The Real Deal New York

Hail Mary! Steiner aiming for record sellout in East Village

Prices at 438 East 12th Street will start at $1.1M

February 02, 2016 01:40PM
By Katherine Clarke

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Doug Steiner and a rendering of 438 East 12th Street (credit: Williams New York)

Doug Steiner is aiming for a sellout of nearly $215 million at his new East Village condominium project, a record for the neighborhood.

Prices at the 82-unit project at 438 East 12th Street, which replaced the Mary Help of Christians Church, will start at $1.1 million for a one-bedroom pad, according to plans filed with the New York Attorney General’s office that were approved Jan. 26.

“There are very few full service buildings around there,” Steiner told The Real Deal. “Everything is a brownstone or a walk-up. This will have a 24-hour concierge, a gym and a full suite of amenities.”

Steiner secured his site for $41 million in 2012 from the Mary Help of Christians Church, which was recognized in the poetry of Beat legend and longtime East Village resident Allen Ginsberg. Construction on the new brick building is slated to be completed within 18 months.

The project’s total projected sellout well exceeds the $139.7 million that  Ironstate, SK Development and CB Developers shot for with the Jefferson, another 82-unit condo project on East 13th Street.

A rendering of the Steiner project

A rendering of the Steiner project (credit: Williams New York)

Steiner’s property will comprise one- to four-bedroom apartments and several penthouses as well as 16,000 square feet of amenities, including a 50-foot-long pool, a spa, a gym, a library, a playroom, parking and a landscaped courtyard and rooftop gardens. Paris Forino is doing the interiors.

“It’s an epic project, years in the making, said Douglas Elliman’s Fredrik Eklund, who is heading up sales with partner John Gomes.

The building is just the latest in a string of new East Village condos to push the boundaries of pricing in the East Village.

Ben Shaoul’s Magnum Real Estate is developing 100 Avenue A, which will have average apartment prices of $1.7 million and a total sellout of $60 million, according to AG filings. Nest Seekers International’s Ryan Serhant, who is heading up sales, said half the units in that building have already gone into contract since the plan was approved last month, with a one-bedroom on the 7th floor selling for  $2,685 per square foot, a record for Alphabet City.

Prices in the East Village hit a five-year high in 2015, with sales of single-family homes, condos and co-ops over $3 million almost tripling, according to data from PropertyShark.