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Edifice Bets

Wall Street bonuses are expected to be down 15 percent this year—and may go down more in 2008. So who will buy all the high-end condos being built?

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THE LAUREL
400 E. 67th St.
Completion: Summer ’08
Amenities: A green building with screening room, game room, topflight fitness center.
Prices: $700,000 for a studio to $16 million for a penthouse.
The defense: Near York Ave. hospitals, it’s geared toward doctors rather than bankers, says marketer Louise Sunshine. “Our market is predominantly professional people who aren’t dependent on bonuses.”


INT’L. TOY CENTER CONDOS
1107 Broadway
Completion: Summer ’09
Amenities: Basketball court, children’s play space, bowling alley.
Prices: $2,300 to $2,500 per square foot, or about $1.9 million for an 800-square-foot one-bedroom.
The defense: “Is the bonus season a concern? Everything is a concern, but not too much,” says developer Yitzchak Tessler. “It’s a great location, a great property. There’s not much product of this kind on Madison Square Park.”


WAREHOUSE 11
234 N. 11th St., W’burg
Completion: Spring ’08
Amenities: 24-hour concierge, yoga garden, gallery lounge, playroom, parking, basketball court.
Prices: From $399,000 for a studio to $715,000 for a duplex penthouse.
The defense: “I’m not concerned with the bonuses,” says David Maundrell of Aptsandlofts .com, the exclusive agent. “We may see less financial types, but they’re not the focus of the Williamsburg market, anyway.”


THE 505
505 W. 47th St.
Completion: February ’09
Amenities: Courtyards, fitness center.
Prices: Studios from $425,000 to penthouses from $1.35 million.
The defense: Hell’s Kitchen is cheaper than Tribeca. “If people get smaller bonuses, they’re going to have to trade down, and we’re there waiting with affordable units,” says developer Ian Reisner. “The building is pure value—great finishes at a great price point.”


W NEW YORK–DOWNTOWN
123 Washington St.
Completion: Mid ’09
Amenities: 159 units perched above W hotel; pet concierge, screening room, in-house Bliss Spa, hotel services.
Prices: One-bedrooms from $1.055 million; two-bedrooms from $2.19 million.
The defense: Buyers here aren’t bonus-dependent, says marketer Michael Shvo. “Maybe their bonuses went from $10 million to $8 million. They still have a lot of money.”

Have good intel? Send tips to intel@nymag.com.


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