Chelsea’s Carriage House sells out

Prices averaged $1,255 a square foot in long-delayed development

TRD New York /
Oct.October 26, 2012 12:30 PM

The 24-unit Chelsea condominium the Carriage House, at 159 West 24th Street, is now 100 percent sold out, its exclusive marketing agent Warburg Realty said today. All of the building’s units are now closed or under contract.

The announcement brings to close and long, storied saga at the property, which saw developer the Broadmill Group default on its loan payments and face lawsuits from two lenders for a total of $20 million. The building finally launched sales in June 2011 following a three-year delay.

Building-wide, the units went for an average of $1,255 per square-foot, with the building’s penthouses selling for between $1,700 and $1,900 per square-foot, Warburg President Frederick Peters said. The Warburg sales team for the project was led by Joél Moss and Sales Director Jocelyn Turken.

As previously reported, development company Broadmill is headed by developers Eamon Roche, Joshua Sacks and Eric Gray. They purchased the development site in 2006 for $8.75 million. The project’s mortgage originator moved to foreclose on the property following financial difficulties at the site stemming from the collapse of Lehman Brothers, but eventually their lender, MidFirst Bank, agreed to drop penalties so long as Broadmill paid its interest and met deadlines set by the bank. The site was eventually returned to Broadmill.

Ira Glass, the longtime host of the public radio show “This American Life,” was one of the buyers at the property, The Real Deal previously reported. The radio personality purchased a one-bedroom apartment at the building for $1.27 million in May. – Katherine Clarke


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