The Real Deal New York

St. Vincent’s Midtown resi conversion is 50 percent sold

Half of the 55 units at 432 West 52nd St. sold in about six months

April 23, 2015 02:30PM
By Tess Hofmann

Rendering of 432 West 52nd Street in Hell's Kitchen (inset: Christopher Okada)

Rendering of 432 West 52nd Street in Hell’s Kitchen (credit: Karl Fischer Architects) (inset: Christopher Okada)

A former St. Vincent’s nursing facility in Hell’s Kitchen converted into luxury condos by JVL Property Group, Okada Acquisitions and Zion Enterprises is 50 percent sold in about six months after sales launched.

The 55-unit project hit the market in October, with condos priced in what Okada president Christopher Okada called the “affordable luxury” range — between $610,000 to $2.4 million, working out to $1,400 to $1,600 per square foot.

“It’s a very vibrant mix of people that have been purchasing,” Okada said. “I think it’s the price point.”

Buyers have included young couples, parents buying for their children who are studying in the city, and foreign nationals looking for a pied-à-terre. Construction is 100 percent complete, and new residents have already started moving in.

The building’s priciest units, rather than being penthouses, are ground-floor level duplexes with outdoor space on both the below-ground and first-floor levels. The highest recorded sale to date was one of these, at $1.6 million. Two others, including a $2.4 million, one-bedroom, 1.5 bathroom duplex, are still listed.

Listing broker Jaclyn Boulan of Stribling & Associates described the setup as townhouse-style living.

The Chetrit Group started the residential conversion but then sold the partially completed project to the current group of developers in June for $41.4 million. Chetrit held onto two adjacent lots, where it has plans to build a160-unit residential project at 416 West 52nd Street and a townhouse at 422 West 52nd Street.