KUB Capital wants more than $100M for just 6 Soho condos

KUB Capital can now launch sales for six condominiums at its uber-luxury Soho development, 150 Wooster Street, following the acceptance of an offering plan by the New York State Attorney General’s office.

The six apartments, five of which are full-floor residences spanning more than 4,000 square feet, have a total target sellout price of $105 million. Yep, that’s an average of $17.5 million per apartment.

The brokerage CORE will handle sales, according to a February report in Curbed after construction on the eight-story building had just topped out. The base of the building will hold approximately 10,000 square feet of retail space.

A representative for KUB did not immediately return a call seeking comment.

KUB bought the development site at 150 Wooster for $50 million in 2014. It filed building construction plans the following year, designing a mixed-material facade of limestone, steel and bricks. In an earlier lawsuit based on preliminary designs from a previous developer, neighborhood residents complained the proposed building would be out of character with the area’s aesthetic and violate landmark codes. The Landmarks Preservation Commission eventually approved updated design plans in 2015.

Nearby on Spring Street, Opal Holdings is planning on a boutique condo of its own at a site it recently purchased from Nordica Soho and Waterbridge Capital.  In neighboring Noho, more mid-sized condo projects are in the pipeline, such as Acadia Realty Trust’s conversion of 640 Broadway and Broad Street Development’s 40 Bleecker Street, with 21 and 61 apartments, respectively.

In its August issue, The Real Deal picked apart facts and figures on New York City’s new development condo market, where deal volume dropped by 23 percent in the second quarter.