Unique real estate product leads to multimillion dollar price tag

Two unique real estate locations in New York City will line the pockets of a developer with an extra $20 million if he gets his asking price. Even though the man is asking what some would call an exorbitant amount, the uniqueness of the property may let him set the bar so high.

The properties in question are two condominiums located on West 25th Street in The Chelsea Arts Tower. The largest condo is located on the top floor of the 21-story building. The developer is asking for $2,800 per square foot, bringing the total price of the condo as high as $12 million.

The second condo is located on the 14th floor. The developer has priced it at $1,600 per square foot. The total price is around $8 million for the second unit.

According to a broker, the price is set very high. However, the building is new and is in a superb location. One of the reasons that the location is desirable is because the Chelsea Arts Tower was built before a ban in the area reduced the maximum height of construction. As a result, windows on the highest stories of the building have an unobstructed and fabulous city view.

Individuals who have the desire and financial capability to purchase such real estate may want to consider all aspects of the sale prior to moving forward. With such a large amount of money changing hands, vetting the building, the deal and the paper work is important. Large real estate transactions may involve legal issues that are not normally part of a home or property purchase, and it's better to be safe with so much money on the line.

Source: The Real Deal, "Jack Guttman wants record $20M for Chelsea Arts condos" Angela Hunt, Jan. 09, 2014