The Real Deal New York

New Residential Developments

October 26, 2007

Greenpoint
137 Dupont Street
The new condominium will offer eight units, including a one-bedroom and seven two-bedrooms. Apartments average around 600 square feet, with either a balcony, roof or private garden. Prices are expected to range from $365,000 to $525,000. David Maundrell of aptsandlofts.com is the sales agent. Contact: www.137dupont.com.

Long Island City
The Gantry
48-21 Fifth Street
Sales are expected to begin this month at the 47-unit condo project, part of the first wave of condo projects to hit the market in Long Island City (previous new developments in the area have been rentals or co-ops). The six-story development is located on the waterfront, across the street from the parking garage of the Citylights co-op. One, two and three-bedroom units will have high ceilings, oversized windows and many will have private outdoor spaces, including rooftop cabanas. The building will also have a part-time doorman. Rick Kelly and Tonia Moore of Prudential Douglas Elliman are representing the building. Contact: sales center, 888-440-4821 or www.thegantry.com.

Long Island City
Arris Lofts
27-28 Thompson Avenue
The Andalex Group is taking the former Met Life printing plant and Eagle Electric headquarters at Court Square which it bought for $52 million in January and adding two partial floors to develop a total of 237 units. The triangular condo conversion will also have an interior courtyard, indoor lap pool and 17 artists’ studios, which will be sold separately, the New York Post reported. Costas Kondylis is the architect. Units will start at $450,000, and the building should be ready for occupancy next summer. The Sunshine Group will be marketing the property. Contact: sales center, 718-707-0083 or www.arrislofts.com.

Long Island City
The Queens Plaza
41-26 27th Street
The 10-story red-brick building with 66 condos is close to topping out, with sales to begin early next year. The building will have a doorman, and most units will have private terraces. Pre-sales began last month, allowing buyers to see apartment layouts and finishes, the Daily News reported. The Developers Group is marketing the project. Contact: The Developers Group, 718-222-1545.

Lower Manhattan
14 Wall Street
Boymelgreen Developers closed last month on its $215 million acquisition of the 37-story office tower. The top floors will be converted into condos and the bottom floor will be sold as commercial condos for non-profits, with the middle floors remaining as commercial office space.

Lower Manhattan
50 Pine Street
The 12-story building, which was built in 1902 as the headquarters for the Caledonian Insurance Company, is being converted into 20 loft condominiums selling from $841,000 to more than $2 million. Many of the units have unobstructed views from Pine Street to Broadway. Jonathan Phillips and Ginnie Gardiner of Halstead are the exclusive agents. Contact: www.50pine.com.

Lower Manhattan
80 South Street
Sales for the Santiago Calatrava- designed tower have started, with the penthouse in the 10-unit building going for $50 million or about $5,000 a square foot. The building, slated to start going up in March, will have 10 vertically stacked, four-story townhouses, each with 10,000 square feet of living space. The cheapest townhouse is going for $29 million, plus five-figure monthly maintenance costs. However, published reports have speculated that developer Frank Sciame will have difficulty obtaining financing for such an architecturally ambitious project, leaving open the question of whether the tower will be built at all. I. Khan. Inc. is the exclusive marketing and sales agent. Contact: 212-709-2633.

Lower Manhattan
71 Nassau Street
The 16-story property, known as the Croft Building, is being converted into 52 condominium units, the New York Sun reported. Originally built in 1905, it will open to new residents in the first quarter of 2006.

Lower Manhattan
111 Washington Street
Developer Gerald Brauser is replacing his six-story parking garage with a 460,000-square-foot residential tower. The project will comprise about 40 stories of luxury condominiums and an eight-story garage with ground floor retail. The project is expected to cost around $130 million. Brauser also plans to convert another garage, at 611 Sixth Avenue in Chelsea, into an 11-story condo. Architect Garrett Gourlay is designing both projects, Crain’s reported.

Lower East Side
Blue
105 Norfolk Street
The 16-story condominium with a stark blue exterior will have more than 30 units ranging from 700 to 2,000 square feet, with prices from $700,000 to as much as $3 million. Construction has already begun on the project and is expected to be finished by 2006. Bernard Tschumi and SLCE Architects designed the building.

Midtown West
The Link
310 West 52nd Street
Elad Properties is developing the 44-story, 210-unit glass condominium tower. Starting prices for one bedrooms with 600 to 1,000 square feet will range from $650,000 to $1 million, while two bedrooms with 1,000 to 1,300 square feet will go for $1 to $1.5 million. The 2,500-square-foot three-bedroom townhouses and penthouses start at $2.9 million. Costas Kondylis and Partners and Gal Nauer Architects designed the project. Construction is under way and should be completed by late 2006. Tom Elliott of Elad Marketing is exclusive sales agent. Contact: 212-582-5465.

Upper East Side
River East
400 East 92nd Street
Developed under the New York City Housing Development Corporation’s 80/20 program, the building has 196 residential units and 4,325 square feet of retail space. The property is also attached to a new 226-room Marriott Courtyard hotel, which will offer residents full access to its amenities. The developer, the John Buck Company of Chicago, completed the project in July.

Construction Update

Flatiron
The O’Neill Building
655 Sixth Avenue
Elad Properties is restoring the building’s 32-foot-high golden domes in exchange for the Landmarks Preservation Commission’s approval of two additional 5,000- square-foot penthouses. Contact: www.theoneillbuilding.com.

Tribeca
51 Walker Street
Liton Partners has started construction on the 15-unit luxury condominium. More than 75 percent of the units have gone into contract since marketing began in April. Occupancy is scheduled for March 2006. Veracity Real Estate Management is the sales agent. Contact: 212-966-1612.

Financing

Upper East Side
Manhattan House
200 East 66th Street
Developers Jerry O’Connor of O’Connor Capital Partners and Richard Kalikow of Manchester Real Estate retained Carlton Advisory Services to arrange an $800 million joint venture and condominium conversion financing package. The building built by the New York Life Insurance Company in 1950 and designed by Skidmore, Owings and Merrill contains a total of 1 million square feet of residential, retail, and parking space.

Sales Update

Midtown West
Clinton West
516 West 47th Street
The 148-unit condominium project by GPG Equities sold out in eight days. Studios, one- and two-bedrooms feature bamboo flooring and energy-efficient air conditioning and heating systems. A greenhouse and landscaped courtyard are incorporated into the design of the two seven-story buildings that make up the condo. The $80 million development will be ready for occupancy in 2006. The Corcoran Group was the exclusive marketing and sales agent.

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