The Real Deal New York

Tamarkin, CL Investment eye $161M sellout at 555 West End Avenue

Developers are converting landmarked school building into 13 condo units
By Will Parker | December 21, 2017 12:00PM

Rendering of 555 West End Avenue and Cary Tamarkin (Credit: Tamarkin Co.)

Architect-developer Cary Tamarkin and partner CL Investment Group want $161.3 million for just 13 condominiums at their 555 West End Avenue conversion project, filings with the New York State Attorney General’s office show.

CL’s Shuhan Liu submitted the offering plan for the Upper West Side project 10 days ago, according to the filings. With Tamarkin, the Chinese firm is converting a landmarked Catholic school building at the site to residential. The plans were approved by the Landmarks Preservation Commission in 2015. A construction permit for the conversion was approved by the city’s Department of Buildings last year.

Representatives for CL (formerly known as CheerLand Investments) and Tamarkin could not immediately be reached.

Tamarkin scooped up the former Catholic school for $50 million in 2014. The partners landed a $35 million construction loan from Taiwan’s Chang Hwa Commercial Bank in September 2016.

Although CL is pushing forward with 555 West End Avenue, it last year decided to scrap plans for a $300 million condo conversion of 287 Park Avenue amid a drop-off in high-end luxury residential sales.

Tamarkin has made his name designing and developing boutique condo projects, such as the 15-unit 508 West 24th Street, which sold out in 2015.

At $12.4 million a pop on average, some of 555 West End Avenue’s condos will be among the most expensive in the Upper West Side. In fact, there are only a handful of condominium listings above $12 million within 10 blocks of the project, according to StreetEasy. Those units are located at projects such as 209 West 79th Street and 535 West End Avenue.