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May 21, 2024

LMN declares Graystone condo tower is complete, as sales continue

By BRIAN MILLER
Real Estate Editor

Photos by Cory Holland [enlarge]
Condos began selling at Graystone in December.

As the DJC reported last fall, the 271-unit, 31-story Graystone condominium tower on First Hill then received its temporary certificate of occupancy from the city. Sales began in December at 800 Columbia St., with Realogics Sotheby's International Realty being the broker for developer Daniels Real Estate.

Near the topmost floor, a west-facing deck offers expansive views.

The county has now recorded about 28 sales to date (though more may be under contract), in a range from about $385,0000 to over $1 million. Anticipatory price cuts and other incentives were announced one year ago, during the pre-sales effort, when contracts were being signed.

A second TCO came last month, and a final certificate of occupancy seems near. LMN Architects announced the project's completion this week. Andersen Construction was the builder; work began in the fall of 2019, then was hindered by the pandemic and concrete strike.

LMN's John Chau said in a statement, “The design of the building takes advantage of all the qualities that make this a very special site and the views of downtown Seattle, the distant mountains, and the Puget Sound. The openness to the ground level and the new park with the strategic use of glass brings daylight and greenery into the building.”

The luxury tower, with its many amenities, is anticipated to achieve LEED Silver certification. Green features include a pocket park at grade and several terraces above.

Below the top penthouse level (with only four large condos on that floor), units range from open one-bedrooms to large two-beds. Realogics now lists 12 representative units, including a 525-square-foot one-bed going at $395,000. Prices for the penthouses aren't detailed.

Realogics said late last year, just before the initial sales began to drop, that Graystone “was the only new condominium high-rise to be delivered in 2023, and among the last in this development cycle.”

Realogics then also announced further buyer incentives. Its Dehlan Gwo said, “There hasn't been a groundbreaking on a new condominium high-rise in Seattle since 2020, and none are expected anytime soon — so what we see for inventory is what we get through at least 2026 or beyond.”

Previously completed condo projects with some units still left to sell include Koda, in the International District; the Emerald, near Pike Place Market; Gridiron, in the stadium district; and Spire, in the Denny Triangle. Meanwhile, from Westbank, its 459-unit First Light is topped out, looks increasingly finished and might secure its TCO later this year.

Over in Bellevue, per county records, Avenue Bellevue has perhaps 50 units under contract (of 365) in its two towers, but sales haven't begun closing yet.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




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