A luxury condo within Buckhead’s The Mansion on Peachtree recently closed for $2.1 million.
The Mansion, which is a Rosewood hotel and residence, was the pet project of well known Atlanta developer John Williams founder of Post Properties Post Properties Latest from The Business Journals Hines launching its first Atlanta apartmentsLender takes Buckhead’s Securities CentrePost Properties’ Q3 net income down Follow this company .
The building was introduced to Atlanta with fanfare rivaling any uber luxury building found in New York. It had the finest New York architect, Robert Stern, the premier restaurant, Craft, from Top Chef Tom Colicchio and introduced the trendy and chic Mondavi 29 Spa.
All these top of the line amenities were not enough to persuade down home Atlantans to pay $3 million dollars to call a raw concrete slab their home.
The Mansion, like many of Atlanta’s condo buildings, could not withstand the brutal real estate downturn and fell into foreclosure in 2009. The project struggled over the following year as the financial ownership quagmire was sorted out. Sales of the condos stalled, Craft shuttered its doors and Robert Stern was a distant memory.
IStar Financial (NYSE:SFI), the construction lender behind the Mansion, knew it was too big to fail and took back control of the project. Over the next 15 months the New York based financial firm has infused the building with much needed leadership and capital. The hotel restaurant Neo was revamped into a stylish lounge that is all the rage where one can hob knob with star power like Ryan Reynolds and Tom Hanks. The hotel and spa have continued to provide discerning service and maintains high occupancy throughout the year.
In January 2011 the condos came back on the market after top Atlanta designer John Oetgen and Meme Williams provided their decorative flair on two furnished models. IStar’s leadership and financial power was validated this November with the $2.1 million sale.
The sale which closed at $630 price per square foot reestablishes the Mansion once again as a strong contender in the luxury condo market competing with St. Regis at $800 average price per square foot and The Sovereign average $563 price per square foot.