Here are the prices, floor plans at the Richard Meier-designed 685 First Avenue

Solow Properties targeting $551M sellout

TRD New York /
Mar.March 19, 2018 02:52 PM

From left: Floorplans at 685 First Avenue, Sheldon Solow and Richard Meier (Credit: Getty Images; Click to enlarge)

With starchitect Richard Meier embroiled in a sexual harassment scandal, it’s unclear when Solow Properties plans to kick-off sales at its long-awaited 685 First Avenue.

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In the meantime, The Real Deal got its hands on the floor plans and prices for the tower’s 148 condominiums — the vast majority of which are one- and two-bedroom units.

According to the offering plan, prices start at $1.495 million for a one-bedroom with 760 square feet. The priciest unit, a four-bedroom on the 42nd floor, is asking $10.8 million, or $2,819 per foot.

Solow received the go-ahead to launch sales last month from the New York State Attorney General’s office.

The total projected sales price for the 148 condos is $551 million, or $3.7 million on average. On a per foot basis, the average price is just under $2,355, according to a TRD analysis of the offering plan.

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Plans for the 42-story development also include 408 rental apartments, to be located on floors three through 27. Shared amenities will include a pool, gym, dining area, lounge and game room.

Meier’s name has been a key marketing tool for the building, billed as the starchitect’s first all-black glass building. Last week, Meier was accused by five women of a longstanding pattern of sexual harassment. The report published by the New York Times prompted an apology from Meier, who is taking a six-month leave of absence from his eponymous firm.

If that puts a damper on Solow’s marketing for 685 First, it will be the latest in a long string of delays for the site.

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The Sheldon Solow-led firm went into contract for the land nearly two decades ago. In 2008, the city approved a master plan for the property that included six residential towers, an office building and five acres of parks and walkways, plus a public school and affordable housing.

After work stalled during the recession, Solow sold part of the development site along First Avenue for $172 million to JDS Development Group. The Michael Stern-led firm and Largo have since developed the American Copper Buildings there.

Work on the foundation at 685 First began in March 2016. The building will have a 23,000-square-foot garage and nearly 9,700 square feet for retail on the ground floor.

Citi Habitats is leading the marketing effort at the project.

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