Simon Baron, Quadrum co-op aiming for $205M sellout

NY State AG’s real estate finance bureau approved plans for the 39-unit building

Jul.July 07, 2016 07:30 AM

A planned Upper West Side co-op from Simon Baron Development and Quadrum Global can officially launch sales, New York State Attorney General records show. An offering plan for the project at 269 West 87th Street was accepted by the AG on June 27.

The 39 residential units and 29 storage units at the Upper West Side development have a total sellout price of $205 million, so average apartment prices are likely to be in the neighborhood of $5 million a piece.

Simon Baron and Quadrum do not own the site, but are leasing it for 99 years from the current owner, Riverview Operating Companies. The partners signed the $90 million land lease at 269 West 87th Street in 2015, according to public records.

Because the building is going up on leased land, a co-op-type structure must be used for the building’s residential apartments. A representative for Simon Baron Development TRData LogoTINY referred to the units as “condops,” a term typically used for projects with commercial components but sometimes also to indicate a co-op building with more condo-style management rules.

Simon Baron and Quadrum recently redeveloped another Upper West Side property, a 113-unit rental at 393 West End Avenue.

In May, Simon Baron acquired a 99-year ground lease at 640 South Main Street in Downtown Los Angeles, site of the Stay on Main Hotel, which the developer plans on renovating.

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