Luxury lofts in a soft real estate market might sound like a recipe for vacancy pie, but of the 16 residential units at the Lafer Building's
Broadway Lofts, just two remain available for rent. "I am surprised a little bit at the demand in this market economy," says developer Michael Mercier. "On the other hand, the apartments kind of sell themselves."
The building houses units that range in price from $1,250 to $2,500 per month. The two two-bedroom units that remain are in the $1,750 to $2,000 range -- one is 1,800 square feet with two bathrooms while the other is 1,500 with one bathroom.
Mercier says that the entire development experience has been really "rewarding" for his team. "We've run into great tenants, the perfect urban mix," he says. "I know real estate developments that have gotten put off, that haven't been as successful, but we have found the market to be very warm for us."
The ground-floor commercial space, complete with a historic 40-foot bar, is still available. "We haven't found an appropriate tenant for that yet," says Mercier.
A film,
Red and Blue Marbles, was recently shot on location at the building.
Source: Michael Mercier, Broadway Lofts
Writer: Kelli B. Kavanaugh
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