GID Development Group is targeting a sellout north of $1 billion for its trio of glass condominium towers at the Waterline Square megaproject on the Far West Side, according to an offering plan accepted by the New York State Attorney General’s office on May 31.
The developer hopes to bring in $1.15 billion in sales for the 263 units, making it one of the most expensive condo developments to hit the market in the last year.
Sales launched Tuesday at the project, and units at the under-construction buildings off Riverside Drive between 59th and 61st Street will start at $2 million, according to the offering plan. GID expects to be able to offer buyers a 20-year, 421a tax exemption, which it secured before a new law was enacted that prohibits condo owners in Manhattan from receiving the benefit.
When complete, the apartments will be part of a greater five-tower rental and condo complex, formerly known as Riverside Center. In November, GID and development partner Henley Holding Co. secured more than $1.2 billion in construction financing from a consortium of lenders for the project, which features a total of 1,132 residential units. In addition to putting up more than $1 billion in equity, the developers have also sought $220 million in tax exempt bonds from the state.
GID and Henley, a subsidiary of the Abu Dhabi Investment Authority, previously bought Waterline Square’s sites from Extell Development, which had already worked with the city to rezone them for a large-scale residential development. Extell and partner the Carlyle Group sold off the other two development sites to Silverstein Properties and the Dermot Company. Dermot launched leasing at 21 West End last summer.
GID filed offering plans for the condos in November, but did not indicate a target sellout at the time.
Three architects—Rafael Viñoly, Richard Meier and Kohn Pederson Fox— designed GID’s condo towers, which will range from 34 to 38 stories. Corcoran Sunshine Marketing Group is handling sales. Amenities at the buildings include a squash court, tennis facility, rock climbing wall, indoor soccer field, and golf simulator, to name a few.
(To view GID Development Group’s financing transaction for this project, click here)