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Nexus launches new condo with eye to better days

Nexus Development has officially launched sales at its Morris Adjmi-designed No45e7 in the East Village, calling the decision a vote of confidence in the Manhattan condo market recovery.

“45 East 7th Street offers a unique and ideal product, featuring efficient layouts, a range of home sizes and at the best price point the city currently has to offer, said Sahar Ziv of the Tavivian Team from Douglas Elliman, which is marketing the property.

“In contrast to the larger high-rises with hundreds of units and shared amenity spaces, this boutique building features an oasis of privacy and peace of mind, with each home offering private outdoor terraces with open, expansive city views.”

No45e7

Developed in partnership with Immobiliare Capital, No45e7 is a seven-story building with 21 studio to three-bedroom apartments.

Each unit has oversized windows, high-efficiency central VRF heating and cooling and is pre-wired for smart home features including shades, lighting, sound and intercom.

The building offers a common roof terrace, fitness center, landscaped garden terrace, residents’ laundry room, private storage rooms and bicycle storage. Carson, a virtual doorman, tracks deliveries, service requests, intercom calls, and visitors while providing live HD video of each entry and a payment system to compliment the staffed doorman, all through an app.

Prices will range from approximately $1.35 million for one-bedroom, $1.995 million to $4 million for two- and three-bedrooms, going up to $8.3 million for the penthouse.

The sales launch comes as apartment sales in Manhattan have hit their lowest point in nearly 20 years, according to Cityrealty.

For the second quarter of 2020, the average sales price of apartments in Manhattan has fallen 15 percent from the sale time last year. The number of recorded sales fell substantially (-60 percent), from 2,732 to 1,087 recorded transactions. The average sales price for all residential units, excluding townhouses was $1.99 million, down from $2.33 million in Q2 2019. The average price of a condo was $2.85 million and the average price of a co-op was $1.22 million. There were 515 condo sales, 557 co-op sales, and 15 condop sales.

A spokeswoman for the developer said, “While many developers may be hesitant to launch during the current pandemic, Nexus Development is confident of the market recovery and that their product offers the exact level of safety, space and comfort to give buyers confidence in a post-COVID world.”

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