Luxe boutique buildings are currently all the rage in the Big Apple, particularly in this nearly post-COVID world — buyers see tremendous value in smaller structures that allow for more privacy versus traditional skyscrapers, as well as less interaction with other individuals in common areas and amenities. Not to mention a sense of home that is largely lacking in the confines of mega-projects.
“The build cycle in New York City is far too long to allow developers to quickly re-adapt and construct smaller buildings that serve the needs of buyers who prefer these types of buildings vs. the ‘luxury dorms’ that are highly unappealing in the current environment,” says Jim St. André of Compass, who is handling sales for 17 Jane Street, a seven-residence, David Chipperfield-designed project in Manhattan’s West Village where high-profile folks like Jennifer Lawrence are lining up to purchase.
“Buyers are more aware of the boutique buildings that exist in the market, and more of a focus is being placed on these buildings,” he adds. “And those who have been working on these types of projects for years are finding themselves in the enviable position of delivering perfectly calibrated projects into a robust market that is responding very positively.”
Although 17 Jane Street is finished and ready for occupancy, for instance, the design and development phase began well over 5 years ago. “It always would have been an in-demand building given the location, large floor plans and private parking, but now the timing is particularly good given the market conditions,” says André. “It’s selling at record-setting prices for the West Village, due to the cache and quality of the project, and the demand for projects of this scale that exists right now. It’s why we’ve been able to have multiple sales at over $4,000 per square foot.”
Now that you know why these buildings are becoming so popular, here’s an inside look at five more new NYC structures that fit the boutique bill — from a one-of-a-kind geometric affair in Lower Manhattan’s trendy Tribeca community to the first U.S. project for London-based Pritzker Prize-winning architect Rogers Stirk Harbour + Partners. And remember, when it comes to intimate buildings, the smaller and more “boutique-y,” the better!
30 Warren, 30 Warren St., New York, N.Y.
When Cape Advisors set out to create this 12-story, mixed-use building in Lower Manhattan back in 2016, the leaders of the New York-based real estate development firm were inspired to craft a structure that would serve as an homage to the area’s history and architecture, while also delivering the utmost in luxury living.