For more than a year now, ever since the very first rental units at the monolithic, magnificent Mercedes House came on the market, Two Trees Management has been debating what to do with the rest of its zig-zagging luxury building on the Far West Side of Manhattan. The massive block-long project was a gamble for the Brooklyn firm, about as big and brash and far away from its home turf in Dumbo as one could get (without going to Godforbid, N.J.).
Mercedes House was built in two phases, a swooping base and a connected tower. There would be two sets of rentals, and, the cherry on top, a contingent of condos crowning the 1.3-million-square-foot building, with better finishes and excellent views, on floors 22 through 32. “Everything was high end,” Two Trees managing director Asher Abehsera told The Observer late last week.
He had called in part to set the record straight about the sale of those condos units in a block to Invesco, the Atlanta-based investment management group, that was widely reported last week.
Just what makes the Mercedes House so popular? It’s not German engineering, but it sure looks like it. Take our tour and see for yourself what’s inside Two Tree’s latest sapling.
Who would want to live all the way out on 11th Avenue, at 54th Street, no less? What’s there? Nothing! Except the Mercedes House, where the answer to first question appears to be: everyone!
According to Two Trees’ Asher Abehsera, the second phase of the massive Far West Side development has been renting faster than a sports car, with more than half of the units gone since coming on the market a little over two months ago. So far, 174 of the 384 units have been leased, and move-ins are underway—without the help of any outside brokers, Mr. Abehsera said.
“I don’t know that other people have done 170 apartments at market-rate prices with no outside brokers in two and a half months. That’s probably a big deal,” he said.
Punch Drunk Love
Living in Hell’s Kitchen has been, well, Hell recently—at least for neighbors of the vaunted Mercedes House on 11th Avenue.
Don’t listen to all the reports of economic doom and gloom. The good times are here again! How do we know? Because insane condo parties have returned.