Details:  

Size: One Bedroom	Ownership: Condo
R/B/B: 3/1/1	SF/SM: 778 / 72

Apartment Features:
River View, Open View, City View, Southern Exposure, East Exposure

Building Amenities:
Garage; Health Club; Exercise Studio; Pool; Laundry Room; Lounge; Rooftop Deck; Business Center; Cinema Room;

Broker Summary:
Upon the completion of construction in Fall 2006, The Orion set a standard of excellence in materials, construction, finishes, and services and amenities that many other new development condos have since sought to emulate. The Orion was one of the first buildings to offer residents full concierge services by Abigail Michaels, which before had almost exclusively only been available in luxury hotels. In addition, The Orion was one of the first buildings to offer free hot breakfast every morning to all residents, an amenity that is still rare in even the most high-end new condo buildings. The building also features an exclusive state-of-the-art 8,200 square foot fitness center by La Palestra that is one of the best gyms in any residential building in Manhattan as well as an indoor pool, underground parking garage, TV room, and many other spectacular amenities available for the exclusive use of residents.

Partially due to the large number of total units, The Orion is able to provide all of these amenities and services to residents while still keeping the monthly common charges assessed to each unit owner quite reasonable. The monthly common charges average out to around 82 cents per square foot per month for each apartment. This is far lower than those for almost any building with comparable amenities in the city. In addition, the developer for The Orion has been approved for the 421-a tax abatement program. This significantly lowers the monthly real estate taxes assessed to unit owners for the first ten years of ownership. Currently, the total cost of common charges and real estate taxes averages out to less than one dollar per square foot per unit. These carrying costs are significantly lower than those in other buildings with a comparable level of amenities. The low carrying costs increase the chance of covering monthly costs through rentals, and the market for rentals at The Orion has proven to be strong.

The Orion is recommended as an investment property due to the fact that apartments there have already proven to be good investments and there is still further upside potential in the Midtown West area of Manhattan with all the new development taking place there.

*Text complied from the Orion Report published by New York Residence.