Overview of the Development
Orchard on Allen is a distinguished rehabilitation project that transforms a pre-war building into a modern boutique condominium, setting it apart in Manhattan's Lower East Side. The development’s thoughtful integration of historical elements with contemporary design underscores a commitment to preserving the past while catering to the needs of today’s urban residents. Located at 96 Orchard St.
This meticulous blend of architectural charm and modern functionality makes it an exemplary model of adaptive reuse in New York City real estate.
Key Development Details
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Developer: Hogg Holdings
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Architect: Fischer + Makooi Architects
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Offering Type: Rehab Condominium
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Sales Start Date: June 2021
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Closings Start Date: September 2023
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Certificate of Occupancy Issued: July 2023
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Number of Floors: 7
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Number of Units: 17
The project’s timeline reflects careful planning and execution. The sales began in June 2021, signifying the market introduction of these exclusive residences. By September 2023, the building had already started closing sales, a significant milestone that speaks to its readiness and market appeal.
The issuance of the Certificate of Occupancy in July 2023 demonstrates the completion of construction and adherence to regulatory standards, ensuring that the residences meet modern safety and quality expectations.
With only seven floors and 17 units, Orchard on Allen prioritizes exclusivity and a boutique living experience. This limited number of units allows for greater attention to detail, ensuring that each residence offers a high standard of living. The development's strategic execution and preservation of the building’s heritage make it a standout addition to the ever-evolving Lower East Side.
Architectural Design and Layout
The architectural design of Orchard on Allen is a harmonious blend of restored pre-war charm and modern sophistication. The dual façade of the building underscores this unique combination, with the historic exterior restored on Orchard Street and a sleek, modern façade on Allen Street.
Interior Features
Inside, the residences feature:
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High Ceilings: Creating a sense of spaciousness.
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Large Windows: Allowing for ample natural light.
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Hardwood Floors: Adding warmth and durability.
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European-Style Kitchens: Equipped with solid stone countertops and high-end appliances.
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Modern Bathrooms: Featuring glass-framed showers and porcelain tiles.
The building’s design focuses on maximizing functionality and elegance, catering to the expectations of urban dwellers.
Available Layouts
Orchard on Allen offers a variety of layouts, including:
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Studios
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One-bedroom units
This diversity ensures that the development appeals to a range of buyers, from single professionals to couples.
Pricing and Market Trends
Pricing at Orchard on Allen reflects its premium location and boutique nature. The asking price range for units spans from $620,000 to $2.62 million. Over time, the market has seen price adjustments to align with buyer demand.
Recent Price Trends
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UNIT 4C: Experienced a 20% price drop three years ago.
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UNIT 6A: Reduced by -10% three years ago.
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UNIT 2A: Adjusted by -8.23% three years ago.
Sales Statistics
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Units Sold: 7 out of 17 (41% sold).
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Sales Velocity: 0.2 sales per month (12-month average).
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Absorption Rate: 60.2 months to sell out.
Despite challenges in the current market, the development’s pricing adjustments aim to attract more buyers and increase sales velocity.
Building Features and Amenities
Orchard on Allen offers a thoughtfully curated range of amenities designed to enhance the daily living experience of its residents. These features cater to the demands of modern urban life, blending practicality with spaces for leisure and relaxation. The amenities reflect the building's boutique nature, ensuring that residents enjoy exclusivity alongside comfort.
Key Amenities
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Rooftop Terrace: The rooftop terrace is one of the standout features of Orchard on Allen, offering panoramic views of iconic landmarks such as the Williamsburg Bridge and the East River. This space serves as a communal area where residents can relax, host gatherings, or enjoy the scenic skyline.
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Doorman and Virtual Doorman: The building includes onsite and virtual doorman systems to provide security and convenience. These features ensure that residents feel safe while enjoying seamless management of deliveries and guest access.
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Elevator: Including an elevator makes it easy for residents to move between the seven floors, which is particularly important in a boutique building with limited units.
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Bike Storage and Package Room: Practical amenities like bike storage cater to active urban dwellers, while the package room ensures the safe handling of deliveries.
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Refrigerated Storage: With grocery deliveries becoming a norm, refrigerated storage is a valuable addition, allowing residents to keep perishables fresh.
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Spa and Garden: The spa and garden provide residents with spaces for relaxation and leisure, fostering a tranquil atmosphere amidst city living.
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Pets Allowed: Recognizing the importance of pets in modern households, Orchard on Allen accommodates pet owners, making it an inclusive choice for families and individuals alike.
These thoughtfully designed amenities make Orchard on Allen an attractive option for residents seeking functionality and luxury within a boutique residential setting.
