A 32-unit residential condominium development near the High Line may have stalled during the recession, but it’s now making progress. Sherwood Equities broke ground last month at 500 West 21st Street, located near the High Line and 10th Avenue, the New York Times reported.
The 80-foot-high building will have several apartments that exceed 4,000 square feet and feature terraces. A sales office is expected to open later this summer or in the early fall, said James Lansill of the Corcoran Sunshine Marketing Group, which is handling sales. The building at 100 11th Avenue has average sale prices of higher than $2,500 per square foot, and prices at 500 West 21st Street too may fall in that range, the Times said.
Kohn Pedersen Fox is the project architect, and Mark Zeff is designing interiors. There will be three one-bedroom apartments, 12 two-bedrooms, 13 three-bedrooms and 4 four-bedrooms. Two of them will be penthouses and two will be duplex apartments, the Times said.
Sherwood bought the property in 2010 for $23.5 million after an investment group led by hotelier Andre Balazs and developer Charles Blaichman defaulted on the mortgage. The original investors had planned to turn it into a time-share hotel when they bought it in 2007 for $50 million. [NYT] – Mark Maurer