The Real Deal New York

CBSK’s Midtown East project is over 50 percent sold

Developer launches $10.25M penthouse at 301 East 50th St.
By E.B. Solomont | February 25, 2015 12:20PM

Updated, 8:51 a.m., Feb. 26: CBSK Ironstate’s 29-story condominium at 301 East 50th Street is now more than 50 percent sold, the developer told The Real Deal. A penthouse atop the building hits the market today, asking $10.25 million.

Penthouse B measures 3,216 square feet and has a 513-square-foot terrace. Another penthouse unit, one floor lower, went into contract before being listed.

More than half of the 57 units are in contract, with an average sales price of $2,000 per square foot, according to Karen Mansour of Douglas Elliman Development Marketing, which is handling sales. Units range from one-bedroom to four-bedroom apartments.

The one-bedroom units, which started at $1.5 million and span between 950 and 1,050 square feet, are completely sold out. Sales launched in May.

“We also have two-bedrooms under $3 million,” said Mansour, “which is something to say in this market right now.”

The building was designed by COOKFOX. Developer CBSK Ironstate — a partnership between SK Development, Ironstate Development and Charles Blaichman — bought the site for $68.9 million in 2013. The group’s other projects are Reade Chambers at 71 Reade Street in Tribeca, 10 Bond Street in Noho and the Jefferson condominium at 211 East 13th Street in the East Village.

  • annon

    71 Reade Street, not 17 Reade Street

    • EB Solomont

      Corrected, thank you!

  • irobot

    Doesn’t it seem like thgis should have been sold out awhile ago?..In a hot market with no apartments priced at the levels seems like a no brainer. Something is rotten in Denmark or is it Sweeden.

    • Biff

      It’s on Second Avenue, that should explain it.

      • BH

        yes, indeed.

  • BH

    Seems like a slow sales trend for this building. Although quite a nice design….different from the empty and shallow looking glass structures erected on every other street. Penthouse is asking $3187/ sq ft….seems high. That is not including the terrace……but that’s not livable space