No Frills Luxury For Condos

March 28, 2012

BY: Wall Street Journal

Principal Richard DeMarco discusses the state of the Manhattan Condo market

Another project that is aiming for more understated luxury is TriBeCa's 5 Franklin Place. The original design called for striking metal bands twisting like ribbons around the outside, imported Italian cabinetry and round glass elevators in the two-floor penthouses. 

The project stalled through the recession and recently sold to a new developer, which is in the process reviving it with a design that favors gracious, family-size units, according to Richard DeMarco, of Montroy Andersen DeMarco, who is the architect for the project.

"It's gone from being super high-end luxury residential, to just being luxury residential," Mr. DeMarco said. "People are not looking to be frivolous and over-the-top. They're spending money wisely, but still getting the space they want for their money." 

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