Condos in the cards for Glenwood’s UES site

New York /
Jul.July 09, 2013 09:30 AM

Updated, 12:46 p.m., July 9: Luxury rental landlord and developer Glenwood Management is throwing its hat in the condominium ring for the first time, with a 19-story building on East 86th Street that will have only 15 apartments, the Wall Street Journal reported. In April, Glenwood paid $31 million for the two buildings currently on the site, as The Real Deal reported.

Designed by One57’s interior architect Thomas Juul-Hansen in collaboration with Stephen B. Jacobs Group, the limestone-clad building will include 13 full-floor apartments and two triplex units, according to a Department of Buildings filing seen by the Journal.

The condo price surge has made land too expensive for many rentals, and has led developers to build larger apartments that can lure in wealthy foreign and domestic buyers. In May, the developer filed demolition permits for the two buildings currently on the site.

The high price paid for the site made a condo project the only feasible option, several developers told the Journal.

Prices for the units will likely start at $7 million and go up to around $20 million, Beth Fisher, an executive at Corcoran Sunshine Marketing Group which is marketing the project, told the Journal.

Glenwood’s total Manhattan portfolio exceeds 8,000 apartments, making them one of the city’s largest private landlords. Glenwood’s chief Leonard Litwin was the state’s biggest donor to senate campaigns last year.

When asked to comment on the filing, Glenwood’s Howard Swarzman told the Journal that “we are confident we will exceed all condominium expectations.” [WSJ]Hiten Samtani


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