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Market strong for quality residential product.

Who said the housing market is in a slump?

Despite the recession, The Alexandria has sold 11 apartments since September, for an aggregate price of more than $4.13 million. As a result, The Alexandria is now 63 percent sold.

This sales pace is even better than we projected a year ago, given the slow rate at which the apartment market was recovering then. It distinguishes our building from other new Manhattan condominiums, many of whose owners have had to resort to auctions or to sell apartments at tremendous discounts.

The Alexandria's financial strength and stability - the building remains in the strong hands of its original sponsors --are major reasons for its impressive sales pace. Buyers can see that the value of the property has been maintained despite difficult market conditions.

Given the experiences of the past few years, this factor heavily influences a buyer's willingness to commit to a building. How many new condominimums in this city are still in the steady hands of their original sponsors, as is The Alexandria? How many are two-thirds sold, preserving their homeowners' investments and increasing their occupancy level each month?

Also ranking high among the building's great selling points is its location. Dominating the intersection of Broadway and West 72nd Street, The Alexandria is a prominent neighbor of Lincoln Center, and already has become an integral part of the vibrant Upper West Side in its own right. HMV, the prestigious London-based music-store chain, occupies the entire 25,000 square-foot retail space. And directly outside the front door, residents can access a seemingly infinite variety of global cuisine, boundless shopping, unending cultural activities and subway and surface transportation.

Certainly not to be overlooked is The Alexandria itself. Reflecting the creative genius of David Childs, award-winning senior design partner of Skidmore Owings & Merrill (who served as design consultant, with Frank Williams & Associates as project architect), the Alexandria is reminiscent of many of the West Side's legendary pre-war residential buildings, including the nearby Ansonia.

Still, the modestly scaled building bears its own distinctive look as well-especially in the subtle Egyptian motifs in its tower, column capitals, iron work and other decorative details. The exterior facade, which features an intriguing polychromatic brick treatment, steps back from the street like a pyramid, for visual excitement, light and air.

In amenities, The Alexandria offers a private spa (The Oasis), which includes a 20-by-50-foot pool and fully equipped fitness center, concierge and doorman, plus high ceilings, separate dining rooms, marble baths, European-style kitchen cabinetry, granite kitchen floors, brass hardware, and hand-laid herringbone pecan floors.

Four floors of penthouses offer panoramic views of the New York skyline. Many apartments above the 16th floor have wraparound terraces, and most below have balconies and terraces.

We expect sales to strengthen further at The Alexandria as the recovery in New York's apartment market continues to build momentum.
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Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Mid-Year Review & Forecast, Section IV; New York, New York housing market shows strength in apartment sales; includes evaluation of The Alexandria apartment house sales in New York, New York
Author:Malkin, Anthony E.
Publication:Real Estate Weekly
Article Type:Column
Date:Jun 23, 1993
Previous Article:Mortgage-backed securities aid refinancing.
Next Article:EC still provides viable opportunities.

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