The Real Deal New York

Stalled high-profile condos hit comeback trail

July 13, 2012 09:30AM

From left: 56 Leonard Street rendering, One Madison Park and 53 West 53rd Street rendering

The city hasn’t exactly reverted to the go-go days of the boom, but as The Real Deal reported in its July issue developers are revisiting planned condominium projects and completing them — not as rentals, for a change — to meet the growing demand. In 2007, 511 condo projects were planned for Manhattan and Brooklyn. In 2012, 255 such developments are in the works and the New York Times provided updates on some of the most closely watched ones.

Starwood Capital’s Baccarat Hotel, for example, which will have 114 hotel rooms and 64 condos across 45 stories is under construction at 20 West 53rd Street. At 56 Leonard Street, where Alexico laid the foundation for a planned 57-story Herzog & de Meuron tower, Hines has come on board and led a big push to secure financing. Corcoran Sunshine Marketing Group will open the project’s sales office by year’s end. Sales also began this month at RFR Holding’s 20-story condo conversion of an apartment building at 530 Park Avenue.

At One Madison Park, which has a history of trouble almost as lengthy as the 50-story building itself, Related Companies is renovating the lobby, completing construction and will likely bring the units to market this fall. Lastly, the Zeckendorfs’ 18 Gramercy Park is slated to hit the market in September.

In the next year and a half, five more high-profile projects should begin sales. They include 388 Bridge Street, the tallest building in Brooklyn, 432 Park Avenue, the city’s tallest residential tower, the Carlton House at 680 Madison Avenue, the 78-story Jean Nouvel-designed Tower Verre, at 53 West 53rd Street, and 737 Park Avenue. [NYT]

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