Drowning Manhattan apartment shoppers are being thrown a life preserver. Prices for new apartments are hitting records, but some prime units are also in the pipeline for the budget-minded buyer — with $750,000 to $3 million price tags that haven’t been seen since the 2008 financial crisis. Developers call it “affordable luxury” — though that term is likely to cause as much revulsion as it does relief among would-be purchasers. “In the last 24 months, there’s been an enormous emphasis on larger, more expensive apartments, but now, mindful developers are conscious that not everyone is a $6 million or $7 million buyer,” said Robert Dankner of luxury brokerage Prime Manhattan Residential. “(Developers) are rethinking the way they’re building to accommodate that area of the market.” One of the new “affordable” projects is Fifty Third and Eighth, a new 252-unit condo conversion in a postwar building at 301 W. 53rd St. in Hell’s Kitchen. But how affordable is it, really? Developer Ziel Feldman of HFZ Capital said prices at will range from $1.1 million for a one-bedroom home to $3.25 million for a three-bedroom apartment. That’s hardly chump change, but it’s significantly less than units in some of the tonier towers… Read full this story
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