Luxury Condos: Dialing It Down

Adam Gordon has shifted his focus from developing luxury buildings to developing a luxury storage facility at 305 East 61st Street, an 11-story building. Credit Bryan Thomas for The New York Times

(The New York Times) The developer Adam Gordon, who converted the Bouwerie Lane Theater into luxury condominiums and created a boutique building rising in West Chelsea with an $18 million penthouse, is taking a break from constructing apartments. Instead, he is spending his time at a cattle ranch he bought for his family in Sonoma, Calif., and concentrating on his storage facilities business.

“Residential development has gotten too risky; it is just not a good bet,” Mr. Gordon said. “A lot of the guys who are staying in the game now are gamblers, and I’m just not one of them.”

A great deal of hubbub has surrounded the luxury real estate market in Manhattan in recent months. Seemingly every week prices reach new heights — the latest is a triplex penthouse on Park Avenue that is listed for $130 million — and bidding wars have become so common as to be unexceptional.