Family spends $27 million on New York properties to protect money during pandemic
May 04, 2020 - Manhattan
A family from Peru has paid nearly $27 million for eight units at the new three-tower luxury complex Waterline Square on the Upper West Side, the WSJ reported on Wednesday.
The condos span a total of about 11,000 square feet and range in size from one to three bedrooms, according to the report.
They intend to rent them out after the crisis according to the family’s agent, Maria Velazquez, investing in the property now as they feared their finances may be impacted by the economic fallout of the pandemic.
Ms Velazquez told the newspaper they “felt their money was safer in an apartment in New York than in a bank,”
They received a 7% discount for buying such a large amount of property at such an uncertain time in the housing market, going into contract and closing on the all-cash deal on the same day.
Waterline Square - Luxury Condominiums in New York City
The impressive Waterline Square development is spread across five acres between West 59th and West 61st Streets and comprises three towers.
The three condominiums were each masterminded by prestigious architect firms. It is not clear which development apartment block the family's eight units are situated in.
One Waterline Square comprises of 276 units and commands a full city block in its waterfront location.
It was designed by Richard Meier & Partners Architects and its defining feature is a 12-storey sail-shaped facade extension.
The river-facing Two Waterline Square is the largest building with 646 units. It was designed by Kohn Pedersen Fox Associates and its scaled architecture is accentuated by a series of set-back terraces at the top.
The smallest building is Three Waterline Square which stands at the southeast corner of the development.
It has 244 units and is noted for its sloping exterior walls and faceted glass form, designed by Rafael Viñoly.
The three luxury high rise tower blocks are connected with an amenity club designed by Rockwell Group.
It boasts an accolade of impressive facilities including a 25-meter indoor swimming pool, a soccer field, full basketball court and easy access to Riverside Park and Central Park.
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