As swarms of Manhattan developers flock to the ultra-luxe condominium market, Howard Swarzman of Glenwood Management said the trend wasn’t a motivating factor for the rental property owner’s first foray into building condos – though the firm isn’t exactly peddling bargains.
“This came about because my brother, Steven, and I wanted to try this model as opposed to what we’ve developed in the past,” Swarzman told the New York Times, referring to rentals. “What we’re most concerned with is building the same quality housing we’ve always done, whether it be for sale or rental.”
Dubbed Sixty East Eighty Sixth, the project is to be a 19-story building just east of Madison Avenue with 15 full-floor units that will be priced between $7 million and $20 million per apartment. Corcoran Sunshine Marketing Group will be marketing the properties.
The development, Swarzman told the Times, should be completed by spring 2015.
Sixty East Eighty Sixth, designed by a collaboration between architecture firm the Steven B. Jacobs Group and Danish architect Thomas Juul-Hansen, the property is to be outfitted in fluted limestone with casement windows and Juliet balconies. Amenities are to be located in the basement level and will include a fitness room, storage rooms, bicycle storage, playroom and a wine cellar.
“Obviously, this is not Downtown, and it’s not the High Line or any other neighborhood that’s sort of up and coming,” Juul-Hansen told the Times. “There’s a history here, so what we’ve tried to do is create a building that, on the one hand, is very modern, clean and simple, but on the other hand, is very respectful of the neighborhood and environment.” [NYT] — Julie Strickland