The Real Deal New York

GTIS’ UWS condo conversion files to declare plan effective; developer now shooting for $182M sellout

Firm took over from Newcastle Realty in 2015
By Miriam Hall | May 17, 2017 02:00PM

Renderings of 101 West 78th Street and Tom Shapiro (Credit: Getty Images)

GTIS Partners filed an amendment with the New York Attorney General’s office to declare its offering plan for 101 West 78th Street effective, representatives for the company told The Real Deal.

The 28-unit project is just under the 40 percent sold mark, according to the firm, which is led by Tom Shapiro. GTIS is now shooting for a total projected sellout of $181.8 million, AG filings show, up from a projected sellout of $125.6 million in February 2016.

GTIS took over the project from controversial developer Newcastle Realty Services in 2015. The units will range from one- to four-bedrooms, in addition to a penthouse. The firm is also a co-developer with SR Capital on 551 West 21st Street, a Foster + Partners-designed 44-unit condo by the High Line.