NoMad’s Centurian to go condo, with target sellout of $102M

Mocal Enterprises converted the 39-unit building to rentals in 2014

TRD NEW YORK /
Aug.August 02, 2016 01:00 PM

The longtime owners of the Centurian, a landmarked building in NoMad, are taking advantage of the area’s residential boom and have filed plans to convert the property into condominiums.

The Haddad family’s Mocal Enterprises is targeting a sellout of $102.3 million at 1182 Broadway, a 16-story building next to the swanky Ace Hotel, according to filings with the New York State Attorney General’s office. The Centurian’s 39 condo units will have an average price of $2.6 million, based on back-of-the-napkin calculations.

Led by President Calvin Haddad, Mocal has owned the Centurian — located between West 28th and West 29th streets — for more than 35 years, and in 2014 the landlord converted the building to residential rentals. Previously, the city’s Department of Buildings stopped an illegal loft conversion in 2010.

The Centurian’s existing residential portion is comprised of 50,876 square feet with another 15,000 square feet of offices and more than 9,600 square feet of retail. The 2014 conversion preserved the building’s original copper window frames. Current apartment listings include a studio asking $6,735 per month. Previously, a two-bedroom was rented for nearly $14,000 per month.

NoMad has been a hotbed of development in recent years.  In June, the Landmarks Preservation Commission TRData LogoTINY approved HFZ Capital’s to build a 64-story condo at the historic Gilsey House at 8 West 30th Street. And JD Carlisle Development and Shanghai-based Fosun International are currently building a 70-story, block-through condo at 15 East 30th Street, near the Sky House Condominium at 11 East 29th Street. The neighborhood is also home to Witkoff Group’s 10 Madison Square West and Toll Brothers City Living’s 400 Park Avenue South.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

A Brooklyn landlord waives April rents voluntarily (Credit: iStock)

Brooklyn landlord voluntarily waives April rents at all 18 properties

Spaces Event

Look inside: TRD‘s co-working event at SPACES’ Dumbo location

Coronavirus catches New Yorkers in the middle of deals and moves (Credit: iStock)

Some New York renters were caught mid-move

187 Penzance Road, Woods Hole (Credit: Hawk Visuals for Sotheby’s International Realty)

Wood’s Hole mansion breaks Cape Cod sales record

81 Prospect Street at Dumbo Heights (Credit: Google Maps)

WeWork shuts Brooklyn location after employee gets Covid-19

arrow_forward_ios
Loading...