Betting on Luxury

Developers of the Residences at Palmer Square are betting that buyers will flock to the new luxury development in the heart of downtown Princeton Borough.

The three-phase project will include 100 luxury townhouses, condominiums and apartments in seven buildings.

Phase I, which features 11 townhouses and 16 condos, is already complete and the remainder of the project is scheduled to be finished by the end of 2012.

Located along Paul Robeson Place between Chambers and Witherspoon Streets, the development neighbors the dozens of shops, restaurants and specialty food stores in Palmer Square.

It is also within walking distance to Princeton University and public transportation. Reserved parking is available in the adjacent parking garage on Hullfish Street.

Despite the economic downturn, condo and townhouse in Phase I are priced at $1.2-$2.5 million and apartments will rent for $3,700-$4,000 a month, Sales Manager Jay Goldberg said.

Maintenance fees for the condos and townhouses will range from $900-$1,500 a month.

The prices are significantly more expensive than other Princeton rentals and the average borough home price of about $750,000.

The difference is high-quality, new construction, Goldberg said.

From the buildings’ solid steel and concrete construction to handcrafted door handles, Viking appliances, Bosch washers/dryers, 5-inch oak hardwood floors, developer Palmer Square Management LLC spared no expense.

Other amenities include high ceilings, pocket doors, gas-powered fireplaces, whirlpool tubs, granite countertops, crown molding, tray ceilings, California Closets, central vacuum and terraces/balconies.

“People, especially an affluent buyer, can feel the difference,” said Goldberg of the high-end finishes.

When finished, the 100 units at Palmer Square will include 52 apartments, 17 townhouses and 31 condos.  

Phase I townhouses and condos range in size from 1,600 to 3,200 square feet. Prices will range from $1.2-$2.5 million.

The townhouses are typically three stories, plus a basement, while condos are generally one story.

Phase II features two buildings, Michelle Mews East and West, which will each have 26 apartments divided by a landscaped walkway. The apartments will range from about 1,400 to 4,000 square feet.

The final phase will include six townhouses and 15 condos.

As part of the approval process, the developer is also offering 10 affordable housing units within a block of the new development, Goldberg said.

The affordable housing apartments, ranging in size from 600-900 square feet, will rent from $800-$1050 per month.

The entire project was designed by Minno & Wasko Architects and Planners, Lambertville and built by MOD Construction Services, Princeton.

The project brings to life Edgar Palmer’s 1929 dream of Princeton, in which he envisioned a European model of downtown living.

“This adds 100-200 people to Palmer Square,” Goldberg said. “It practically doubles the number of people living in the square and that was his vision.”

Goldberg describes the typical buyer for the Residences at Palmer Square as 45-65 years old, a Princeton resident or someone from New York City looking for a reverse pied-a-terre.

A handful of condos and townhouses have been sold and some owners have already moved in, he said.

Goldberg understands that some buyers might be wary of buying property in this economy, but he has no doubt of this project’s success.

“Where else can you live so close to what Princeton offers? If you say to me you’ll wait two years and see what happens, it’ll be gone.”