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Rockrose To Start Closing at 99 John
Rockrose to start closings at 99 John
June 26, 2008 12:54PMBy David Jones
Rockrose Development's condo conversion plan for its 99 John Deco Lofts in the Financial District has gotten the state Attorney General office's approval, allowing 442 condos to start closing within weeks.
Rockrose has contracts to sell about 70 of the property's loft apartments, at an average price of $1,050 per square foot, said Kevin Singleton, a Rockrose senior vice president.
"We think we were priced right in the marketplace," Singleton said. "It's a challenging local and national economic environment."
According to the Downtown Alliance, average sales prices are just above $1,000 per square foot for apartments below Chambers Street, an area that is undergoing a major boom in residential development.
The property has operated as a rental building since the late 1990s and still has about 250 tenants. Rockrose began selling the condos from an on-site sales office in November 2007.
Bond New York salesman William Moye, who is not affiliated with the project, said 99 John Deco Lofts offers one of the best values in the Financial District. Moye represented a buyer who is scheduled to close on a large one-bedroom unit at 99 John Deco Lofts in August. The client acquired the unit for $800,000, after negotiating a discount from the $835,000 asking price.
The former office building was designed by Shreve, Lamb and Harmon, the firm that designed the Empire State Building. Rockrose, which bought the building for $17 million in 1996, became the first major residential developers to enter the neighborhood, opening 45 Wall Street in 1995.
Listing prices at 99 John Street range from $515,000 for a studio loft to $3.3 million for a four-bedroom penthouse. The building also has about 20 rental units listed at prices ranging from $2,190 to $4,685, according to Streeteasy.com.
Lower Manhattan, which includes the Financial District and Battery Park City, has seen a residential boomin recent years. It now counts more than 24,300 residential units in 294 buildings. Another 4,400 units are scheduled to open this year in 26 new buildings.
John Street is home to several rental-to-condo conversions on a short stretch. They include 84 units at 45 John Street, 73 units at Five Nine John Lofts at 59 John Street and 147 units at the South Star at 80 John Street.