The Real Deal New York

Lower East Side development will offer smaller units

DHA Capital recently bought the site for $28 million

October 10, 2014 10:00AM

From left: 50 Clinton Street and Daniel Hollander

From left: 50 Clinton Street and Daniel Hollander

A 37-unit residential development is coming to 50 Clinton Street.

DHA Capital, developing a property on the Lower East Side, will be offering mostly one- and two- bedroom units in its new building, targeting first-time buyers and young professionals, according to the New York Daily News. DHA bought 50 Clinton Street from Icon Realty Management for $28 million.

DHA’s project at 50 Clinton Street, the project for which restaurant wd~50 will have to relocate, will have bedroom apartments in the $1 million price range, far below Manhattan’s average sales price of $3.25 million for a unit in a new development. On a per square footage basis, however, these units are about as expensive as larger units. The property will also include a three-bedroom penthouse for $3 million.

“The project’s defining elements are its smaller-sized units and moderate price points, all without compromising on design or quality,” said Dan Hollander, managing principal of DHA Capital, in a statement.

Celebrity broker Fredrik Eklund is handling sales.

“We expect demand to be very strong for this product, which is basically absent from the current marketplace,” Josh Schuster, Principal of DHA Capital said. [NYDN] — Claire Moses

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