Flank’s Nolita condos in contract for near-record price

Two units at 224 Mulberry could close for north of $3,300 per square foot

TRD New York /
Nov.November 19, 2014 04:45 PM

Architecture and development firm Flank is pushing the price standard in Nolita, after putting two condos under contract for more than $3,300 per square foot.

Flank sold Unit 5 at 224 Mulberry Street for $11.25 million and Unit 6 for for $10.75 million, principal Tim Crowley told The Real Deal.

Unit 5, a 3,167-square-foot, three-bedroom duplex, sold for its asking price of $10.75 million, or $3,394 per square foot. Unit 6, a 3,392-square-foot unit, sold for close to its asking price of $11.25 million, or $3,316 per square foot.

If not record breaking, Crowley described the recent sales as “certainly flirting with records.” Flank also put the building’s 6,000-square-foot retail space under contract for close to its asking price of $17 million, Crowley said.

“While Nolita hasn’t seen a lot of high-end projects previously, it’s a neighborhood people are interested in,” said Crowley.

In fact, 224 Mulberry is one of several new developments to hit the market, in addition to Alfa Development’s 199 Mott Street and Omnia Group’s 25 Prince Street.

In all, the eight-story building has six units, each with two parking spaces, and prices ranging from $10.75 million to $30 million for the four-bedroom duplex penthouse – prices Crowley previously described as “unapologetically high.” Sales launched September 22, which is when Flank put the just-sold units on the market.

Crowley said Flank is now listing a 4,160-square-foot, four-bedroom simplex with 14-foot ceilings, with an asking price of $13.5 million.

Flank has been building oversized condos in boutique buildings, including 224 Mulberry, as well as a 12-unit building at 385 West 12th Street.

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