CL Investment Group seeking $300M sellout at 287 PAS condo conversion

Chinese developer planning eight-story addition to former United Charities Building

New York /
Mar.March 02, 2016 04:55 PM

UPDATED, 4:15 p.m., March 3: Chinese development firm CL Investment Group is seeking a $300.2 million sellout at its condominium conversion of the United Charities Building at 287 Park Avenue South, according to a condo offering plan approved by the state Attorney General’s office last month.

The state Real Estate Finance Bureau approved CL Investment’s offering plan for 287 Park Avenue South on Feb. 12, meaning the developer is now able to launch sales at the property near Gramercy Park.

CL Investment, formerly known as Cheerland Investments, is seeking an average unit price in excess of $7 million for condos at its first New York City project, per the offering plan, with one of the building’s penthouses understood to be asking $17.5 million. Residential brokerage Compass is marketing the apartments.

The 40-unit condo building will also include two commercial units and 40 “storage” units, according to the condo offering plan. Representatives for CL Investment confirmed the filing, adding that the two commercial units specified are “not currently” expected to be for sale.

The developer’s extensive residential conversion of the office property will include a gut renovation and an eight-story addition, which will take the nine-story building up to 17 floors. The 87,000-square-foot property will also be expanded to span 115,000 square feet.

A restaurant is set to occupy the first floor of the property, while tenant amenities will include a swimming pool, Fitness Center And An Outdoor Roof Terrace, according to a Department of Buildings permit application for 287 Park Avenue South.

CL Investment acquired the historic, 19th-century building, located on a stretch of Park Avenue South once known as Charity Row, for $128 million in August 2014. A number of nonprofit charities operating under the United Charities umbrella put the property on the market in March of that year.

This story has been updated to include that the former Cheerland Investments is now known as CL Investment Group.


Related Articles

arrow_forward_ios
New York attorney general Letitia James and 109-20 Queens Boulevard in Forest Hills (Getty, Google Maps)
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
From left: Gary Barnett, with One Manhattan Square, Harry Macklow with One Wall Street, Steve Witkoff with One High Line, and Miki Naftali with 1045 Madison Avenue (Getty, One Manhattan Square, One Wall Street, Big Architects, The Benson)
Over the glut, but now what? Breaking down NYC’s new condo inventory
Over the glut, but now what? Breaking down NYC’s new condo inventory
1295 Madison Avenue, Lantern Real Estate’s Tal Bar-or, Adellco’s Matthew Adell and G4’s Jason Behfarin (iStock, The Wales, Lantern Real Estate, American Friends of Blérancourt, G4, Illustration by Kevin Cifuentes for The Real Deal)
Adellco scores $95M refi for Madison Avenue condo conversion
Adellco scores $95M refi for Madison Avenue condo conversion
 Extell’s Gary Barnett with Times Square Hard Rock Hotel (iStock)
Gary Barnett’s Extell repeats as Manhattan’s top borrower
Gary Barnett’s Extell repeats as Manhattan’s top borrower
From left: 320 West 115th Street, Barry LePatner and Steven Kirschenbaum (320 West 115th Street, LePatner, LinkedIn)
LePatner sues former Swig COO for unpaid bills
LePatner sues former Swig COO for unpaid bills
Macklowe Properties’ Harry Macklowe with One Wall Street (One Wall Street)
See Harry Macklowe’s handwritten plan for One Wall Street
See Harry Macklowe’s handwritten plan for One Wall Street
Miki Naftali’s with 215 West 84th Street (iStock, Getty)
David and Goliath saga unfolds at Naftali condo conversion
David and Goliath saga unfolds at Naftali condo conversion
12 East 88th Street, Jonathan Simon of Simon Baron Development, and Barry Fox, attorney retired from Cleary Gottlieb (Rosario Candela, Cleary Gottlieb)
Seven years’ war: Simon Baron, tenant brawl over $25M penthouse
Seven years’ war: Simon Baron, tenant brawl over $25M penthouse
arrow_forward_ios

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

Loading...