Residential market will regain health.

Although sales prices are reported to have fallen slightly on homes in Manhattan, the consensus in the real estate industry appears to be that the market will regain its former health. Many developers whom Meltzer/Mandl Architects are working with are moving ahead on new construction, including new luxury projects loaded with indulgences for the affluent buyer. Let's look at one such project, currently under development by Alchemy Properties, LLC as an example of the level of pampering that the newest crop of condominiums will provide to for their buyers.

Alchemy Propertiesi new, $10 million building is located at 57 Bond St., on the corner of Bowery. Once the most notorious skid row in the U.S., the area is now a desirable address. Over the years, it has attracted such notable residents as Robert Rauschenberg, Frank Stella, Cher and Keith Richards.

This new building introduces new elements to the neighborhoodis design vernacular. At 27,560 SF and four stories, the curving mid-rise tower will setback twice and be clad in aluminum and glass.

A relatively small-scale development, 57 Bond St. fits well with the generally recognized trend towards comfort, warmth and intimacy in the home. It will house just ten 2,000-SF apartments, each with its own outdoor space either a terrace or a balcony. The two penthouse units will have private access to rooftop decks via spiral staircases. Alchemy is considering placing a hot tub on the terraces of the penthouse apartments.

Inside 57 Bond St., the luxury extends throughout each home. Spacious floor plans with large corner living rooms and high, 11-foot ceilings make the units airy and spacious. The floor-to-ceiling windows in the living rooms open them to natural light and reward residents with exceptional views of SoHo, TriBeCa and NoHo. Rich maple floors lend warmth and color to each room.

In the well-appointed kitchens, European appliances and finishes tempt the gourmet chef in all of us. Granite kitchens by Poggenpohl and appliances by Sub-Zero will be a prominent feature in every home.

The baths will include lavish Japanese bathtubs, showers with a steam option, and high-quality marble or granite finishes. Other amenities and finishes are equally exciting, but I am not yet able to reveal them.

The lobby at 57 Bond St. is warm and welcoming, yet stylish high-tech chic. One wall arcs elegantly giving off a luminous sheen, while the opposite wall of polished wood hides recessed softly glowing lighting over decorative niches, that gives a warm, comfortable feeling to the entire space.

Exciting locations; an intimate scale; luxuries in the kitchen and bath; fine finishes throughout; high ceilings, large windows that offer some of New York Cityis most compelling views; and strikingly contemporary lobbies: these are some of the indulgences with which Manhattanis best developers are pampering todayis affluent buyer.