SJP, Mitsui Fudosan to build Upper West Side’s tallest condo

Partners planning luxe condos on property at 200 Amsterdam Avenue

TRD New York /
Oct.October 16, 2015 08:00 AM

SJP Properties, in partnership with Mitsui Fudosan America, just closed on the purchase of a large development site at 200 Amsterdam Avenue, according to sources familiar with the transaction. Zoning allows for a 600-foot-high residential tower of nearly 400,000 square feet, and the partners intend to build luxury condominiums on the site.

When reached by phone late Thursday, SJP president Allen Goldman confirmed the purchase. He declined to comment on the purchase price, but sources familiar with the deal said it closed for close to $750 per buildable square foot, or nearly $300 million.

The condo project between West 69th and West 70th streets, Goldman said, will cater to New Yorkers and families from the suburbs looking to downsize and move into the city. The design, he added, would be “highly contextual with the architecture of the Upper West Side,” and the property boasts protected views of Central Park.

The seller, according to property records, was American Continental Properties. Founded by Daniele Bodini, the firm has substantial holdings in the neighborhood, and was represented in the deal by CBRE’s Darcy Stacom, Bill Shanahan and Paul Leibowitz. In January, CBRE began marketing the property, the former home of the Lincoln Square Synagogue, asking north of $400 million.

The 55-story project is slated to be the tallest building on the Upper West Side, a neighborhood where new condo product fetched an average price of $1,898 per square foot during the third quarter of the year, according to Halstead Property Development Marketing.

Manhattan–based SJP, led by Steven Pozycki, has developed over 25 million square feet of office and residential space since 1981. It recently sold a noncontrolling interest in 11 Times Square to Norges Bank.

Mitsui Fudosan America, the U.S. investment arm of Japanese development firm Mitsui Fudosan, paid more than $250 million in December for a large stake in Related Cos. 55 Hudson Yards. The firm’s other holdings in the city include 1251 Sixth Avenue at Rockefeller Center and 160 Madison Avenue.


Related Articles

arrow_forward_ios
Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

15 Central Park West and Och-Ziff Capital Management founder Daniel Och (Credit: StreetEasy and Getty Images)

Daniel Och wants $12K a foot for his 15 Central Park West penthouse

Georgina Bloomberg and 101 Central Park West (Credit: Getty Images/StreetEasy/Wikipedia)

Georgina Bloomberg buys another co-op at 101 CPW

Manhattan borough president Gale Brewer (Credit: Getty Images)

Why Manhattan borough president Gale Brewer didn’t pay her mortgage for 5 years

Developer behind fatal facade collapse that killed 2-year-old to pay city $50K, but won’t serve time

Private equity bigwig lists $22.5M mansion, one day after mansion tax passes

UWS tower may be in jeopardy following Supreme court zoning ruling

arrow_forward_ios