Family drops $27M on eight Waterline Square apartments as ‘safe’ investment during coronavirus

Posted On Wed, April 15, 2020 By

Posted On Wed, April 15, 2020 By In condos, Recent Sales, Upper West Side 

Rendering courtesy of Noe & Associates with The Boundary. L to R: Two Waterline Square by KPF, Three Waterline Square by Rafael Vinoly, One Waterline Square by Richard Meier

A family from Peru has paid nearly $27 million for eight units at the new three-tower luxury complex Waterline Square on the Upper West Side, the Wall Street Journal reported on Wednesday. The buyers went into contract and closed on the all-cash deal on the same day, Douglas Elliman agent Maria Velazquez told the newspaper. Velazquez said the family who bought the condo units see it as an investment, opting to put their money into real estate instead of a bank during the coronavirus pandemic. “They felt their money was safer in an apartment in New York than in a bank,” she said.

The family, who plans on renting the units out, visited the sales office in November, but all following showings were virtual, with the closings completed via video conference. While the state classified real estate work as essential during COVID-19, all showings of properties must be conducted virtually for the time being.

Located across five acres between West 59th and West 61st Streets along the Hudson River, Waterline Square contains three towers designed by well-known architects: Richard Meier’s One Waterline Square, Kohn Pedersen Fox’s Two Waterline Square, and Rafael Viñoly’s Three Waterline Square.

Closings began in February at the complex, which also offers buyers a 20-year 421a tax abatement. The buildings, developed by GID Development Group, offer a mix of rental and condo apartments, as well as an amenity club that measures 100,000 square feet and connects all three buildings.

Residents have access to an indoor tennis court, a 25-meter lap pool and kiddie pool, a full basketball court, a 30-foot rock-climbing wall, a fitness center, a bowling alley, an indoor gardening room, and more. There is also a new 2.6-acre waterfront park designed by Mathews Nielsen Landscape Architects that boasts water features and a playground.

[Via WSJ]

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Neighborhoods : Upper West Side

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