Zeckendorfs, Atlas Capital to build $1B luxury condo tower

Partnership purchased 570 Washington Street for undisclosed price

New York /
Feb.February 07, 2022 04:26 PM

UPDATED Feb. 10, 2022, 10 a.m.: The Zeckendorfs have a new luxury project in the works, modeled on their wildly successful 15 Central Park West in the West Village.

Zeckendorf Development and Atlas Capital Group are in contract to purchase the 1.3-acre site at 570 Washington Street off the West Side Highway and plan a condo tower there, the New York Post reported.

Westbrook Partners is the seller of the site. The transaction is expected to close within a few months, the publication noted.

The contract price is about $340 million, a source familiar with the sale told The Real Deal.

A Cushman & Wakefield team led by Adam Spies and Adam Doneger handled marketing for the site.

A bevy of New York City’s biggest real estate power players were in the running to buy the empty lot, among them Gary Barnett of Extell Development, Steven Roth of Vornado Realty Trust and Miki Naftali, the Post reported.

Sources told the paper that the building would rise to about 400 feet, roughly 36 stories. Apartments are expected to be marketed at an average of about $5,000 per square foot, an unprecedented price for the neighborhood. In total, it’s projected to be a $1 billion project.

Living there would certainly make for an easy commute for some Google employees. The site is within 200 feet of the office at 550 Washington Street that Google bought for $2.1 billion last year.

Zeckendorf Development, run by Arthur and William Zeckendorf, hit paydirt with 15 Central Park West, one of the premier luxury developments in the city. A Robert A.M. Stern–designed penthouse in the limestone-clad building was sold by biotech entrepreneur Lindsay Rosenwald for $47 million, one of the 10 most expensive home sales in the city last year.

The Zeckendorfs also put up the 64-story boutique condominium at 520 Park Avenue, which in the seven years since sales launched has sold 29 of its 35 residences. In October, a sponsor unit sold to an Israeli automotive executive for $36 million.

Atlas Capital Group, founded by Jeffrey A. Goldberger and Andrew B. Cohen, pulled off a major deal in September, spending $506 million to buy the Denizen luxury apartment complex out of bankruptcy from Yoel Goldman’s All Year Management. The sale closed in December.

This story has been updated to reflect the residence sales at 520 Park Avenue.

[NYP] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
    Miki Naftali, Meredith Marshall talk development, death of 421a
    Miki Naftali, Meredith Marshall talk development, death of 421a
    Gary Barnett
    Gary Barnett has something to say
    Gary Barnett has something to say
    Ben Shaoul and 1457 North Main Street (Getty, LoopNet)
    Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
    Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    Adam Leitman Bailey, Y. David Scharf, and Miki Naftali with 215 West 84th Street (Adam Leitman Bailey, Morrison Cohen, Getty)
    Naftali lays out project as holdout tenant plays new card
    Naftali lays out project as holdout tenant plays new card
    Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
    Film studio to replace vacant public housing in Newark
    Film studio to replace vacant public housing in Newark
    Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
    Macklowe art collection fetches nearly $1B at auction
    Macklowe art collection fetches nearly $1B at auction
    A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
    Holdout threatens massive Long Island development
    Holdout threatens massive Long Island development
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...