State AG approves sales at two West Side resi developments

Centaur and Greyscale’s Chelsea condo, Toll Bros.’ Village co-op receive go-ahead
By Rey Mashayekhi | May 03, 2016 03:24PM

Two new West Side developments received the go-ahead to launch sales last month — with Centaur Properties and Greyscale Development Group’s Jardim condominium in Chelsea and Toll Brothers’ 100 Barrow Street co-op in the West Village both obtaining approval from the state Attorney General’s office. Both are targeting sellouts in excess of $150 million.

The Jardim, a 36-unit condo at 527 West 27th Street, is seeking a total sellout of $215.4 million, according to an offering plan approved April 6 by the state Real Estate Finance Bureau.

Excluding the 36 parking units and 22 storage units included in the offering and factored into the total sellout price, the building’s 36 condos are targeting a sellout of $204 million – or more than $5.6 million per unit, according to a representative for the project.

Centaur and Greyscale paid $45 million for the site, located near the High Line between 10th and 11th avenues, in 2013. The developers received a $115 million loan for the 135,000-square-foot, two-building project from the Bank of the Ozarks last year.

Douglas Elliman Development Marketing is handling sales at the two 11-story buildings comprising the Jardim, which is slated for completion next year will also feature a 12,000-square-foot retail component.

Toll Brothers, meanwhile, is targeting a $157.6 million total sellout at 100 Barrow Street, a 33-unit co-op building on the corner of Greenwich Street in the West Village. The Real Estate Finance Bureau approved the Pennsylvania-based firm’s offering on April 25.

Excluding the 12 storage units included in the offering, the 33 co-ops at 100 Barrow Street are seeking a combined sellout of $156.7 million — or nearly $4.75 million per unit, a representative for the project confirmed.

Toll Brothers is developing the property via a 99-year ground lease with the Church of St. Luke’s – an arrangement that required units at the 12-story building to be sold as co-ops, rather than condos.

The project is slated for completion next year and will feature seven affordable co-op units on the first two floors, ranging from ground-floor studios listed for $90,000 to two-bedrooms listed at $170,000.

Last week, Toll Brothers filed a new offering plan with the state Attorney General’s office seeking a $503.5 million sellout at its Gramercy Park condo development at 122 East 23rd Street.

A representative for Toll Brothers did not return a request for comment.