Manhattan condos go for a bargain of US$3m
Developers are converting former rental buildings into new housing in the form of non-luxury condominiums
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New York
WHEN Related Cos began selling condominiums at one of its former rental buildings last month, 50 people showed up in the first two days for an only-in-Manhattan bargain: Almost all the homes cost less than US$3 million.
Carnegie Park, a 1980s-era rental property, was renovated as a condo building where one-bedroom apartments with 690 square feet (64 square metres) start at US$765,000. The average price for all units is about US$1,300 per square foot (psf) - roughly 30 per cent less than the average for a newly built Manhattan condo sold in the fourth quarter, according to appraiser Miller Samuel Inc.
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