The Real Deal New York

NoMad’s Centurian to go condo, with target sellout of $102M

Mocal Enterprises converted the 39-unit building to rentals in 2014

August 02, 2016 01:00PM
By E.B. Solomont

The Centurian at 1182 Broadway in

The Centurian at 1182 Broadway in NoMad

The longtime owners of the Centurian, a landmarked building in NoMad, are taking advantage of the area’s residential boom and have filed plans to convert the property into condominiums.

The Haddad family’s Mocal Enterprises is targeting a sellout of $102.3 million at 1182 Broadway, a 16-story building next to the swanky Ace Hotel, according to filings with the New York State Attorney General’s office. The Centurian’s 39 condo units will have an average price of $2.6 million, based on back-of-the-napkin calculations.

Led by President Calvin Haddad, Mocal has owned the Centurian — located between West 28th and West 29th streets — for more than 35 years, and in 2014 the landlord converted the building to residential rentals. Previously, the city’s Department of Buildings stopped an illegal loft conversion in 2010.

The Centurian’s existing residential portion is comprised of 50,876 square feet with another 15,000 square feet of offices and more than 9,600 square feet of retail. The 2014 conversion preserved the building’s original copper window frames. Current apartment listings include a studio asking $6,735 per month. Previously, a two-bedroom was rented for nearly $14,000 per month.

NoMad has been a hotbed of development in recent years.  In June, the Landmarks Preservation Commission TRData LogoTINY approved HFZ Capital’s to build a 64-story condo at the historic Gilsey House at 8 West 30th Street. And JD Carlisle Development and Shanghai-based Fosun International are currently building a 70-story, block-through condo at 15 East 30th Street, near the Sky House Condominium at 11 East 29th Street. The neighborhood is also home to Witkoff Group’s 10 Madison Square West and Toll Brothers City Living’s 400 Park Avenue South.

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