W Downtown Hotel & Residences

looks great at $600-$900 a foot

wow the building is amazing!!!

Nothing like a little shameless self promotion, right mathtew?

have you been there? the floorplans seem small

except they are asking over $2000 psf. Also, is the fact that it is bank owned mean that the bank took it over from the developers? Always a concern for a buyer.

whats in that neighborhood? isn't it a bit of a mess as a residential location?

Sold half the building in 1 day, who says selling is hard today?

Listings in Contract (32)
$2,580,000 123 Washington Street #53B 2 beds
$2,470,000 123 Washington Street #54B 2 beds
$2,410,000 123 Washington Street #54F 2 beds
$2,370,000 123 Washington Street #52F 2 beds
$2,350,000 123 Washington Street #51F 2 beds
$2,310,000 123 Washington Street #49F 2 beds
$2,130,000 123 Washington Street #54D 2 beds
$2,110,000 123 Washington Street #53D 2 beds
$1,820,000 123 Washington Street #52A 1 bed
$1,775,000 123 Washington Street #51A 1 bed
$1,760,000 123 Washington Street #48A 1 bed
$1,760,000 123 Washington Street #54G 1 bed
$1,745,000 123 Washington Street #53G 1 bed
$1,745,000 123 Washington Street #49A 2 beds
$1,730,000 123 Washington Street #52G 1 bed
$1,729,000 123 Washington Street #54A 1 bed
$1,715,000 123 Washington Street #51G 1 bed
$1,700,000 123 Washington Street #46A 1 bed
$1,685,000 123 Washington Street #43A 1 bed
$1,670,000 123 Washington Street #42A 1 bed
$1,645,000 123 Washington Street #46F 1 bed
$1,555,000 123 Washington Street #40F 1 bed
$1,535,000 123 Washington Street #33A 1 bed
$1,530,000 123 Washington Street #46G 1 bed
$1,515,000 123 Washington Street #45G 1 bed
$1,515,000 123 Washington Street #35A 1 bed
$1,440,000 123 Washington Street #40G 1 bed
$1,355,000 123 Washington Street #54H 1 bed
$1,310,000 123 Washington Street #51H 1 bed
$1,295,000 123 Washington Street #34E 1 bed
$1,280,000 123 Washington Street #49H 1 bed
$1,155,000 123 Washington Street #36H 1 bed

All with Sept 3rd in contract dates...shshshshady

Those are probably the initial closings. I don't remember the exact numbers but the building is something like 20% sold. The developer leased a bunch of the furnished apartments to a corporate housing agency for two years. There are tons of availabilities.

Yes except this pattern often indicates padding for in contracts figures or 90 day window reference points to try and sell any apartments with false in contracts for comps.

As I called out several other buildings (or agents) that did this in the past. (see the following thread http://streeteasy.com/nyc/talk/discussion/17313-ud-inventory-below-8000-discuss?page=1)

And as those buildings' in contracts have a less than 20% closing rate now more than 6 months later, I'd expect the same from these sham in contracts.

700 sq ft one bedrooms at $2000/sq ft in the worst part of FiDi? No thanks.

I don't care how nice they are, it's no surprise they are not selling.

They sold 15 out of 224 apartments in 5 years. Can you say Failure - with a capital F!

From today's WSJ...

The sluggish sales pace has picked up at the condominium units in Joseph Monian’s W New York Downtown hotel thanks to a new
marketing focus on fully-furnished units led by Louise Sunshine, according to the Wall Street Journal.
Interest in the building was high when a sales effort was launched before it was built in 2007, but the prospective buyers vanished when the recession hit. When the 57-story building’s 22 lowest floors opened as a 217-room hotel in 2010 the building, at 123 Washington Street, had its first sale. By the fall of 2011, though, just 15 of the 223 for-sale units had closed, in part because of a controversial Interstate Land Sales Full Disclosure Act lawsuit.
That’s when Moinian called upon Louise Sunshine to help with the sales push. Sunshine enlisted the Corcoran Group to help with the marketing effort, while she embarked on a mission to furnish the apartments with $30,000 to $35,000 worth of pieces per unit from Tui Lifestyle.
Sunshine’s work has spurred interest in the building among investors who want immediately to rent out the units or use them as pied-a-terres, the Journal said. In the last month four sales have closed and seven more are in contract. Brokers say the furnished apartments help them sell units by showing how to use the space to prospective buyers who once worried the units were too small. [WSJ]

Alot of banks have a problem with lending money to this project? They say because it is 50% commercial 50% Residences? If the Hotel fails, this should be a risk factor when investing....