In a much-needed burst of downtown housing energy, the 242 luxury condos at 130 William St. owned by the Lightstone Group are almost sold out.
The deluge of expensive purchases since marketing began in 2018 will hopefully herald a resurgence for the whole area, which needs all the resurgence it could get.
The condo sales are the true story of 130 William, but have been largely overshadowed by swollen, design-centric stories about views from the 66-story tower, elegant amenities, and architect David Adjaye’s vision – which is unlike anything on the Lower Manhattan skyline.
The public face of the constructing is difficult to miss. Huge arched windows are set in a hand-cast concrete façade that appears black from a distance but turns silver-gray up close. The constructing’s monolithic Moorish profile is as striking a departure from the downtown skyline as the all-white, square display case of 432 Park Ave. Rafael Vinoly comes from Midtown’s.
Lightstone’s senior vp of development, Scott Avram, said, “130 William Street is over 90% sold and occupied and ranked as the city’s best-selling residential tower in the previous couple of years.”
![Extensive unit at 130 William](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000009030271.jpg?w=1024)
![Entrance to 130 William](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000009030267.jpg?w=1024)
The impressive record was achieved during a five-year sales effort that included a nearly three-year pandemic when most of Lower Manhattan was deserted. An inexpensive price contributed to the popularity of the project. (Despite several $10 million penthouse deals, most units sold in the $2 million to $3 million range, in line with the Department of Finance.)
“Lightstone was sensible to set a reasonable price for his or her product early on in order that they didn’t get the negative publicity of lowering prices like some downtown locations did,” one analyst said.
The truth is, most of the 130 Williams were sold at or very near the original “inquiry”. Prices averaged about $3,000 per square foot or less, in comparison with over $5,000 at 432 Park Ave. and even higher in Extell’s Central Park Tower.
![130 William outside overlooking the Brooklyn Bridge](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000009030266.jpg?w=1024)
![William's Salon 130](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000009030268.jpg?w=1024)
The area has witnessed many other heartening events. The owners of an outdated residential skyscraper on Greenwich St. 125 just received a $313 million loan to complete the job. Whole Foods has opened a huge store on Harry Macklowe’s One Wall Street. French department store Printemps will likely be on site in 2024.
The Century 21 discount clothing store, which gave the impression to be dead after closing during the pandemic and was later expected to return in shrunk form, is about to reopen this spring at a size near its original size.
Casa Cipriani atop the Battery Maritime Constructing draws fashionable suburban residents to Manhattan’s East River. The long-delayed Center for the Performing Arts Ronald O. Perelman at the World Trade Center is finally on the right track to open later this yr.
Nonetheless, positive changes, while welcome, hardly negate the challenges that Śródmieście faces because it struggles to rebuild after the pandemic.
In keeping with the Downtown Alliance, nearly 90 million square feet of office space had a emptiness rate of 21% at the end of 2022. Just some major restorations have saved the area from even worse numbers. Brokers told Realty Check that vacancies are as high as 35% in older and outdated buildings in the heart of the district.
But the figures also include three modern buildings which can be completely empty, most notably 60 Wall St., a 1.6 million-square-foot former Deutsche Bank tower.
Asking office rents proceed to fall. Two World Trade Center doesn’t seem closer to being built than 10 years ago as Larry Silverstein prays for a tenant. The attractive beer garden and art installation cannot hide the World Trade Center’s disappointment of one tower without a full quartet.
There continues to be not a single full-service restaurant in the WTC complex apart from Eataly. Westfield Mall and Oculus remain a food wasteland despite having a few fast, casual spots.
The housing picture, although healthier, is obscured by site-specific issues. Developer Harry Macklowe faces what Real Deal called “bill” over $750 million in debt to One Wall Street.
The retail picture is usually gloomy. Between the thriving Brookfield Place at the west end and the dining mecca of the Tin Constructing and the rejuvenated seaport at the east end, Fulton Street and John Street present a sea of empty storefronts.
It’s hard to fathom the volume of dark space given the massive increase in foot traffic. On Fulton Street in particular, the death toll has claimed a dozen fast food and fast food outlets that must be thriving.
Perhaps retailers and property owners will take comfort in all the affluent newcomers to 130 William St. and begin making contracts.