FiDi condo conversion almost sold out

New York /
Jun.June 24, 2010 03:00 PM

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]

 

Related Articles

arrow_forward_ios
Rachel Glazer (Credit: BHS)
BHS’ top Downtown agent jumps to Compass
BHS’ top Downtown agent jumps to Compass
BHS’ chief of tech, communications out amid internal shakeup
BHS’ chief of tech, communications out amid internal shakeup
BHS’ chief of tech, communications out amid internal shakeup
Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)
“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
Tribeca Associates managing partner Mark Gordon. (Moxy, LinkedIn via Gordon)
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
Stephen Klym (Rabih Chebab)
Warburg Realty taps veteran BHS exec to run Tribeca office
Warburg Realty taps veteran BHS exec to run Tribeca office
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
ASG Equities' Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)
Landlord offering concessions to lease up Century 21’s old FiDi store
Landlord offering concessions to lease up Century 21’s old FiDi store
4 East 66th Street and Shafi Roepers (Google Maps, Jamie McCarthy/WireImage)
Socialite relists UES co-op for $45M
Socialite relists UES co-op for $45M
arrow_forward_ios

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

Loading...