entrepreneurial mindset, then you may be the ideal candidate. Don’t miss out on this great opportunity!

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.

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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 lazizian@lgfairmont.com!
LG Fairmont is hiring a Real Estate Salesperson and if you have an entrepreneurial mindset, then you may be the ideal candidate. Don’t miss out on this great opportunity!