Neighborhood and Lifestyle
The Lower East Side is one of Manhattan’s most dynamic neighborhoods, known for its rich history, cultural diversity, and vibrant energy. Orchard on Allen’s location allows residents to experience the best of city living.
Local Highlights
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Cultural Landmarks: Proximity to museums, galleries, and historic sites.
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Dining and Nightlife: A wide array of restaurants, cafes, and bars.
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Parks: Access to green spaces for outdoor activities.
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Shopping: A mix of boutique shops and essential retailers.
The neighborhood’s eclectic charm complements the building’s boutique nature, making it an ideal choice for urban professionals and creatives.
Sales and Listing Analysis
Orchard on Allen’s sales history provides insight into its market performance and buyer demand. The data reveals a steady progression in unit sales, with occasional challenges due to market conditions.
Recent Sales
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UNIT 3A: Sold for $659,000 (5 months ago).
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UNIT 4A: Sold for $670,000 (6 months ago).
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UNIT 3D: Sold for $620,000 (a year ago).
Recent Listings
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UNIT 4C: Listed for $731,000 (3 years ago).
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UNIT 5A: Listed for $1.59 million (3 years ago).
Contracts Signed
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UNIT 2A: Signed for $650,000 (2 years ago).
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UNIT 2B: Signed for $595,000 (2 years ago).
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UNIT 2D: Signed for $655,000 (2 years ago).
This performance underscores the building’s appeal while highlighting areas for potential improvement in sales strategies.
Commercial Space and Investment Potential
Orchard on Allen also includes 17% commercial space, making it a mixed-use development. The total commercial area spans 1,844 square feet from the building’s 10,931 square feet.
Investment Opportunities
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Mixed-Use Appeal: Ideal for investors seeking both residential and commercial returns.
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Neighborhood Growth: The Lower East Side’s ongoing development enhances property value.
This mix of residential and commercial spaces adds to the development’s investment potential.
Challenges and Market Absorption
While Orchard on Allen offers numerous advantages, it faces challenges in market absorption and sales velocity. The projected sellout timeline is five years, indicating room for improvement in marketing and outreach.
Key Challenges
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Slow Sales Velocity: Currently at 0.2 sales per month.
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Market Competition: Competing with other Lower East Side developments.
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Price Sensitivity: Necessitating adjustments to attract buyers.
Addressing these challenges will be crucial for the development’s long-term success.
Professionals Involved in the Project
The success of Orchard on Allen is attributed to the expertise of various professionals and organizations. From development to legal representation, the project benefits from a well-rounded team.
Key Contributors
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Developer: Hogg Holdings
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Architect: Fischer + Makooi Architects
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Sales Agent: Nicholas C Abate Real Estate
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Management Company: Jordan Cooper LLC
These professionals play a pivotal role in maintaining the building’s quality and appeal.
Future Prospects and Conclusion
Orchard on Allen is poised to remain a sought-after boutique development in Manhattan’s competitive real estate market. With its strategic location, high-quality design, and thoughtful amenities, the building has much to offer potential buyers and investors.
Key Takeaways
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Exclusivity: A boutique development with only 17 units.
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Design: A harmonious blend of historic and modern elements.
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Location: Situated in the vibrant Lower East Side.
While the project faces challenges in sales velocity and market absorption, its long-term prospects remain promising. Orchard on Allen exemplifies the potential of boutique condominiums in offering a unique and refined urban living experience.
FAQs
What types of units are available at Orchard on Allen?
Orchard on Allen offers a selection of studio and one-bedroom residences, each thoughtfully designed to maximize space and natural light. These units feature high ceilings, large windows, and modern finishes, catering to individuals seeking a comfortable urban living experience.
What amenities does Orchard on Allen provide?
Residents of Orchard on Allen enjoy amenities such as a rooftop terrace with views of the Williamsburg Bridge and East River, a doorman and virtual doorman for security, an elevator, bike storage, a package room, refrigerated storage for grocery deliveries, a spa, and a garden. The building is also pet-friendly, accommodating residents with pets.
Who developed Orchard on Allen?
Orchard on Allen was developed by Hogg Holdings, a firm with over 20 years of experience in real estate development, investments, consulting, project management, asset management, and transaction consulting. They are recognized leaders in the boutique real estate market.
When did sales and closings begin at Orchard on Allen?
Sales for Orchard on Allen commenced in June 2021, with closings starting in September 2023. The Certificate of Occupancy was issued in July 2023, indicating the building's readiness for residents.
Is Orchard on Allen pet-friendly?
Yes, Orchard on Allen is a pet-friendly building, allowing residents to have pets in their units. This accommodation makes it an attractive option for pet owners seeking residence in Manhattan's Lower East Side.
