Four contracts signed at 19 Beach Street condo lofts

Real Estate Weekly, Dec 12, 2001

Four contracts have been signed to date for the six floor-through condominium lofts at 19 Beach St., said Louise Phillips, Insignia Douglas Elliman executive vice president and exclusive agent for the property, which held its "grand opening" in October.

"Interestingly, two of these sales were made after Sept. 11, another sign that apartment buyers are not afraid of Down-town locations," she pointed out. "What sells these 3,000-SF luxury lofts is the fact that you may be able to find similar space, but you won't find large space with this kind of light anywhere else for the price."

She referred to the property's location on a corner lot that yields unobstructed light and views south and west from panoramic window walls. Stops nearby for several subway lines make it convenient to travel anywhere in the city.

"A young couple snapped up one of the three-bedroom lofts the day they saw the plans for the building in the early stages of construction," said Phillips. "They told me 19 Beach St. was the best space they've seen for around $2 million. They said they would have saved a lot of time and trouble looking at apartments if they knew from the start this was coming on the market."

The couple had been looking for 11 months, and will be able to move into 19 Beach St. at the end of December. The lofts at 19 Beach Street are priced from $1,725,000 for the 3,000-square foot full-floor lofts to over $3 million for a penthouse with its own garage and large, private roof terrace.

From two standpoints, 19 Beach St. is unique, Phillips points out:

* In a city where most loft condominium development has been conversions of existing commercial or rental buildings, 19 Beach Street is a rare example of new residential construction. Consequently, it is designed from ground up to take full advantage of the scale and sight lines opened up by the corner lot.

* In an area dominated by high-rise residential conversions, 19 Beach St. is designed as a low-rise residence, what Phillips describes as a building with an intimate "boutique" feel. The seven-story building comprises only six fully finished full-floor lofts, including the penthouse.

The most outstanding design feature is oversized, wraparound windows at the corner of each loft that provide unusual light and exposures from the 48-foot-long living/dining room areas, taking full advantage of the architectural options permitted by "custom designing" a building to "fit" a lot.

The developer is Scott-Lawrence Realty & Development Corporation.