A New take on Manhattan Living



FOR IMMEDIATE RELEASE: New York, NY – July 7, 2008 - Blesso Properties (BP), founded by President Matthew Blesso, has once again achieved surprising sell-outs in today’s softening real estate market, celebrating record-breaking sales of high-end properties in the competitive New York City arena. In addition to the complete sell-out of its Harlem renovation “Loft 124” in June, where units sold for more than $1 million, BP also recently sold two West Village townhouses for per-square-foot prices that place them in the top five highest ever for the downtown market. The company has sloughed off the weak Harlem market and leapt to the top of the West Village townhouse market by implementing a successful formula that combines smart renovations, distinctive design and ultra modern finishes while capitalizing on each project’s neighborhood context.

When BP entered the Harlem market in 2004 with the novel idea of bringing downtown luxury design to an uptown residential development, the firm anticipated the drawbacks of the location, “Convincing lenders and investors of our ability to sell condos at Manhattan prices on an undesirable block in Harlem was no easy task,” explains Mr. Blesso. Nonetheless, he saw a recipe for success in going against the prevailing trend toward using mediocre finishes in line with the surrounding housing stock. Instead, by incorporating high-quality design and distinctive renovations, this project appeals to the discerning buyer looking for a unique product. The strategy paid off, and Loft 124 exceeded expectations by setting a record for the highest average sell-out of any condominium north of 111th Street; one unit even went into contract for $125K over the asking price in December 2007.

BP predicted that those who understood and appreciated the character of Harlem would be willing to invest in sophisticated living in a historically vibrant area. The project’s success was especially impressive considering five of the units at Loft 124 closed between January and May of 2008, when most Manhattan real estate simply wasn’t moving. The Harlem market was especially soft during those months but unlike other projects that required price reductions to sell units, BP never had to lower prices for Loft 124. In fact, at the time the eleventh floor penthouse went into contract at more than $1,000 per square foot, it was the highest price ever for a sale above 111th Street. Today, Loft 124 is receiving critical acclaim for being one of the finest residences in Harlem. “I am very proud, considering it was such a pioneering project and that we did something that had never been done before,” Blesso explains.

Equally impressive sales of two pre-Civil War West Village townhouses quickly followed: 42 Jane Street and 9 ½ Jane Street, which sold for a combined figure of more than $16.7 million. By designing state-of-the-art kitchens, adding large windows, outdoor terraces, sky lights and incorporating views of the Empire State and Chrysler buildings, award-winning architects Murphy Burnham & Buttrick created clean contemporary spaces that are amenable to any decorating style. “I looked at 42 Jane to buy for myself,” recalls Blesso, “but I decided that townhouse living wasn’t right for me. Nonetheless, I noticed such a huge discrepancy between the pricing of mint townhouses and those that needed to be gutted.” He further explains that, “because these units were old and in bad shape, buyers weren’t interested. However, because they are single family, they were flying under the radar of other developers.” Blesso recognized the special buying opportunity and recently sold both gut-renovated units at a large profit.

The BP formula emphasizes unconventional thinking, high-quality design, attention to detail, and a closely-monitored construction process. This has helped the firm thrive even while the housing market struggles. What truly sets Blesso Properties apart from the rest is simply the difference between accepting something good and creating something spectacular.

PRESS CONTACT: Alexandria Richards, Americas Media Group Worldwide, 305-572-9883 ext. 304, alexandria@americasmediagroup.com

Press Release Submitted On: July 23, 2008 at 3:50 pm
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