Elad launches first NY project in five years

June 24, 2011 09:09AM

Developer the Elad Group has unveiled its first new condominium building in New York since 2006. The condo, at 250 West Street, will have 111 units in a renovated 11-story warehouse occupying an entire block from West Street to Washington Street in Tribeca, the New York Times reported, and is set to be completed by the fall of 2012.

Units will range from 1,250-square-foot studios to 5,000-square-foot four-bedrooms, said Tom Elliott, vice president of Elad, as well as a penthouse with its own garage and elevator. The apartments would most likely be listed for $2 million to $10 million, he said.

Elad, which is behind the embattled conversion of the Plaza Hotel, recently sold the last condo at the 181-unit Plaza.

The West Street condo project may bring its own share of risk, the Times said; the building wont be completed by the opening of sales, so brokers will have to sell using just a model apartment. Elliot still believes it will sell out in 18 months. “We feel we have always delivered on everything,” he said. [NYT]