St. Vincent’s Midtown resi conversion is 50 percent sold

Half of the 55 units at 432 West 52nd St. sold in about six months

New York /
Apr.April 23, 2015 02:30 PM

A former St. Vincent’s nursing facility in Hell’s Kitchen converted into luxury condos by JVL Property Group, Okada Acquisitions and Zion Enterprises is 50 percent sold in about six months after sales launched.

The 55-unit project hit the market in October, with condos priced in what Okada president Christopher Okada called the “affordable luxury” range — between $610,000 to $2.4 million, working out to $1,400 to $1,600 per square foot.

“It’s a very vibrant mix of people that have been purchasing,” Okada said. “I think it’s the price point.”

Buyers have included young couples, parents buying for their children who are studying in the city, and foreign nationals looking for a pied-à-terre. Construction is 100 percent complete, and new residents have already started moving in.

The building’s priciest units, rather than being penthouses, are ground-floor level duplexes with outdoor space on both the below-ground and first-floor levels. The highest recorded sale to date was one of these, at $1.6 million. Two others, including a $2.4 million, one-bedroom, 1.5 bathroom duplex, are still listed.

Listing broker Jaclyn Boulan of Stribling & Associates described the setup as townhouse-style living.

The Chetrit Group started the residential conversion but then sold the partially completed project to the current group of developers in June for $41.4 million. Chetrit held onto two adjacent lots, where it has plans to build a160-unit residential project at 416 West 52nd Street and a townhouse at 422 West 52nd Street.


Related Articles

arrow_forward_ios
Hudson Companies' David Kramer with 806 9th Avenue (Hudson Companies, City of New York)
Hudson’s affordable project in Hell’s Kitchen earns approval
Hudson’s affordable project in Hell’s Kitchen earns approval
Edison Properties' Jon Dario and 620 12th Avenue (Edison Properties, Google Maps)
Verizon leases 144K sf from Edison Properties in Hell’s Kitchen
Verizon leases 144K sf from Edison Properties in Hell’s Kitchen
Extell's Gary Barnett, Robert Gans and an aerial of 616 11th Avenue (Robert’s Steakhouse, Google Maps)
Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak
Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak
Extell Development's Gary Barnett. Bluestone Group's Eli Tabak and 605 West 45th Street (Google Maps. LinkedIn, Extell Development)
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
Artist Hunt Slonem in front of 595 11th Avenue (Getty Images, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Rare bird: Artist leases entire Hell’s Kitchen building
Rare bird: Artist leases entire Hell’s Kitchen building
Apartments in the Bronx, Washington Heights top slow week for investment sales
Apartments in the Bronx, Washington Heights top slow week for investment sales
Apartments in the Bronx, Washington Heights top slow week for investment sales
Konrad Bicher and the MiMa at 450 West 42nd Street (Google Maps)
“Wolf of Airbnb” set up in luxury tower, Related claims
“Wolf of Airbnb” set up in luxury tower, Related claims
312 West 43rd Street, National Real Estate Advisors CEO Jeffrey Kanne and Taconic Partners' Paul Pariser and Charles Bendit (Google Maps, National Real Estate Advisors, Taconic Partners)
Taconic JV lands $204M loan for Hell’s Kitchen luxury rental
Taconic JV lands $204M loan for Hell’s Kitchen luxury rental
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...