While sales officially launched only yesterday at the Brodsky Organization’s 455 West 20th Street development in Chelsea, half of the 22 units are already in contract, including the $12.6 million penthouse, a representative for Brodsky confirmed to The Real Deal today. [more]
Posts Tagged ‘Broadsky Organization’
From the December issue: For most the past four decades, the entire block along 79th Street between Park and Lexington avenues has been blighted by the Hunter College School of Social Work. But the building, which was erected in 1972, was razed two years ago to make way for a luxury condominium: 135 East 79th Street. The main problem with the Hunter building was its woeful inadequacy to its context: amid the Upper East Side’s turn-of-the-century gentility of Georgian classicism, Art Deco and a few surviving townhouses, here was a sudden (and clamorous) barrage of 1970s Modernism. The building might have made a bit more sense in Midtown, but here on East 79th Street, it radiated a tremor of menace, even sleaze, in all directions. [more]
The Brodsky Organization and MCR Development, the new owners of the Desmond Tutu Center’s hotel, say they have laid 12 of its 17 workers, due to Hurricane Sandy damage, DNAinfo reported. But the individuals who lost their jobs said they were fired, then offered the same position at lower wages. [more]
The Brodsky family has been developing Manhattan real estate for more than 50 years, eventually becoming the city’s largest developers of middle-class housing. But the development group is now turning its attention to a 440-unit rental project at 336 Flatbush Avenue Extension in downtown Brooklyn, known as City Point, according to the Wall Street Journal.
Dean Amro, the grandson of Nathan Brodsky, said the firms is focusing now Brooklyn because Manhattan has simply become too expensive for middle-class or affordable housing. ”We couldn’t find locations in Manhattan,” Amro said, noting recent changes in Brooklyn that have made it an increasingly attractive place to live. “We have a lot of excitement about going into Brooklyn and we think in the long term it will be good for us.” [more]
New details about the Brodsky Organization’s 135 East 79th Street come from a teaser site for the 19-story, 32-unit residential property — and it hints at the kinds of tenants that Brodsky envisions living there. According to Curbed, brokers and buyers are being asked about their unit-size preferences, with options ranging from two to five bedrooms. Prices are to range from $6.8 million to more than $20 million, Curbed said. [more]
Betting on the appeal of low-priced Chelsea condos, the Brodsky Organization is taking the unusual step of launching sales in the latest phase of its General Theological Seminary condo conversion with an open house next weekend.
The General Theological Seminary, an episcopal seminary in Chelsea, has sold another building to the Brodsky Organization, Curbed reported. The religious organization has been in the process of selling a number of buildings to the developer to convert to luxury condominiums since 2010, when it encountered financial trouble.
The seminary just sold 445 West 20th Street, between Ninth and 10th avenues, to Brodsky for $18.5 million, according to city records. It was not immediately clear what the exact plan for the building was. [more]
From left: David Picket, president of the Gotham Organization, a rendering of Gotham’s rental project on West 45th Street, Joseph Moinan and a rendering of 605 West 42nd Street
The Gotham Organization broke ground today on the largest new construction project in Manhattan, a $520 million development encompassing nearly the entire city block on Manhattan’s Far West Side at 550 West 45th Street between 10th and 11th avenues. The residential portion of the project, which is slated to be completed in 2014, will create 1,238 new rental apartments with 600 of those units expected to be affordable to low-, moderate- and middle-income New Yorkers.
“The groundbreaking for this development is the latest sign that the Far West Side will soon be Manhattan’s next great neighborhood,” Deputy Mayor Robert Steel, who attended the groundbreaking ceremony, told the crowd. And he’s not the only one with that vision. … [more]
The Brodsky Organization has obtained a $120 million construction loan to begin building a 19-story Upper East Side condominium in January, Crain’s reported.
