A Hell’s Kitchen development site fetched just $1 million more than its sales price from six years ago when the Elad Group picked up the 43rd Street property for $43 million earlier this month. [more]
Posts Tagged ‘the elad group’
The ongoing financial crisis has made many prospective condominium buyers reluctant to buy based on specifications alone, the Wall Street Journal reported, but one Tribeca whole-block warehouse conversion project, between Hubert and Laight streets, is bucking the trend.
The Elad Group’s 250 West Street is drawing strong interest, the Journal said, thanks to its large units, and is selling despite the fact that it won’t be completed till fall 2012. Twenty-two buyers have reportedlt signed contracts so far in the 111-unit building and 11 more have made deals to purchase, but have not yet gone into contract.
“Believe it or not, we have a market going, despite a global financial collapse,” said Donna Olshan, president of Olshan Realty and publisher of a newsletter on apartments selling for more than $4 million in Manhattan. Last week four of 10 such sales were at 250 West Street, she said.
Back in 2008, the Elad Group found a buyer for its Tribeca warehouse building at 250 West Street but it turned out the buyers couldn’t come up with the cash. Elad held on to the 11-story warehouse, occupying an entire block from West to Washington streets, and has today listed the first of its units, according to Curbed.
Prices range from $1.15 million for a 1,035-square-foot studio to $9 million for a 4,018-square-foot three-bedroom with 325 square feet of outdoor space, according to data from Streeteasy.com.
The building isn’t yet completed, so brokers will have to sell using just a model apartment. … [more]