The Real Deal New York

Ranking the city’s largest new condo projects

Extell's 250 South St. has most units, but Hines' 53W53 has largest planned sellout
By Rey Mashayekhi | July 21, 2015 02:00PM

Gary Barnett’s plans for 250 South Street may have gone through several revisions, but one thing is for sure – the Two Bridges/Chinatown development is the city’s largest new condominium project filed over the past year, according to an analysis of data from the state attorney general’s office compiled by The Real Deal.

Extell Developmen’s 815-unit tower has more than three times as many residential units as the second-largest project, Silverstein Properties and Elad Group’s 246-unit 1 West Avenue in Lincoln Square, according to state AG filings made between July 2014 and June 2015.

Though the data provides no sellout price for 250 South Street, 1 West End Avenue is eyeing a total sellout of nearly $1 billion. Hines’ long-awaited “MoMA Tower” at 53 West 53rd Street, despite being only the fifth-largest development at 169 units, leads the pack with an estimated sellout of over $2.1 billion.

Joseph Chetrit and David Bistricer’s conversion of the former Cabrini Medical Center in Gramercy Park was the third-largest filing this past year at 223 units, with plans for a $813 million sellout at the four-building complex. Ben Shaoul’s 389 East 89th Street in Yorkville follows in fourth with 199 units and a planned sellout of $265 million.

The top 10 is rounded out by Steve Witkoff, Fisher Brothers and Howard Lorber’s 111 Murray Street in Tribeca (155 units, $973 million sellout); Shaoul’s Post Luminaria at 385 First Avenue in Gramercy Park (138 units, $177 million sellout); Bizzi & Partners’ 96 Varick Street in Soho (115 units, no sellout price detailed); Toll Brothers’ 959 First Avenue in Turtle Bay (113 units, $271 million sellout) and Aby Rosen’s 100 East 53rd Street in Midtown (99 units, $763 million sellout).

Extell’s latest revision to 250 South Street, dubbed One Manhattan Square, has the building rising 800 feet and 68 stories. The 42-story 1 West End Avenue faced criticism last year for a planned “poor door” entrance for tenants of the building’s affordable units, while the Cabrini Medical Center conversion – known as Gramercy Square – recently revealed prices including a $33 million penthouse unit.

The Jean Nouvel-designed 53 West 53rd Street was unveiled earlier this year, with its duplex penthouse asking more than $70 million, and 111 Murray Street is slated to break ground this month after securing a $445 million construction loan. Both 111 Murray Street and 100 East 53rd Street raised funding through Chinese investment in recent months, with 111 Murray Street wooing an insurance company and 100 East 53rd Street teaming with bank China Cinda and real estate firm China Vanke.

Adam Pincus contributed reporting.