The developer bought the property from Hunter College, which previously used the land for its school for social work, for $65 million in 2008 and had been waiting to develop it ever since. But as part of the purchase agreement, Brodsky had to replace the social work school at a site in Harlem, on Third Avenue between 118th and 119th streets, before it could begin construction. That school is now open, Crain’s said. … [more]
From left: Harlan Berger, CEO of Centaur Properties, Joe McMIillan, CEO of DDG Partners and Chelsea map
A steady stream of developers are trying to cash in on the influx of tech workers to Chelsea since Google moved its New York headquarters to 111 Eighth avenue last year, the Wall Street Journal reported, with many keen to build residential properties to house Google’s employees.
The number of condominium unit sales in Chelsea jumped to 121 in the third quarter, from 78 during the same period in 2012, according to appraisal firm Miller Samuel, and the neighborhood has more condo projects in the works than any other neighborhood in Manhattan.
DDG Partners recently secured a $26 million construction loan and has broken ground on a 40-unit condo project at 345 West 14th Street and the Brodsky Organization will be launching sales at buildings it purchased from the General Theological Seminary which spans 20th to 21st streets, and Ninth and Tenth avenues, in early 2012.
The Brodsky Organization will soon begin the second part of its construction and renovation project for the buildings it purchased from the General Theological Seminary, according to Chelsea Now.
The developer has already completed renovations on two residence halls and three townhouses, and the second phase will begin with the renovation of a building across the street from the Seminary, at 422 West 20th Street. The façade of the building will be cleaned and the front door and light fixtures will be replaced, according to Daniel Brodsky, managing director of the Brodsky Organization. When those minor renovations are complete, work will begin on the interior of the building, with the property’s conversion to a condo…. [more]
An architect has revealed plans for the redevelopment of a two-century-old Chelsea seminary. The General Theological Seminary, at 440 West 21st Street, is to be revamped after significant debt forced it to sell portions of its campus to developer the Brodsky Organization, according to DNAinfo.
Brodsky’s lead architect John Beyer, of Beyer Blinder Bell Architects and Planners, unveiled plans for two buildings, one on a segment of the school yard and another, the historic West Building.
Community board members objected to some elements of the plans which include two duplex apartments raising higher than the rest of the six-story West Building and elevator equipment on the roof. They did, however, appreciate Beyer’s attempts to incorporate details reminiscent of the rest of the campus’ character…. [more]
The last two units at the Brodsky Organization’s Chelsea Enclave cond-op have gone into contract, wrapping up a three-year sales effort that began on the same September 2008 morning that Lehman Brothers Holdings collapsed, the Wall Street Journal reported. According to Corcoran Sunshine Marketing’s James Lansill, who was heading up sales there, the building is the first large Manhattan project to sell out after coming online in the post-Lehman Brothers real estate market, and did so by cutting prices early and across-the-board. … [more]
General Theological Seminary at 175 Ninth Avenue
General Theological Seminary at 175 Ninth Avenue in Chelsea is trying to rid itself of $41 million in debt and is attempting to replenish its depleted endowment fund through a plan to sell land and several of the seminary’s historic properties to a developer, who intends to convert those buildings into a condominium, according to the Wall Street Journal. “It hurts a lot of our trustees to sell any of our real estate,” Lang Lowrey, president of the seminary, told the Journal. “But we are getting a really good value.” The Brodsky Organization has agreed to pay $47.5 million for three buildings and a parcel of land currently used as tennis courts…. [more]
Last week, the Observer reported that the ground floor retail space at
Greenwich Village’s Devonshire House had been sold to a “very wealthy
family” from New York for $10.35 million. Today, the deed hit public
records, revealing the buyer as the Brodsky Organization, the prolific
New York developer, builder and property management firm headed by
Daniel Brodsky. Brodsky, whose recent projects include Chelsea Enclave
and an under-construction Hunter College social work facility in East
Harlem, will be getting a fully-leased 8,426-square-foot space below
the pre-war condominium conversion at 28 East 10th Street.
Tenants include a floral shop, cleaners and bagel store.
Representatives from Eastern Consolidated, which represented sellers
the Cheshire Group and Sterling Equities in the deal, told the
Observer last week that the purchase was for “pure investment”