FiDi condo conversion almost sold out

June 24, 2010 03:00PM

Wendy Maitland of BHS and 88 Greenwich

Last week, 88 Greenwich in the Financial District closed on its 407th
unit, making it more than 90 percent sold, a milestone for the
452-unit condo conversion that’s been on the market since 2007,
according to the New York Post. Developed by Andrew Heiberger’s Button
Real Estate, many industry insiders originally thought the project would not succeed.
But the building, which has an additional 10 units in contract,
decided to do its conversion in pieces. Units on the top floors were
spruced up with luxury finishes and, as construction wound down, the
existing rentals on the first three floors were vacated and sold off.
Overall, sales prices have been relatively modest, with apartments in the
building getting less than $1,000 per square foot. The remaining units
are, for the most part, being sold untouched, with prices between
$449,000 and $1.05 million. One exception is the 2,086-square-foot
two-bedroom, three-bathroom penthouse, which had been rented for
$15,000 per month until a few weeks ago and is now listed for $4.175
million with Wendy Maitland of Brown Harris Stevens. [Post]