Majority of buyers in 220-unit tower hail from overseas
By Candace Taylor
The Real Deal
After nearly four years on the market, the 220-unit Platinum condominium is sold out.
The last five units in the Times Square tower, designed by Costas Kondylis, went into contract in March, according to the Marketing Directors, the sales agent for the building.
Units in the 43-story building sold for an average of $1,350 per square foot, said Allen Goldman, president of SJP Residential Properties, the project’s developer.
It’s been a long road for Platinum, located at 247 West 46th Street at Eighth Avenue.
When the project first hit the sales market in 2007, before the Lehman Brothers collapse, the New York City real estate market was in a different place, said Marketing Directors CEO Adrienne Albert. With some units priced up to $7.5 million, the building made a splash with sexy advertisements featuring svelte, half-naked models covered in platinum paint.
See the full clip of the article: The Real Deal – Platinum Condo in Times Square Sells Out – 3.16.11