Erik Ekstein ups 30 East 31st Street sellout to $151M

Developer previously said the 42-unit condo tower would total $90M

New York /
Mar.March 17, 2017 11:35 AM

Developer Erik Ekstein is going all-in on his new luxury condominium at 30 East 31st Street, filing with the New York State Attorney General’s Office for a target sellout of $151 million at a time when many developers are thinking twice about testing the topsy-turvy luxury market.

Certes Partners bought the NoMad development site that held the historic parish house of the Madison Avenue Baptist Church (now demolished) for $15.5 million in 2014. Ekstein, the lead developer of the project, first filed construction plans in 2015 for what the developer said would be a $90 million, 40-story condo tower. Ekstein later secured $54 million in construction financing last October.

Now Ekstein and crew have decided they’d like to make a lot more money off the 31st Street venture, increasing the unit count by just four while upping the total sellout by more than 67 percent, which pegs the average unit price at about $3.6 million.

Ekstein did not immediately respond to a request for comment. The development firm’s website still refers to 30 East 31st Street as a “$90 million” project.

Pinnacle Real Estate of New York is also partner in the project, as The Real Deal reported. Morris Adjmi is designing the building.

Ekstein previously sued the managers of another condo building next door, M127, alleging that they were preventing his workers from installing scaffolding and thus delaying the construction progress.

In Long Island City, Ekstein is wrapping construction on the Dutch, an 86-unit condo at 25-19 43rd Avenue.


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar to acquire Homesnap for $250M

CoStar to acquire Homesnap for $250M
From top: Park Place Mall in Tucson, AZ with Brookfield Property Partners CEO Brian Kingston; Westfield Countryside in Clearwater, FL with Unibail-Rodamco-Westfield CEO Christophe Cuvillier; and The Mall at Tuttle Crossing in Dublin, OH with Simon Property Group CEO David Simon (Google Maps, Westfield, Simon, Getty)

These are the biggest malls landlords ready to hand over to CMBS lenders

These are the biggest malls landlords ready to hand over to CMBS lenders
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...