Out With The Old, In With The Few

607 Hudson, too nice for most people. (Property Shark)

Sometimes it seems that the market in New York operates completely separate from any others. With the conversion of two more buildings into condos, the disconnect between New York and the rest of the country, goes to another level.

The conversion of the former nursing home at 607 Hudson Street will create units between 3,200 and 9,600 square feet. The building will now comprise just 10 apartments. It used to house 200. A similar renovation is planned at 18 Gramercy Park South, which previously held 300 rooms for seniors. Now there will be just 17 condos measuring 4,500 square feet a piece.

It’s a tragic tale, in The Times this week, one that furthers the pervasive belief that New York, home to so many, is increasingly comfortable only for the few. Both moves represent envy-inducing news for any New Yorker who has spent a weekend re-arranging, perhaps even grappling with the infernal portable room dividers—in the endless quest to find more space.

The redevelopments are all the more stark when considering the drumbeat for more affordable housing in Manhattan. Potential Mayoral candidate Scott Stringer recently attacked the mayor for not considering such options at three downtown buildings.

However it does seem that developers are just satiating the appetite of the 1 percenters. The trend currently is on the up for big spacious condos, with a 50 percent increase in the price of sales in the fourth quarter of 2011, compared to that of 2010.


Out With The Old, In With The Few