The Real Deal New York

KD Sagamore aims for $96M LES sellout

The project will have 14 units
By Meenal Vamburkar | February 19, 2019 02:30PM

199-201 Chrystie Street (Credit: Google Maps)

KD Sagamore Capital and Ranger Properties are hoping to get $2,400 a square foot for their boutique condominium project in the Lower East Side.

The developers are seeking a $95.97 million sellout for the project, according to a filing with the New York State Attorney General’s office. The project will have 14 residential units plus commercial space.The average condo is priced at $6.9 million ($2,400 per square foot), among the loftiest prices sought in the neighborhood.

The 14-story building will have nearly 40,000 square feet residential space and about 3,200 square feet of commercial space, according to permits filed with the city’s Department of Buildings. Plans also indicate a private roof terrace — and amenities will include a gym and bike storage. The architect of record is R. Wade Johnson.

KD Sagamore bought both properties for a combined $20 million, paying $11.2 million for the three-story industrial property at 199 Chrystie Street in 2015 and $8 million for the two-story property at 201 Chrystie in 2017. The developers couldn’t immediately be reached for comment.

The condo is among a growing list of luxury properties in the neighborhood — including the Herzog and de Meuron-designed hotel-condo project at 215 Chrystie Street. Witkoff Group and hotelier Ian Schrager are building a 370-key hotel along with 11 condo residences total target sellout price of $118.4 million. Ben Shaoul’s Magnum Real Estate is also behind the $206 million, 94-unit project at 196 Orchard Street.

KD Sagamore and Ranger Properties also developed 116 University Place in Greenwich Village. The six-story building, designed by Morris Adjmi Architects, has five units.