The Real Deal New York

New Residential Developments

October 18, 2007

Battery Park City
Millennium Tower Residences
30 West Street
Developer Millennium Partners is planning a 35-story, 340,000-square-foot green design building for Lower Manhattan. The project will feature 236 condo units, from 875-square-foot one-bedrooms starting at $705,000 to 2,400-square-foot four-bedrooms starting at $1.8 million. Three-bedroom prices start at $1.37 million. The project, designed by Handel Architects, is expected to be completed in late 2006. Contact: 212-595-7777 or millennium-tower-residences.com.

Chelsea
Lion’s Head Condominium
121 West 19th Street
Nearly 80 percent of the apartments in the project developed by Alchemy Properties were sold after a month on the market in May. The 67-unit renovated building includes six duplex penthouses. Apartments are priced from $500,000 to $2.75 million and range from 766 to 3,948 square feet. The exterior of the building is clad in 1920s stone, and building amenities include a 24-hour attendant, live-in super, common outdoor roof space and wiring for high-speed Internet access. Contact: Wendy Triffon, director of sales, 212-732-0372.

Downtown Brooklyn
The Smith
Corner of Atlantic Avenue and Smith Street
The 13-floor building by Boymelgreen Developers will house 50 residential condos and a 93-room hotel. The residences, a mix of one-, two- and three-bedrooms, will range in size from 740 to 1,400 square feet. Prices are still being determined, but are expected to fall in the $700 per square-foot range, according to published reports. The building, which will have a red-brick facade with terraces for the top penthouse units, is expected to open in June 2006. Sales will begin this summer.

East Harlem
Rao’s City Views
East 114th Street and Pleasant Avenue
Located above the famous Italian eatery, the new residential project by Rao’s owner Ron Straci rises seven stories above the restaurant and features 22 luxury rental apartments. Prices include $2,000 a month for a one-bedroom to $5,400 for a two-bedroom penthouse with a terrace. Apartments have custom kitchens and bathrooms, wiring for high-speed Internet, and video security monitoring. Contact: Neal Sroka, Corcoran, 212-836-1030.

East Village
81 East Third Street
New York Law School is planning a 13-story half-dormitory, half-residential building. The project has been the subject of controversy because of its height and because opponents of the project said local zoning regulations were manipulated by contractors, curbed.com reported.

Financial District
Fultonhaus
119 Fulton Street
A new 19-unit construction/con-version hybrid marketed by Shvo Marketing was over 60 percent sold after six weeks on the market. Apartments start at $1.25 million and are over 1,400 square feet. The upper seven floors of the 14-story Daniell Properties’ project are a new steel and glass tower, set atop a historic eight-story building. Contact: 212-577-1119 or fultonhaus.com.

Kew Gardens
Dara Gardens
150-29 72nd Road
The Dermot Company has acquired 403 units worth of unsold shares in the 535-unit co-op building. The development company is renovating the apartments, which include studios, one-bedrooms, junior fours, and two-bedrooms, as they become available. The 600- to 950-square-foot apartments will range in price from $99,000 to $200,000. The building also has a garage for building residents and community space.

Lower Manhattan
Woolworth Building
233 Broadway
A condominium plan is expected to be filed imminently with the New York state Attorney General’s office that will separate the 60-story building into upper residential and lower commercial units. Steve Witkoff and Cammeby’s International recently closed on a $250-million refinancing of the Cass Gilbert building opposite City Hall Park, the New York Post reported.

Lower Manhattan
270 Greenwich Street
The 90,565-square-foot development built by Edward J. Minskoff Equities will include a 240- to 265-unit luxury condominium tower, a 162-unit rental building and a 170,000-square-foot retail complex that will include a Whole Foods grocery store. The project is the first to receive some of the $50 million the Lower Manhattan Development Corp. was allocated to finance affordable housing downtown, the New York Sun reported. Townhouses and a 400-car garage are also planned. Construction is expected to be completed in 2007.

Midtown
Bryant Park Tower
100 West 39th Street
Sales began in May for developer MG Hotel’s new residential tower. The project, designed by Nobutaka Ashihara & Associates, features 93 units on 10 residential floors in the 45-story building. Apartments range from studios to two-bedroom apartments with prices ranging from $425,000 to $1.5 million. The building, whose amenities include 24-hour doorman service, a full-time concierge, health club with flat screen TVs, and on-site parking access, is expected to be completed in November. Contact: 212-719-3939 or bryantparktower.com.

Midtown West
440 West 42nd Street
Developed by a joint venture between Twining Properties, The Related Companies and Macfarlane Partners, the 65-story, 800-unit apartment project will occupy an entire city block and will include two retail levels, theaters and a health club. Construction is expected to begin in early 2006.

Prospect Heights
17 Eastern Parkway
Architect Richard Meier is putting up a super deluxe 15-story glass tower. Prospect Heights brokers estimate a two-bedroom apartment in the 119-unit building will be priced close to $1 million. The building, which should be completed by 2007, will feature a 24-hour concierge, parking attendants, under-floor heating, remote control window shades and extra deep soaking tubs. Developer Mario Procida announced the purchase of the vacant 26,000-square-foot parcel where the project will rise last month.

Soho
40 Mercer Street
Hotelier Andre Balazs and Paris-based architect Jean Nouvel are collaborating on a 13-story structure containing 41 lofts, a spa, pool, and retail space at street level. Sales are slated to begin in June. Contact: 212-925-5050 or 40mercersoho.com.

Sutton Place
Sutton 57
220 East 57th Street
A new residential building featuring 38 luxury units, which will include a 24-hour concierge, rooftop terrace and fitness center. The developer is Broadway Management Co. Occupancy is expected in late 2005. The Marketing Directors are handling sales. Contact: 212-829-0057 or sutton57condos.com.

Upper West Side
1 West End Avenue and 33 West End Avenue
Donald Trump and his partners, Hudson Waterfront Associates, have donated land to create two new, affordable apartment towers at 1 West End and 33 West End avenues, the Post reported. The 25-story project at 1 West End Avenue will have half of its 211 units rented to people with lower incomes. The nearby 33 West End Avenue will become a 13-story project with 120 units geared to senior independent living for those 55 and up.

West Village
627 Greenwich Street
An investor group led by PMA Associates and KMG Partners will be converting the 107,000-square-foot site into 40 luxury condos.

Sales Update

Dumbo
Beacon Tower
85 Adams Street
The project had sold 30 of its 79 total units as of last month. Prices range from $630,000 for a one-bedroom to $2.4 million for a penthouse with a sprawling terrace, the Daily News reported. The project is located next to the Manhattan Bridge and the BQE, and will have valet parking, a 24-hour doorman and a landscaped roof garden. The 23-story tower is scheduled for completion next year.

Financing

Midtown
105-107 West 57th Street
Carlton Advisory Services arranged an initial six-month bridge loan for $28 million in connection with their client’s purchase of 105-107 West 57th Street and the property’s transferable air rights. The property is currently a one-story structure occupied by the Ritz Fur Shop, and will be demolished to make way for a 35-story tower that will contain 37 residential units, three lower floors of office space and ground floor and basement retail space. The project will total approximately 82,202 square feet.

New Residential Developments from Previous Months

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