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.

(Click to enlarge)

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.

(Click to enlarge)

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.

(Click to enlarge)

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.

(Click to enlarge)

Related Articles

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M