Manhattan condos go for a bargain of US$3m

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.

"We are flooded with requests from buyers to come look at the property," said Benjamin Joseph, the Related senior vice-president who oversaw the conversion of 368 rental homes to 325 condos at 94th St…