Back in October of 2007, only 19 units remained available at Full Spectrum's LEED Silver-hopeful Kalahari condominium development at 40 West 116th Street between Lenox and Fifth Avenues in Harlem. Only 7 units have moved since, and earlier this week prices were cut on the remaining 12. The asking price on a 1386-square-foot 3-bedroom, 2-bath unit is down 6 percent to $815,000, and a 1732-square-foot 4-bedroom, 3-bath apartment has been cut by 19.5 percent to $1.14 million. It's anecdotal, of course, and certainly a function of market realities here in 2009, but the price cuts are interesting to note in light of the constant barrage of positive studies and other reports extolling the inherent premium value of LEED-certified buildings and other green properties. (Note, however, that the Kalahari has yet to be formally certified by USGBC).
Nevertheless, even in light of these cuts the asking prices are still staggering, and the 95 percent sell out rate is just as impressive; it is important, though, to keep in mind that even LEED buildings are not immune to the continued instability in the New York City condominium market. You may recall that the Kalahari offers 249 total units, including 120 that were set aside as affordable housing. Each unit includes bamboo flooring, clean air filters, and Energy Star appliances. Twenty-five percent of the power at the building is drawn from solar and wind sources, an on-site Zip Car station offers hybrid automobiles, and the development features a number of green roofs, public gardens, and sustainable vegetation. The project was designed by Frederic Schwartz Architects and GF55 Partners.
- The Kalahari (gbNYC)
- Kalahari Slashes Prices (TRD)
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