| Signed Contracts Approach 50
Percent After Just Three Weeks On Market
Prices Increase, As Demand Soars
WHITE PLAINS, NY (October 18, 2004) – The numbers keep coming
in, and even by the standards of Donald Trump and Louis Cappelli,
they are staggering. Just three weeks after sales began for the
Trump Tower at City Center and The Lofts at City Center, sales contracts
have been signed for nearly half of the luxury condominium homes.
The torrid pace has been so intense, that sales activity for The
Lofts were temporarily curtailed to give the developers an opportunity
to assess the market before releasing additional inventory. Initially
the developers had planned to make a total of 53 condominium homes
available for a first phase of marketing. That number quickly proved
unrealistic, and to date 130 have been released to the market.
Contracts for roughly half of the 212 condominiums in the 35-story
Trump Tower and half of the 29 residences at The Lofts have been
signed. This is well ahead of the rate that had been expected.
"No one anticipated that we would get the buyer reaction we
are experiencing," Cappelli commented following the third consecutive
week of record breaking activity. "The demand for sophisticated
downtown residences has been nothing short of extraordinary. The
market for these high-rise and Soho-style luxury condominiums in
White Plains is extremely strong and
proves that our faith in the concept was completely on target. This
is a very significant moment in terms of evaluating the future of
Westchester's overall housing market. It adds an entirely new dimension."
Cappelli, whose company conceived of and created the $350 million
City Center mixed-use complex in downtown White Plains, said that
those signing contracts for purchase of the condominiums have included
many "empty-nesters" who are selling large single family
homes to move into a luxury condominium. Another significant group
of buyers are Manhattan residents who are seizing on the opportunity
to have a spacious condominium in a luxury high-rise building at
prices far below those seen for much smaller luxury residences in
Manhattan.
"We're tapping into a market that obviously was out there,
but that wasn't being served," he observed. "Westchester
had no housing of the style and quality that these buyers were seeking.
Clearly, the demand is there if the product is right. Trump Tower
and The Lofts at City Center are providing a unique style of living
for the first time in Westchester, and the response has been dramatic."
Commenting that the level of interest is not only unprecedented
in Westchester, but would be noteworthy for any market, Trump noted
that "what we are seeing is a reflection on the viability of
downtown White Plains for up-scale, high-rise residential living.
It demonstrates just how far the city has come over the last few
years." City Center is Trump's first foray into high-rise residential
living in Westchester.
Last week the 5,000-square-foot Sales Center for Trump Tower and
The Lofts located at 227 Main Street formally opened to the public.
It has been bustling each day with virtually all appointment slots
for would be buyers filled. The Sales Center features an illuminated
architectural model of the entire City Center complex as well as
replicas of three miniature residences in Trump Tower and The Lofts.
Also featured are full-size models of a kitchen, master bath and
second bath at Trump Tower and bathrooms and a kitchen at The Lofts.
These models use the actual finishes that will be in the completed
residences.
Visitors to the Sales Center can examine the wood floors that will
be featured throughout all of the residences. The reception desk
at the Sales Center is made of Brazilian cherry wood that will be
used for the concierge desk in the Trump Tower lobby. Other finishes
that will be used in the public areas of the new residential buildings
are also on display.
The exclusive marketing and sales agent for Trump Tower at City
Center and The Lofts at City Center is The Marketing Directors.
The Sales Center is open daily from 10 a.m. to 6 p.m. Calling first
to schedule a sales appointment is strongly recommended. The Sales
Center can be reached at (914) 684-0100.
Trump Tower at City Center features 212 residences in a 35-story
building that offers sweeping views of Long Island Sound and the
Manhattan skyline. The residences there range in size from 1,040
square feet with one bedroom and one and a half bath, to 2,600 square
feet with three bedrooms and three and a half baths. Selling prices
range from $600,000 to $1.6 million.
The Lofts at City Center includes 27 Soho-style loft apartments
and two luxury town houses. Residences range in size from 887 square
feet with one bedroom, to 1,469 square feet with two bedrooms to
1,920 square feet with three bedrooms. Each of the two brownstone-style
townhouses are over 3,000 square feet. Prices are from $600,000
to $1.7 million.
In addition to the two luxury residential buildings, City Center
includes 450,000 square feet of retail, restaurant and entertainment
space, and a second 35-story residential tower – One City
Place – that includes 311 luxury rental apartments, 50 percent
of which has been leased since it opened last May.
Among the prominent tenants at City Center are Target, Circuit
City, Filene's Basement, Barnes & Noble, Office Max, a 15-screen
national amusements cinema, New York sports Clubs, Legal Seafoods,
Applebee's Neighborhood Grill
& Bar, the Atlanta Bread Company and the 450-seat White Plains
Performing Arts Center.
For Further Information Contact: Geoff Thompson at (914) 762-1900
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