Developers are flush with success after record sales on the LES

Real Estate Weekly, June 1, 2005

It is no small feat to turn an empty warehouse or abandoned factory into luxury real estate. It is an even greater accomplishment to sell these new properties in a matter of weeks.

Chris Haynes and Ronald Castellano, the hands-on developers, architects and builders of the Garfield building on Henry Street in the burgeoning Lower East Side, conquered both these challenges and sold their eight luxury apartments in a mere five weeks over the holidays, a traditionally dead time for real estate. In today's demanding market for the modern, oversize loft, the ability to successfully predict the key selling points that will attract this high-end customer and set your development above the rest is a skill with high dividends.

The kitchen and bath are also where prospective buys seek added value features that would set their new home apart. Chelsea Kitchen's exclusive, sleek Italian line, Effeti, was the design of choice for Haynes and Castellano: "We wanted a minimalist, yet convenient design that would blend seamlessly with the contemporary, expansive apartments. We quickly recognized that European styling and quality could be an effective selling point for our distinctive tenants."

According to Arthur Tanturri, founder of Chelsea Fine Custom Kitchens: "While standard high-end design choices such as granite countertops can look great in most homes, it is a cookie cutter choice for builders," says Tanturri.