The Real Deal Miami

Schrager advances riverfront condo project in Manhattan

His 15-story, 49-unit 160 Leroy project will rise in the West Village along the Hudson River

November 15, 2015 12:00PM

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Ian Schrager

Ian Schrager

Ian Schrager has purchase contracts for one-third of the units at his new waterfront condo development in Manhattan, 160 Leroy, along the Hudson River.

The condo will rise between Clarkson and Leroy streets, a section of the West Village that had been home to a car wash, automotive repair businesses and a strip club.

Schrager told the New York Times, “It was three separate sites, and it was a nightmare putting it together.”

Schrager initially owned one of the three sites with Ares Management. The owners of the other two sites, Weinberg Properties and William Gottlieb Real Estate, became partners in the 160 Leroy condo development after a year and a half of negotiations.

Crews are now clearing the development site for a 15-story building with 49 units, priced from $2.6 million for a one-bedroom measuring 1,100 square feet to $25 million or more for 6,000-square-foot, five-bedroom residences. The top floor will be a 12,000-square-foot penthouse with a pool and approximately 7,500 square feet of outdoor space.

Brokerage firm Douglas Elliman is marketing the 160 Leroy building, designed by Switzerland-based architecture firm Herzog & de Meuron.

Buying a unit at 160 Leroy is “perhaps one of the last opportunities to own a home on the waterfront, because there’s virtually no more land available that hasn’t been developed,” Susan M. de Franca, president and CEO of Douglas Elliman Development Marketing, told the New York Times.

Schrager has had a series of successful real estate developments in New York including Studio 54, the Morgans hotel and the 40 Bond condominium. [New York Times] — Mike Seemuth