8 Deals in One Month: Inside the Relaunch of Manhattan’s Top-Selling Condo

A three-year-old luxury building on the Upper West Side closed on eight units in July, making it the top selling development in Manhattan for the month.

The 131-unit condominium is situated between Riverside Park and Central Park at 250 West 96th Street, and was designed by Danish designer Thomas Juul-Hansen and developed by JVP Management. The building has seen sales falling until this spring, when Corcoran's Team Arceon, led by Kristen Suh, came on for a relaunch.

With a target of three to four sales per month, the team smashed that goal in July, with eight signed contracts. And in August, the strong sales streak continued, including the $4.7 million unit 21C and the $5 million Penthouse B (contract not signed).

In July, sales ranged from a $2.48 million 2-bedroom, 2-bath unit, to a $4.43 million 3-bedroom, 3.5-bath unit. The building is now 65% sold.

"I'd like to take credit for it, but I think it's really the building," Suh tells Realtor.com of the building's hot streak.

She raves over designer Juul-Hansen's decision to use so many high-end natural materials, including the Jura gray limestone exterior, and the interior's many touches of Travertine marble, desert quartzite from Brazil, bronze, and solid oak.

The building "aged really well and gracefully," she says. "It looks better third year in than when it was first built."

High end natural materials

"Permanence was on his mind," she says of the designer's determination not to cut corners when it came to materials and finishes. "He wanted something that wouldn't peak on move-in date. It feels very Upper West Side but also very modern."

Despite New York City's first ever pied-à-terre tax on upscale properties worth over $5 million going into effect July 1, sales activity in the luxe segment remained strong as the affluent either bought primary abodes instead or simply shrugged off the tax, which at the highest tier amounts to a rate of just 1.3% for properties over $25 million.

Additionally, a thin current inventory and future pipeline means there isn't a lot of choice at this price point in the coveted Upper West Side location.

"Inventory has dropped nearly 40%," says Suh of new luxury developments. "This is the lowest level in a decade."

"Looking at what is in the pipeline for the next four years, it's down 93% vs the 10-year average," she says. "It's extremely difficult to assemble sites, and also the costs of building [have risen]. I think our building really stood out as ground-up construction."

She says the building makes a particularly good first impression, with a column-free "grand lobby" with 20-foot ceiling windows and a welcome desk carved of one impressive block of Italian Travertine marble.

"You don't see a single painted white wall anywhere in the amenities spaces," she says. "They are always surrounded by beautiful stone or wood."

Striking design features include column-free spaces, giant windows with bronze frames, and whole-slab solid oak cabinets from Italy with dovetail joinery. "More expensive to build but very beautiful to look at," she says.

"This building is a modern take on Upper West Side charm. It ages gracefully. I think that's why, three years in, we're doing really, really well. Buyers that appreciate high quality and premium materials tend to be drawn to our building."

Perking up sales

As for how her Corcoran team perked up sales, Suh says, "Showing starts even before we meet the buyer."

She notes that the team met with the entire building staff—handymen, doormen, porters, concierge people—to teach them about the "premium materials" of the building, including hand-brushed Venetian plaster in the lobby and bronze window frames.

"When the buyers walk in, they can tell the people who work here are very proud to work at the building and care deeply about it," she says. "I think that made some difference. Buyers see a smile on the doormen's faces because they're excited to come to work."

It's not just top quality materials that sell a luxury building, says Suh, but "human energy."

She also credits the rooftop deck with luring in buyers. "I think we have the most beautiful rooftop not just on the Upper West Side but in all of Manhattan," she asserts.

The 24th story deck has panoramic views of the Billionaire's Row skyline and the Hudson River, two barbecue grill stations, and five outdoor tables surrounded by a cornucopia of flowers and plants, selected by Suh and her team.

She made sure that the color of the flowers intermingled in an eye-catching way, and the plants were tall enough to give privacy but not so tall as to block the breathtaking views. Particularly popular with residents and buyers is the deck's the outdoor cinema.

As for who is buying, Suh says she's seeing a lot of out-of-staters (many from Connecticut, Pennsylvania or California) who are downsizing from sprawling single family homes with ample backyards. They appreciate the building's expansiveness, with its generously proportioned rooms, oversized windows, and enormous roofdeck.

Then there is one of the crowning amenities: The 75-foot pool indoor saltwater pool. "It's grand," she says. "It's huge!"

Other amenities include a spa suite, fitness center, Pilates studio, regulation-sized squash/half basketball court, children's playroom, music room, entertainment lounge, and pet grooming station.

Buyers "don't feel like the building is a downgrade," she says. "It's an upgrade."