570 Broome is a luxury condo development in west SoHo and it’s now equipped with a water-based treatment which purifies the building’s air and boosts eco-friendliness. The twenty-five story high-rise has a typical high-end look. While it has plenty in common with other luxury condos in the Big Apple, its Pureti air purification system makes it stand out from the competition.
What is a Pureti System?
The façade at 570 Broome is coated with Pureti. This spray-on treatment provides the same air-purifying capability as five hundred trees. The system works by degrading contaminants in the Manhattan air, through a process that converts particles that pollute into agents that oxidize. The process takes place rapidly, at a lightning-fast pace of millions of conversions per second. This means that the building’s surface is self-cleaning. This lowers the cost of operating the structure, which is located at 459 Washington Street.
In addition to its Pureti system, sleek and towering 570 Broome offers architecture by Tahir Demircioglu, along with contemporary Skidmore, Owings and Merrill interiors. This building will be perfect for discerning New Yorkers who want high ceilings and a host of other opulent features, including a lobby enclosed in glass and dramatic views of the Hudson River (and downtown).
Luxury NYC Condo Sales Are Declining
Consumers who want to own luxurious condominiums in the city that never sleeps may be able to get more for their money in the foreseeable future. The prices of luxury condo units in NYC are likely to go down shortly. According to CNBC, the luxury real estate niche in the city is currently in a state of correction. Sales dropped during the first quarter of 2018. While a lot of sellers haven’t lowered the costs of their units yet, mostly due to tax law issues, prices are expected to decrease in the future. Sellers who want to move out of their deluxe condos quickly will need to ask for prices that the market will bear. Buildings which offer more perks, such as the eco-friendly air purification system at 570 Broome, may have more allure for hesitant buyers.
Luxury Condo Owners Do Have Options
If a luxury condo owner feels stuck in a unit because sales are down, and is suffering financially due to the cost of condo ownership, he or she may consider cash-out refinancing. This form of refinancing allows a condo owner to refinance his or her existing mortgage for an amount of money which is higher than the amount of the existing mortgage loan. Most people use this type of real estate arrangement to pay off what’s left of their mortgage loans. Then, they bank the money that is left over.
When prices do reflect changes to the luxury real estate market, buyers will be at an advantage. Condo developments in the luxury bracket will need to step up their marketing games in order to shift units. Condo owners who wish to sell may anticipate needing to compete with plenty of other sellers in the city.