The Real Deal New York

Urban Muse shoots for $146M sellout at 1 Beekman Street

Total ask pencils out to price per sf of around $2,500

September 06, 2016 01:01PM
By Katherine Clarke

1 Beekman Street (inset: Glauco Lolli-Ghetti)

1 Beekman Street in the Financial District (inset: Glauco Lolli-Ghetti)

Urban Muse is looking to cash in on the reinvention of the Park Row corridor near City Hall Park.

The company is gunning for a $146.3 million sellout at 1 Beekman Street, its 31-unit condominium project under construction at the corner of Park Row and Beekman, according to an offering plan filed with the New York state Attorney General’s office. That number equates to an average unit price of around $4.7 million or $2,500 per square foot. Brokerage Compass TRData LogoTINY is slated to market the units.

Urban Muse can begin selling once the Attorney General’s office approves its plans. A spokesperson for the company did not immediately respond to a request for comment.

The building is adjacent to 5 Beekman Street, the 68-unit condo tower built next to the newly rehabbed Beekman Hotel by Allen Gross’ GB Lodging and GFI DevelopmentThe penthouse at that property recently went into contract for close to its $12 million, or $3,300 per square foot, asking price, according to brokers Fredrik Eklund and John Gomes of Douglas Elliman.

Urban Muse, headed by Glauco Lolli-Ghetti,  recently landed a $67 million construction loan from Arkansas-based Bank of the Ozarks for its own 25-story building. The company bought the site for $52 million in late 2014.

Its previous projects include 200 11th Avenue in West Chelsea.

The Park Row strip on which 1 Beekman sits looks set to undergo a dramatic transformation over the next year or two. Joseph Sitt’s Thor Equities recently nabbed a retail co-op at 38 Park Row for $11.1 million and development firm L+M is planning a 59-story, 266,000-square-foot tower at 23 Park Row, The Real Deal previously reported.