Jefferson condos in the East Village sell out

Next up: SK Development readies for launch of Tribeca, Noho projects

TRD New York /
Dec.December 19, 2013 05:17 PM

The East Village’s Jefferson condominiums are 100 percent in contract.

The final deal at the 82-unit property at 211 East 13th Street, developed by a partnership of SK Development, Ironstate Development Company and Charles Blaichman, was signed last week.

Asking prices ranged from $795,000 for a 536-square-foot studio to more than $3.5 million for a 1,233-square-foot, two-bedroom penthouse. Sale prices averaged at $1,670 per square foot.

A team from the Marketing Directors led by Jacqueline Urgo and Martin Brady handled sales at the development, and closings are slated to start in April 2014.

“The product was planned perfectly for the marketplace, including an exterior that fit in contextually with the neighborhood,” Urgo said via email. “While other developers were building family-sized residences, we planned smaller homes for this marketplace, a decision that was validated by the strong velocity of sales.  Our buyers were predominately primary residents, many of whom were already committed to the East Village neighborhood and wanted to move up to this level of luxury and lifestyle.”

The unit mix, price points and relative lack of new development in the East Village also helped drive the sales, which started this past April, SK’s Scott Shnay told The Real Deal.

And while additional condo projects are a possibility for the area, “I don’t know if there are a ton of potential sites,” he said. “There are some projects planned that are rentals. But [our success] shows there’s definitely demand for higher end condo projects.”

While Downtown development is familiar territory for SK and Blaichman, it marked the first such project for New Jersey-based Ironstate. The firm is one of the Garden State’s largest, and has also partnered with Andre Balazs on the Standard East Village.

SK is also busy with the Reade Chambers, a six-story condo building at 87 Chambers Street in Tribeca, slated to launch sales in the first quarter of 2014. Bruce Ehrmann and Andrew Anderson of Douglas Elliman Development Marketing are the exclusive sales agents for the building.

Reade Chambers, located at 71 Reade Street and which has an alternate address at 87 Chambers Street, will launch sales at the start of the New Year, Shnay said. The 17-unit property has a mix of one- to four-bedroom apartments, with prices ranging from $1.4 million to over $7 million.

Soon after, sales will kick off at 10 Bond Street, which SK is developing with Ironstate and the Chetrit Group. The Noho property will have 11 residences up for grabs, including two- and three-bedroom units, plus one townhouse and one penthouse in the mix. Prices will start at around $4 million and going up to over $12 million, Shnay said.

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