Blesso Properties Sells-Out Harlem Lofts and West Village Townhouses at Record Prices

Property Sells above Asking Prices Despite Softening Real Estate
Market
NEW YORK--(Business Wire)--
Blesso Properties (BP), founded by President Matthew Blesso, has
once again achieved surprising sell-outs in today's softening real
estate market, celebrating record-breaking sales of high-end
properties in the competitive New York City arena. In addition to the
complete sell-out of its Harlem renovation "Loft 124" in June, where
units sold for over $1 million, BP also recently sold two West Village
townhouses for per-square-foot prices, placing them in the top five
highest ever for the downtown market. The company has revitalized the
weak Harlem market and leapt to the top of the West Village townhouse
market by implementing a successful formula that combines smart
renovations, distinctive design and ultra modern finishes while
capitalizing on each project's neighborhood context.

When BP entered the Harlem market in 2004 with the idea of
bringing downtown luxury design to an uptown residential development,
the firm anticipated the drawbacks of the location, "Convincing
lenders and investors of our ability to sell condos at Manhattan
prices on an undesirable block in Harlem was not easy," explains Mr.
Blesso. By incorporating high-quality design and distinctive
renovations, this project appeals to the discerning buyer looking for
a unique product. The strategy paid off, and Loft 124 exceeded
expectations by setting a record for the highest average sell-out of
any condominium north of 111th Street; one unit even contracted for
$125K over the asking price in December 2007.

The Harlem market was especially soft in early 2008, but unlike
other projects that required price reductions to sell units, BP never
lowered prices for Loft 124. In fact, at the time the eleventh floor
penthouse went into contract at more than $1,000 per square foot, it
was the highest price ever for a sale above 111th Street. Today, Loft
124 is considered one of the finest residences in Harlem.

Equally impressive sales of two pre-Civil War West Village
townhouses quickly followed: 42 Jane Street and 9 1/2 Jane Street,
which sold for a combined figure of more than $16.7 million. By
designing state-of-the-art kitchens, adding large windows, terraces,
sky lights and incorporating views of the Empire State and Chrysler
buildings, award-winning architects Murphy Burnham & Buttrick created
clean contemporary spaces that are amenable to any decorating style.
He further explains, "because these units were in bad shape, buyers
weren't interested. However, because they are single family, they were
flying under the radar of other developers." Blesso recognized the
special opportunity and recently sold both gut-renovated units at a
large profit.

The BP formula emphasizes unconventional thinking, high-quality
design, attention to detail, and a closely-monitored construction
process. This has helped the firm thrive even while the housing market
struggles. What truly sets Blesso Properties apart from the rest is
simply the difference between accepting something good and creating
something spectacular.

For Blesso Properties
Alexandria Richards, 305-572-9883 ext. 304
alexandria@americasmediagroup.com

Copyright Business Wire 2008