50 West Street: Demand for Luxury Apartments

Written By Ilana Yoneshige | February 05, 2015 | Published in Urban Design
2016%2f01%2f14%2f12%2f31%2f57%2f2cef0fc0 f0b3 4906 828f 59ddbc4e6883%2f50 west street facade

Helmut Jahn, designer of the 50 West Street condo building and Cityspire, estimates that construction will be complete around the middle of 2016. According to Curbed, the number of luxury apartments increased by 98.5% through 2014. For now, the demand for these high-end apartments is meeting the immense increase in supply, but “nobody really understands how deep the buyer pool runs,” Andrew Gerringer of Marketing Directors told the New York Times. Will there still be enough demand when 50 West Street is completed to fill each of its 191 apartments? Though prices for 50 West Street range from $1.615 million to $18.63 million, the sleek building makes a tempting offer with its stainless steel facade and transparent glass. Jahn explains that “as the building rises, it becomes more reflective. The idea is always that a building like this in a particular light merges with the sky.” Khashy Eyn, the founder of Platinum Properties seems confident about the success of 50 West Street. He told the New York Times, “Considering that condos have sold in the last few years for about $1,000 a square foot in the financial district, a new luxury doorman building like 50 West should be competitive… [The condos] will sell out fast.”

Rosemary Scanlon of NYU’s School of Professional Studies Schack Institute of Real Estate explained to the Times, “Real estate is always cyclical, and what it sounds like we are seeing now is the next stage in the cycle.” True, NYC is an ever evolving metropolis with constant construction. According to Helmut Jahn, the project began in 2006 but was temporarily halted by Francis Greenburger of Time Equities. During this break period, Jahn made several design changes influenced primarily by Hurricane Sandy as well as the apparent demand for luxury apartments. The lobby floor was raised by three feet and the backup generator is hidden away on the fourth floor so that power won’t be an issue during extended blackouts. “We made the floor-to-floor height bigger; we had bigger apartments; and we had to adjust the building with a new code,” said Jahn, ”Yes, it’s a luxury market.”

At 75 years old, Jahn has more upcoming plans for the evolution of architecture in NYC. “It’s not a very big building,” he told the Times, “but I think a very important building. It’s a residential building combined with some other.” In the past, Jahn designed a series of international skyscrapers, including Two Liberty Place in Philadelphia and several Hyatt hotels; the steel-and-glass arched roofs of the United Airlines Terminal at O-Hare International Airport, the Munich Airport Center and the SONY Center in Berlin. Based on these, we can expect his upcoming project to be quite an extravagant building.

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.