DHA Capital eyes $127M sellout at 75 Kenmare

Developer is converting Nolita garage into 35 condo units

TRD New York /
Apr.April 06, 2016 01:30 PM

Lenny Kravitz is bringing his rock star style to DHA Capital’s forthcoming condominium at 75 Kenmare Street in Nolita.

The rocker-turned-designer is designing the interiors for Dan Hollander and Josh Schuster’s mixed-use project, according to a teaser site that went live Wednesday. The project, which will have 35 condos and two commercial units, is aiming for a total sellout of $127 million, according to an offering plan filed with the attorney general’s office.

In addition to Kravitz Design, the new teaser website said Douglas Elliman’s Fredrik Eklund and John Gomes are handling sales and marketing. Andre Kikoski Architect is designing the exterior. DHA is developing it in partnership with AMS Acquisitions and First Atlantic Capital.

The condominium will be comprised of one- to four-bedroom units, ranging in price from $1.7 million to more than $12 million, a DHA spokesperson told The Real Deal.

DHA, founded by Schuster and Hollander in 2011, went into contract last spring to buy the three-story garage, at the corner of Kenmare and Mulberry streets, for $50 million from Ding “John” Wai’s Sentry Operation Corp. The deal hasn’t yet hit public records.

A slew of broker lawsuits followed, with Nest Seekers International, Century 21 and P. Zaccaro alleging that DHA owed commissions on the sale. The cases are pending.

According to building plans filed by DHA in October, the developers plan to convert the existing garage into a seven-story building that will include 47,000 square feet of residential space and 8,100 square feet of commercial space. The residential portion will be built above the existing garage structure, which is comprised of nearly 34,000 square feet.

The building’s two cellar levels will house a parking garage with 150 parking spaces, according to building plans.

75 Kenmare is DHA’s 10th project. The developer is also behind the 37-unit residential building at 50 Clinton Street, where current listings include a one-bedroom asking $1.1 million and a two-bedroom penthouse asking $3.5 million. It’s also behind the eight-unit boutique condo at 12 East 13th Street in Greenwich Village and a 280-unit luxury rental at 535 West 43rd Street in Hell’s Kitchen.

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