The walls aren't even up, but the condos in Walnut Capital’s new Metropolitan building are selling fast.
The
Metropolitan, located on North Neville Street at the Oakland-Shadyside
border and designed by architectural firm Astorino, will be among the
most expensive and amenities-packed new residences in the city.
Apparently, there’s a call for it: Walnut Capital managing partner
Gregg Perelman says that “over 40 percent” of the building’s 42 units
have been sold already. Occupancy is planned for spring 2007.
Such
a quick rate for a new project “is pretty special. There are a lot
of condos around town, but it’s because of the building and the
location and the amenities,” he says.
The
individual units will feature balconies, floor-to-ceiling windows and
luxury appliances. The building itself will offer guest suites, a
catering kitchen, individual wine lockers, underground parking and a
fitness center with exercise classes and even an “endless pool” -- like
a treadmill for swimmers.
Prices are $499,000 and up, says Perelman.
Many buyers have been East Enders, he says, selling houses in Squirrel Hill or Shadyside. Some are upgrading from other condos.
Such
fast sales at the top of the market beg the question of whether there
are many more who would snap up luxury condos. “We knew there was
a pent-up demand for a luxury building like this,” Perelman says. “Now,
I’m not saying I could [sell] 100 of these. I don’t know how deep the
market is, but every few years I believe you can absorb 30 to 40
units.”
Source: Gregg Perelman, Walnut Capital managing partner
www.metshadyside.com; www.walnutcapital.com