West 12th Street buildings rise despite recession

New York /
May.May 18, 2009 10:00 AM

Superior Ink

The recession hasn’t stopped construction of Three Apartment Buildings On West 12th Street, between the Hudson River and Washington Street. Three factories on the block are being turned into the Related Companies’ Superior Ink development at 400 West 12th Street, developer Cary Tamarkin’s five-unit building at 397 West 12th Street and Flank’s 12-unit building at 385 West 12th Street. While the developers were able to keep construction going during the downturn, it remains to be seen how the new units will sell. Related reported that Superior Ink, which has 68 units and seven townhouses, was 80 percent sold two months ago, and designer Marc Jacobs bought a townhouse in the development for about $2,888 a foot. Flank says that seven of its 12 units are sold, but all the sales took place last summer. And at Tamarkin’s development, only one of five units have sold, and prices were cut by 15 percent in the building last month.

[NYT]

 

Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Robert A.M. Stern designing West Village spec house
Robert A.M. Stern designing West Village spec house
Robert A.M. Stern designing West Village spec house
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
Aurora Capital President and Principal Jared Epstein with the Jane Street location (Google Maps, Getty)
Aurora Capital plans 11-story mixed-use building in West Village
Aurora Capital plans 11-story mixed-use building in West Village
30 Grove Street (Isaacs Ganz / RESERVE Real Estate)
West Village townhouse asking $28M in contract
West Village townhouse asking $28M in contract
34 Desbrosses Street and Related CEO Jeff Blau (StreetEasy, Getty)
Related scores $258M Blackstone loan for luxury Tribeca apartment building
Related scores $258M Blackstone loan for luxury Tribeca apartment building
Stephen Ross and Esperanté Corporate Center
Stephen Ross becomes king of West Palm offices
Stephen Ross becomes king of West Palm offices
Gov. Andrew Cuomo. Inset: CHIP's Jay Martin, REBNY's James Whelan and GFP Real Estate's Jeff Gural (Getty)
Real estate industry forced to take sides on Cuomo
Real estate industry forced to take sides on Cuomo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...