It’s not the first luxury condo development in the newly transportation-enhanced Yorkville, and it won’t be the last, but the Vitre condominium development at 302 East 96th Street is catching the eye of NYC real estate shoppers.
Sales in the 21-story building from Wonder Works Development Group have just commenced, with a handful of units in the modern, glass-facade building already under contract. Though the building won’t open its doors until the summer of 2018, 10 of its 48 total units have been listed for sale. They range in size from 1 to 3 bedrooms, with an entry price of $915,000.
Stephen E. McArdle of Brown Harris Stevens holds the listings, and Brown Harris Stevens Development Marketing is directing the sales campaign for the eye-catching, Karl Fischer-designed building. Ultimately, Vitre aims to redefine what it means to live in this venerable section of the Upper East Side, especially now with the new Second Avenue subway open for business.
The Vitre is located directly on East 96th Street, just opposite the new Second Avenue subway station. Years in the making, the new transit line has already prompted a spate of new development, along with rising real estate values in a part of the city that, for decades, was a tough sell to those who needed nearby transportation options.
One of the first units for sale at the Vitre is PH5, a full-floor penthouse on the 20th floor with commanding views in all directions. The 3-bedroom, 3-bathroom residence is listed for $4.29 million. It runs 2,290 square feet, with an additional 693 square feet of outdoor living space, including two balconies and a private roof terrace. That’s $1,873 per square foot, well below the price-per-square foot at another new Yorkville condo development, The Kent at 200 East 95th Street, where the average unit is selling at $2,230 per square foot.
Second Avenue Subway Impacting Yorkville Values
The new subway line’s impact on Yorkville real estate development and prices have already been well documented. The New York Times recently ran a story that looked at the renewed interest and pricing dynamics in this part of Manhattan. StreetEasy also analyzed building starts and pricing around the Second Avenue subway and found that rental prices have surged in Yorkville.
“This is sort of on the fringe,” Michael Belkin, a partner at Wonder Works Development Group, told the Times. The developers bought the Yorkville site in 2015 for $22 million — far less than a similar site would cost in hot spot like Chelsea, the West Village or Tribeca.
The residences at Vitre are attracting buyers with modern interior design, floor-to-ceiling windows, high ceilings and smoked European white oak flooring throughout. Kitchens feature custom cabinetry in wire-brushed oak paneling with white lacquer upper cabinets, Carrara marble backsplashes and Caesarstone countertops.
Vitre is a full-service building with a 24-hour attended lobby. Amenities include a residents’ lounge with patio, a rooftop sun deck, bike storage and concierge services by Hello Alfred. Private parking spaces are also available for purchase.
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