John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... 
The Art Residence unit in NorthCreek was designed in a way to maximize the display of art.
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An article in the Wall Street Journal caught my eye Friday morning. It described a 2,400-square-foot penthouse unit in New York City that is on the market for $4 million. I immediately thought of the 3,000-square-foot Art Residence unit in the NorthCreek development in Cherry Creek North, which is on the market for $3 million.
When I toured the Art Residence with the principals of the Western Development Group, the developer, they pointed out that this is the type of quality one would expect in Manhattan. But, of course, a similar-sized unit would cost much more in the Big Apple.
Party Penthouses
The Wall Street Journal article, title Party Penthouses with Terraces, speaks to that point. The New York City unit is 20 percent smaller than the NorthCreek unit, but is priced at $1 million more. Another way to look at it: The New York cooperative apartment is priced at $1,667 per square foot, 66.7 percent more per-square-foot than the NorthCreek unit.
Both units have rooftop space. But the NorthCreek’s deck, at 2,000 square feet, covers 67 percent more floor space than the one in New York. And while the NorthCreek units provides somewhat unexpectedly stunning views of the mountains, as well as Denver’s skyline, the New unit seems to provide views of similar pre-war buildings, based on the photo accompanying the Wall Street Journal article.
Also of interest: The Party Penthouses featured in the Wall Street Journal, also included a snapshot of a 3,500-square-foot condo in Telluride, priced at a cool $5 million. that unit, like the NorthCreek unit, includes a private elevator that opens directly into the condo. That unit is listed by Bill Fandel, of Peaks Real Estate Sotheby’s International Realty.
Loading ...To read the entire Wall Street Journal article, please go to Party Penthouses with Terraces.
The new York unit would will sell faster. To put it in another context. Would you rather have the nicest and most expensive 3000 sq foot home home in Montbello(BTW- I have nothing against Montebello. Manhattanites would consider Denver to be on the same level as Montebello when comparing it to NYC) or a 2000 sq foot, average priced home in Wash Park? The Denver apt is one of the most expensive in town on a PSF basis. Strictly as an investment, give me the average priced NY apt any day.
Bingo!