It hasn’t been an easy year for Manhattan’s condo market — but there are still some notable (and high-priced) projects in the pipeline.
The priciest condo filing accepted this year was for HFZ Capital Group’s massive project dubbed the Eleventh. HFZ head Ziel Feldman said he’s aiming for units to be priced between $3,800 and $4,000 per square foot — a higher price point than the area has previously reached.
The high-profile 1 Wall Street project, by Macklowe Properties, was No. 2 on the list. The developer, aiming for $1.69 billion, targeted Asian buyers with a roadshow in the region spanning Hong Kong to Beijing. Other projects that made the list included Lightstone Group’s 130 William Street, Toll Brothers’ 77 Charlton Street and Solow Properties 685 First Avenue.
Here is the full list of the most valuable condo offering plans accepted by the New York State Attorney General’s office in 2018.
1. 76 11th Avenue, HFZ Capital Group | $2 billion
HFZ’s Chelsea megaproject, dubbed the Eleventh, said asking prices will range from $4 million to $8 million. The block-long project will have two asymmetrical towers connected by a skybridge. The 950,000-square-foot development will have 236 units and 90,000 square feet of retail. HFZ chief Ziel Feldman has said he wants to attain between $3,800 and $4,000 per square foot in sales, which would be unprecedented in the area. According to the condo’s offering plan, units will average 1,928 square feet. The top penthouse will measure 7,000 square feet.
2. 1 Wall Street, Macklowe Properties; Sheikh Hamad Bin Jassim Bin Jaber al-Thani | $1.69 billion
In partnership with Qatari billionaire and former Qatari emir Hamad Bin Khalifa al-Thani (HBK), the developer is planning 566 condos with retail at the base. (Former prime minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani, or HBJ, was previously a partner on the project before transferring his stake to HBK.) Executives from Macklowe Properties and CORE’s Shaun Osher went on a road show in 2018, through Hong Kong, Shanghai, Beijing and Shenzen. Harry Macklowe has said that he’s aiming for between $2,000 and $2,500 a square foot on the lower floors.
3. 130 William Street, Lightstone Group | $666.06 million
The Lightstone Group ditched initial plans to build a hotel at 130 William Street, opting instead to turn the entire building into condominiums. Plans call for 244 units. The company bought the existing 12-story building on the site from Triangle Assets for $60 million in 2014 with plans to demolish it.
4. 138 East 50th Street, Ceruzzi Properties; SMI USA | $578.37 million
The 803-foot-tall tower, dubbed the Centrale, topped out construction in November. Plans call for 124 units, penciling out to a cost of roughly $4.3 million per unit on average. Ceruzzi originally planned to build a 500-foot-tall hotel at the site, but changed its strategy in 2015. The company got a $300 million construction loan from Madison Realty Capital in August 2017. Though one of the priciest projects brought to market this year, the expense falls short of Ceruzzi’s other major condo project, 520 Fifth Avenue, where construction costs are expected to exceed $500 million.
5. 685 First Avenue, Solow Properties | $550.74 million
Prices at the condo project start at $1.495 million for a one-bedroom with 760 square feet, according to the offering plan. In addition to 148 residential condo units — the priciest of which is $10.4 million — the development also includes 408 rental apartments. Architect Richard Meier was embroiled in a sexual harassment scandal, putting a damper on the project, but sales launched this year.
6. 301 East 80th Street, Icon Realty Management | $528.18 million
Icon, led by Terrence Lowenberg and Todd Cohen, filed plans for a 208,500-square-foot tower in 2016. The developer is planning a 30-story, 72-unit tower at 301 East 80th Street and a 19-story, 32-unit building a block north at 301 East 81st Street. The project will also hold nearly 9,000 square feet of commercial space at the base. Icon began piecing together the assemblage in 2007 and bought six low-rise tenement buildings on the site at 1538-1564 Second Avenue for a combined $44.9 million by 2012.
7. 25 Park Row, L+M Development Partners | $435.75 million
The developer is planning 110 condo units at the 49-story tower. Designed by COOKFOX Architects, the project will overlook City Hall Park. L&M and the founders of the iconic J&R Music store landed $235 million in construction financing from Bank of the Ozarks. The project will also include about 67,000 square feet of retail space.
8. 543 West 122nd Street, Savanna | $392.54 million
Dubbed the Vandewater, the Morningside Heights project will have 183 units. Savanna bought the land for the project in 2016 from the Jewish Theological Seminary, paying $96 million. The building was designed by Incorporated Architecture and Design with SLCE Architects on board as the executive architect. Residents will have access to 24,000 square feet of amenities, including private gardens and outdoor dining.
9. 77 Charlton Street, Toll Brothers City Living | $335.33 million
The Hudson Square project will have two connected 15-story buildings — with more than 208,000 square feet of residential space. Plans call for 161 units, with an average price per unit of just over $2 million. That price point is in line with the developer’s turn toward more lower-end luxury products. The building is among several other projects cropping up on Charlton Street, part of a new residential evolution in the neighborhood. Homes are priced lower than nearby neighborhoods like Soho and Tribeca.
10. 40 East End Avenue, Lightstone Group | $198.87 million
This Upper East Side condo project will have 29 units. Designed by Gerner Kronick & Valcarel Architects and Deborah Berke Partners, the building has a charcoal brick facade and private secondary entrance. Lightstone locked down an $85.3 million construction loan for the project last year. It paid $32.5 million for the six-story residential rental building at East End Avenue in Yorkville in 2015.
Manhattan’s top 10 condo filings in 2018
|Rank||Address||Developer||Sellout on Acceptance||Units||Type|
|1||76 11th Avenue||HFZ Capital Group||$2,005,060,000||302||New Construction|
|2||1 Wall Street||Macklowe Properties; Sheikh Hamad Bin Jassim Bin Jaber al-Thani||$1,686,030,000||566||Rehab|
|3||130 William Street||Lightstone Group||$666,055,570||244||New Construction|
|4||138 East 50th Street||Ceruzzi Properties; SMI USA||$578,373,250||124||New Construction|
|5||685 First Avenue||Solow Properties||$550,740,000||148||New Construction|
|6||301 East 80th Street||Icon Realty Management||$528,175,000||72||New Construction|
|7||25 Park Row||L+M Development Partners||$435,753,750||110||New Construction|
|8||543 West 122nd Street||Savanna||$392,540,000||183||New Construction|
|9||77 Charlton Street||Toll Brothers City Living||$335,329,000||161||New Construction|
|10||40 East End Avenue||Lightstone Group||$198,868,710||29||New Construction|