250 West Street selling successfully on spec

New York /
Sep.September 28, 2011 01:34 PM

The ongoing financial crisis has made many prospective condominium buyers reluctant to buy based on specifications alone, the Wall Street Journal reported, but one Tribeca whole-block warehouse conversion project, between Hubert and Laight streets, is bucking the trend.

The Elad Group’s 250 West Street is drawing strong interest, the Journal said, thanks to its large units, and is selling despite the fact that it won’t be completed till fall 2012. Twenty-two buyers have reportedly signed contracts so far in the 111-unit building and 11 more have made deals to purchase, but have not yet gone into contract.

“Believe it or not, we have a market going, despite a global financial collapse,” said Donna Olshan, president of Olshan Realty and publisher of a newsletter on apartments selling for more than $4 million in Manhattan. Last week four of 10 such sales were at 250 West Street, she said.

Stephen Kliegerman, president of Terra Development Marketing, said Elad was in a unique position, having a “high-profile, high-demand location” that enables them to sell in advance in the current environment.

Elad, the developer behind the conversion of the Plaza Hotel, paid Citigroup $142 million for the building in 2006. The company made a deal to sell 250 West Street in 2007, but never followed through. This will be Elad’s first project since 2006. [WSJ]


Related Articles

arrow_forward_ios
Two penthouse apartments were sold at 150 East 78th Street with the intent of combining them (Compass)
Double penthouse asking $33M is priciest listing snapped up
Double penthouse asking $33M is priciest listing snapped up
Manhattan luxury contracts surge to 6-month high in first week of October
Manhattan luxury contracts surge to 6-month high in first week of October
Manhattan luxury contracts surge to 6-month high in first week of October
Demand could be cooling in Manhattan luxury market’s banner year
Demand could be cooling in Manhattan luxury market’s banner year
Demand could be cooling in Manhattan luxury market’s banner year
Unit 55 at 111 West 57th Street (Douglas Elliman)
Manhattan breaks luxury sales record with 3 months still to go
Manhattan breaks luxury sales record with 3 months still to go
Manhattan luxury market rebounds from late-summer slump with 31 condo sales
Manhattan luxury market rebounds from late-summer slump with 38 sales
Manhattan luxury market rebounds from late-summer slump with 38 sales
34 East 62nd Street (Google Maps)
Deal at site of UES explosion helps Manhattan set luxury contract record
Deal at site of UES explosion helps Manhattan set luxury contract record
293 Lafayette Street with Joshua Kushner and Karlie Kloss (Kushner, Getty)
Kushner-Kloss condo leads luxury market’s busiest late-August week since 2006
Kushner-Kloss condo leads luxury market’s busiest late-August week since 2006
30 Grove Street and 79 Horatio Street (Isaacs Ganz Real Estate, Sotheby's)
West Village deals bring Manhattan close to annual townhouse sales record
West Village deals bring Manhattan close to annual townhouse sales record
arrow_forward_ios

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

Loading...