Downtown Condos Add Up To Downtown Luxury

The E. V. Bishoff Company is no stranger to Pittsburgh. While the real estate development company has owned and managed a number of office buildings in downtown Pittsburgh since its founding in 1966, the Bishoff family has roots that go back to the 1800s in this city. E. V. Bishoff, the founder, grew up in Pittsburgh and attended what became Carnegie Mellon University. The family ties are one of the reasons why the company's $ 20 million renovation of what was once the Union National Bank Building, at Fourth Avenue and Wood Street, into the Carlyle—a luxury condominium—seems especially fitting.
Residential housing in the heart of downtown Pittsburgh is essential to the vitality of the city, said David Bishoff, who succeeded his late father as CEO of the Columbus, Ohio-based company. "No city in the world has thrived without a viable housing component downtown." In his estimation, Pittsburgh's downtown is poised to absorb 2,000 residential units.
The 21-story Carlyle will have 60 units, ranging in price from $250,000 to $550,000 except for the 6,000-square-foot Penthouse, which is priced at approximately $2 million. Six different floor plans are offered. Half of the 60 units have already been sold, and they are scheduled for completion in the fourth quarter of this year.
"We gave a tremendous amount of thought as to how we would distinguish the Carlyle, and it came down to that old adage, ‘quality sells,'" said Bishoff.
As an example, he pointed out that granite floors, granite counter tops and solid core doors are just a few of the standard features in every unit. When it comes to amenities, the list is long. Start with a fitness room, a 24-hour doorman, valet parking, a cinema room, a billiard room, a rooftop terrace, and the list just keeps going. And don't forget to add that the Carlyle is pet friendly. "Nobody wants to leave Fido behind," said Bishoff.
Buyers thus far include a substantial proportion of suburbanites, frequently individuals who work downtown. But more than a third of the buyers have come from other large cities on the East and West coasts, and are often former urban high-rise residents.
While making no predictions, Bishoff anticipates the remaining 50 percent of the luxury units will attract buyers sooner rather than later. "The more difficult half of the units to sell is always the first half, so we are very optimistic of our quick sellout," he said.
Since construction began on the Carlyle, prices have increased eight times. "People who bought early have had tremendous appreciation on their units," said Bishoff. "Buyers are getting into the very early stages of the downtown housing boom and over the next 10 years prices for our luxury condominiums will increase dramatically."
Confirming his belief in the future of downtown Pittsburgh, Bishoff plans to convert the 20-story Commonwealth Building, next door to the Carlyle, to some 50 or 60 condominiums in the future, along with a seven-story building on nearby Third Avenue.
"Downtown's Third and Fourth avenues," he said, "comprise a remarkable neighborhood."