The Real Deal New York

New Condos: Murray Hill/Gramercy Park/Flatiron
Rutherford Place at 305 Second Avenue

July 10, 2014 11:49AM

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305 Second Avenue 1
305 Second Avenue 4

The historic 10-story, 126-unit building at 305 Second Avenue, designed in 1902 by Robert Henderson Robertson, has been converted into condos. Rutherford Place, as the development is named, has a storied past. It was once home to the city’s largest maternity ward, having been gifted to the city by its original owner, J.P. Morgan. More recently, it was a residential rental, which actor Tom Cruise, musician David Lee Roth and hip-hop mogul Sean Combs reportedly called home. According to press reports, Rutherford Place sold 30 condos between 2006 and 2007; the balance remained rentals until September 2013, when the residence officially re-launched condo sales of 78 apartments. StreetEasy records at press time showed 29 units have traded hands, and five are in contract. On the market as of early July were nine units, with the least expensive one, a one-bedroom, asking around $1.25 million. Contact www.rutherfordnyc.com or 212-937-2828.

NAMERutherford PlacePRICE RANGEFrom $1,250,000 to $2,995,000
ADDRESS305 Second AvenueSIZE RANGEFrom 908 Sq Ft to 1,809 Sq Ft
TYPEConversionAVG PPSF$1,494
TOTAL UNITS126TAX ABATEMENTNo
DEVELOPERRutherford Palace LLCAVG COMMON CHARGE$0.59/sf
BROKERCantor PecorellaFINISHED BY2013

Source: Streeteasy, BuzzBuzzHome, TRD, news reports. Data as of early July. List primarily includes Manhattan condo projects that have started sales since Jan. 1, 2010 that have units on market. Projects that started sales since Jan. 1, 2010 that subsequently sold out, have all units in contract or don’t currently have any listings on the market were excluded in most cases. “Price range,” “Size range,” “Avg PPSF (Price Per Square Foot)” and “Common Charge” refer to units currently for sale.
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