The Pinkwater Report

THE REAL DEAL | Better together: Developers offering combined units at lower psf cost

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New strategy prompted by luxury market slowdown

March 09, 2016 03:05PM
By E.B. Solomont

“Why buy one apartment when you can own two?

That’s the tactic some developers are employing to lure buyers to a crop of combination units that have hit the market in recent weeks. Though apartment mashups are not new, they’re being positioned as a value play for potential buyers amid softening at the upper levels of Manhattan’s residential market…

The trend isn’t limited to new development. At the historic Eldorado at 300 Central Park West, agent Royce Pinkwater of Pinkwater Select is marketing a two-bedroom unit for $5.2 million. A key selling point? The owner has full architectural plans to combine the unit with Bruce Willis’ former pad located one floor up, a three-bedroom pad with an asking price of $12.9 million. The combination unit at the co-op would measure about 5,000 square feet.”

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