Granite Building condo Project in Downtown (Pittsburgh, York: appointed, for sale, condos)

[Johnland]

I have a user id and password for Skyscraperpage Forum, but for some reason, it only works every now and then. Very frustrating. I'll post something, and then turn around and try to post something a few minutes later, and it will say I'm just a guest and must register, blah blah blah.

Anyway, on the Pittsburgh Compilations page, I see that the owner of the Granite Building has not sold any of the unit she had for sale. There's a photo of her inside one of the empty, undeveloped units.

All I can say is, if I had the money, I would love to be in that building. It's so iconic of Pittsburgh. In the photo, you can see the high ceilings and the huge, huge windows. The space looks absolutely terrific. It's a shame it looks like it won't go condo.

[Johnland]

Joe Wojcik
http://www.bizjournals.com/pittsburgh/stories/2007/10/22/focus1.html?b=1193025600^1535949

[guylocke]

They are ridiculously over priced and she knows it!!

[Stagger Lee]

That is strange. I never heard that. First side sold about 80% of its units, and the developer is planning another condo building soon. I see the Granite building every day and this is one of Pittsburgh's most best highrises. If I had money I would take a condo in that building over First Side anyday. I think once the residential side of downtown picks up and the ball gets rolling, these units would sell even at a high price soon.

[guylocke]

Do you know how much she is asking for those condo's? They are definitely overpriced for the market and she will not budge.

Yes, places like First Side are doing well, but what's left, are all the high priced condo's including the 1.8 million penthouse. Same thing for several of the other ones, they are pleased with their sales rate, but disappointed that their high-end units are sluggish.

The demand for condo's downtown is more along the lines of 400k or less, the high-end market just isn't quite there yet.

I believe the next project planed by the people from First Side is a much more affordable one where they anticipate to sell the units much faster.

[RockLobster]

I looked at the Granite building a few months ago. It was being shown by Prudential I believe. they were high priced but they also are very large. Originally each condo was the whole floor. I figured I could put a pitching mound and home plate inside the condo and still have room in back of each. The space was cool ! the sight lines from the higher floors were great. The two churches across the street were fun and the busy intersection at the one send of the building was very New Yorkish. Thus far the higher end pricing on condo's in downtown have been slow to sell as compared to the moderate priced ones. 151 First has done well with the 350,000-600,000 condo pricing. Now the Granite building idea is to offer space for office or mixed office and residential condo space. What will be a test will be the PNC project currently going up. Office space and The Fairmont Hotel will anchor the lower floors while the top ten or so floors will be upscale condo's. From what I have heard those will be in the 800,00 to one million range to start. Unless the downtown upscale condo market improves that maybe a tough sell to fill. Keep in mind that project is also highly subsidized ! My bet is the overall size of the market for upscale downtown condo's is pretty limited. Our local economy is not that booming and we don't have the surge of new folks with that sort of cash moving into Pittsburgh like some other cities. I was in Denver last week and was amazed at some of huge condo projects underway downtown. This being on top of the popular LO DO condo movement. Not only the sheer size of the projects but very impressive looking buildings. For sure the skyline of Denver is changing yet again. The market for both upscale and more moderate priced condo's in that market supports such building. One particular project is a very impressive hotel -condo project with the Four Season's Hotel being the anchor. The 45 floor tower just sold one penthouse for almost 11 million.

http://www.denverinfill.com/images/r...r_seasons1.jpg

Residential projects booming in downtown Business Journal - by Michael Perrault Denver Business Journal
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[guylocke]

From what I have heard those will be in the 800,00 to one million range to start. Unless the downtown upscale condo market improves that maybe a tough sell to fill.

I think it will be a tough sell. I mean, Pittsburgh is great, downtown is beautiful, and obviously people want to move in.

But a million bucks??? This isn't NYC!! lol. I mean, I would expect some MAJOR entertainment if I was putting down a million bucks downtown.

[kpoeppel]

Yikes, that's pricey. Did anyone see those condos in the old Union Trust bank building? I think it was called "Carlysle" or something? They had some nice-looking ones for around 200k.

[guylocke]

Yikes, that's pricey. Did anyone see those condos in the old Union Trust bank building? I think it was called "Carlysle" or something? They had some nice-looking ones for around 200k.

Yeah I've heard they are really, really, nice. As are the units in Piatt place. Both are selling much better than her granite building.

[RockLobster]

I did check out the former Union Trust building condo conversion. The large corner units in the upper floors are very cool. great sight lines of smithfield street,the wild figures on the upper floors of the building next door and of PPG place at night. Almost castle like. Very large square footage, with high ceilings. The price was decent as well when I looked at them. Mid 400's. The penthouse makes up the entire top floor and get this... You have the right to about half of the top of the building. I asked if a swimming pool could be built up there and they said YES. Now that would be a kick. The penthouse space was formely the CEO's office for Union National Bank. Lot's of wood work, high celings and I would guess about 6,000 sq feet all told. The price when I looked at the penthouse was around 1.2 million..