Ritz-Carlton Waikiki Sells 85 Percent of Building During Sales Event

The Ritz-Carlton Residence Waikiki Beach tower sold a total of 263 units over the weekend during their sales event.  This represented approximately 85 percent of the 309 units offered in the new development.  The developer offered a range of units ranging from 400 sq ft studios starting at approximately $650,000 all the way to a 4,220 sq ft penthouse units priced around $15 million.  The property will be located on the corner of Kuhio Avenue and Kalaimoku Street, and all u it's would have an ocean view overlooking Fort DeRussy Park.

Jason Grosfeld, a principal of PACREP LLC, the developer, stated, "The success of this weekend's event further reinforces that, for our buyers, Ritz-Carlton is by far their top choice."  Construction is expected to start later this summer.  The building is expected to be completed in early 2016.

Source: Honolulu Star Advertiser, 6-26-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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