260 Park Ave South

I like the building (I should say buildings, as I believe it is a collection of three), although the common areas are both mazelike and quite dark. I have read scathing things regarding the quality, but the units I have seen seem OK by new construction standards. The layouts are generally spacious, but the second bedrooms tend to be fairly small.

There are, I believe, some lot line exposures, so be careful. This building was converted on the early side of the expansion, so prices paid per sf should be nowhere near what new development was going for in mid-2007. Take your time and wait for someone who needs to sell, they should have more wiggle room than some.

$1500 psf.... thats not going to last...

I know a guy who lives here and I actually love it. Great location while I can only speak for his unit, great interiors.

nyc10022 - I agree. This is my neighborhood of choice, along with the East Village and extending into the flatiron area and the eastern edges of Chelsea and I can tell you that the prices are sticky as hell around here. But unstick they will. Lots and lots of younger people bought here, many banking types.

yeah, my friend there is a finance guy as are many residents. if you guys like that area, there are a couple other good buildings within a couple of blocks...

great feedback thanks for your thoughts. The building was sold in 05 at arounf 1200 pf.. I think that should be the top end now. But we shall see. Very curious aboutready if you can remember where you saw the neg quality comments as I would love to see them.. Also am very intersted in 240 park south .. Any thoughts?

like that too. would suggest 254 Park but I am steering clients away from new construction projects that aren't near completion... is there a specific unit at 260 that you are interested in?

I like the B line the best followed by the A line.. When the prices get back to 2.5 for the B and 1.8 for the A line I would be very interested. 254 has only small layouts to my knowledge.. Looking for at least 1500 sf

AgentRachel - Could you tell us what you're seeing in the new construction market now? Both in buildings nearing completion, and those that are far from completion. I've had my eye on a building that started construction in late-2007 and is just about to get the windows in so they can start interior work during the winter. I

'm wondering what the people are doing who went into contract in pre-construction times (say April-Oct 2007), and what's happening in other buildings of that vintage. I particularly wonder what the deal is with the developer/builder's credit lines.

This thread is about 260 pas and 240 pas. Start your own thread if you want to discuss new construc Nbalzac

Waiter, I don't think there is anything available in the A or B lines at the moment. Who knows what will come up... Have you actually been to the building to see any of the units?

NBalzac - buildings nearing completion are a much safer bet. I wouldn't personally take clients to bldgs far from completion for a variety of reasons. Which bldg do you have your eye on? People who went into contract April - Oct 07' should be fine. Its the really new bldgs that may never be completed. Developer line of credit is case-by-case. I know developers financing projects themselves!

Waiter - sorry, I can't recall. I remember the rants because they ran counter to what I thought. Most of the less than stellar construction jobs seem to have occurred in the buildings that have been completed later, presumably due to cost increases and constraints.

This building is definitely on my list, as is the Chelsea Mercantile, another lovely conversion that began closings in I believe 2000 or 2001. 260PAS has an unbeatable location, for me at least. I think 240 is even more overpriced and as prices started there so much higher, it will take that much longer (probably) for them to come down. Good luck.