The Real Deal New York

Gaia launches condo sales at former Midtown Hospital

Firm bought 417 West 52nd Street for $156M in August
By Konrad Putzier | March 02, 2016 08:00AM

Gaia Real Estate launched sales at its 155-unit Hells Kitchen condo conversion of the former St. Vincent’s Midtown Hospital at 416 West 52nd Street.

Prices at the condo, dubbed Nine52, range from $650,000 for a studio to just over $3 million for a duplex penthouse. The vast majority of apartments have one or two bedrooms.

Gaia bought the 160,000-square-foot building from the Chetrit Group in August for $156.5 million. Chetrit had redeveloped the property and initially planned to turn it into rentals.

Danny Fishman, Gaia’s managing partner, said the firm decided to convert the property into condos to tap into what it calls a “very strong market” for Manhattan condos under $3 million. “I think that for the condo product in this price range there is a real shortage in Manhattan,” he said, adding that demand for more expensive apartments is much weaker.

Apartments in the building come with washer dryers, and amenities include a gym, 24-hour concierge service and a children’s room.

According to the condo plan recently approved by the State Attorney General’s office, Nine52 has a projected sellout of $232.4 million.