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

The AG approved the offering plan last month

New York /
Apr.April 06, 2017 01:45 PM

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.


Related Articles

arrow_forward_ios
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
arrow_forward_ios

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

Loading...