UPDATED, 10:17 a.m., Oct. 15: DHA Capital and Continental Properties are converting a Greenwich Village parking garage into eight large luxury condominiums. Asking prices for units at the building at 12 East 13th Street — located between University Place and Fifth Avenue – will range from $7.5 million to $28.5 million for the top triplex, according to the developers.
The developers – who paid $32 million for the 45,000-square-foot property last year — intend to add four more stories to the eight-story building, the Wall Street Journal reported. They will demolish a part of the building’s rear to add the extra floors and also build a new façade that allows for wider windows, according to the newspaper. Construction will begin in a month or so.
Three- and four-bedroom units range between 2,800 and 4,800 square feet, and a five-bedroom penthouse measures over 5,600 square feet, a spokesperson for the developers told The Real Deal. Cantor Pecorella’s Richard Cantor is marketing the property and will launch sales in November. The building is expected to be completed in 2015, the spokesperson added.
Continental’s Steven Fisch told the Journal that the location of the building appealed to them, as did the size of the block that allowed for full-floor condos. “It’s very hard to find a 67-foot-wide building,” Fisch said.
The current frenzy in the luxury market made the project feasible, he added, saying that “it is in a location, and a time in New York City, when this can happen.” [WSJ] – Hiten Samtani