The Real Deal New York

Gaia Real Estate can launch sales at $143M Vantage condo conversion

The AG approved the offering plan last month
By Will Parker | April 06, 2017 01:45PM

Danny Fishman and 308 East 38t Street

With an accepted offering plan in hand for the Vantage condominium at 308 East 38th Street in Murray Hill, Gaia Real Estate and Acro Group can launch sales of 97 condo apartments.

The New York State Attorney General’s office approved the plans last month. The developers are targeting $142.8 million in sales.

A conversion of the 22-story Montrose rental, Gaia and Acro bought the building from UBS Realty Investors for $75 million in 2015. M&T bank lent the pair more than $60 million for the acquisition. The developers soon announced plans for so-called “affordable luxury” condos at the site.

According to Gaia’s website, the building will feature a rooftop, fitness center and “fully equipped” tenant lounge.

Gaia Real Estate’s managing partner Danny Fishman did not immediately respond to a request for comment.

Per the offering plan, prices will average around $1.47 million, well below the current Manhattan median new development price of $2.73 million, according to appraisal firm Miller Samuel.

Last year, Gaia launched sales at 416 West 52nd Street in Hell’s Kitchen, with a similar average unit price to the Vantage. That Hell’s Kitchen condo is 155 units and carries a target sellout of $232.4 million.

Back in Murray Hill, Gaia previously bought and began redesigning 144 unsold condo units at Spitzer Enterprises’ Corinthian building, which is also on 38th Street. The firm paid $147 million for the units.