The Real Deal New York

New Residential Developments

October 23, 2007 12:09PM

Battery Park City
The Visionaire
70 Little West Street
The offering plan has been accepted for the 35-story, 251-unit condominium, and the sales office was scheduled to open on March 1. Rafael Pelli of Pelli Clarke Pelli designed the green building, which will have a number of environmentally friendly features. Amenities will include a skylit indoor swimming pool and hot tub. Residents will also have access to a parking garage. The Marketing Directors Inc. is the exclusive sales and marketing agent. Contact: www.thevisionaire.com.

Downtown Brooklyn
Center at Albee Square
The Albee Square Mall, now known as the Gallery at Fulton Street, will be razed and developed to include a high-rise tower, the New York Times reported. New owner Albee Development, which includes MacFarlane Partners of San Francisco, plans to build 1,000 rental apartments, a fifth of which would be reserved for moderate-income tenants. Plans also call for expanding the property’s retail space from 150,000 square feet to nearly 500,000 square feet and for the construction of 125,000 square feet of Class A office space.

East Village
37 East 4th Street
Atlantic Development Group plans a 15-story tower with 147 market-rate apartments on the corner of East 4th Street and the Bowery, Curbed.com reported. The building will include a health club and 23,000 square feet of retail space.

Lower Manhattan
The Setai, New York
40 Broad Street
The on-site sales office is open for the 30-story, 167-unit condominium conversion. The Setai Group and New York-based developer Zamir Equities received a $167.2 million construction and mezzanine loan for the project. The Singer and Bassuk Organization arranged the financing. Studio to three-bedroom units and penthouses will range in size from 475 to 3,424 square feet, with prices running from $670,000 to $6.75 million. Residents will have access to more than 25,000 square feet of amenity space, including the private Setai Club gym and spa. Occupancy is scheduled for June 2007. The Marketing Directors Inc. is the marketing and exclusive sales agent. Contact: www.setainy.com.

Murray Hill
m127
127 Madison Avenue
Sales have opened at Cardinal Investments’ 13-story, nine-unit condominium conversion. SHoP Architects reconfigured the building’s seven existing floors and added five new ones. Units range in size from 1,550 to 2,400 square feet. Stribling & Associates is handling sales. Contact: www.stribling.com.

Tribeca
Tribeca Five
283 West Broadway
Sales are under way for the five units in the Dynamic Group’s condominium conversion of a 19th century building. Interior designer Dorothy Draper & Co. will create the lobby. Prices range from $2.7 to $3.795 million. Occupancy is slated for May 2007. CitySites Marketing is the exclusive sales agent. Contact: www.tribecafive.com.

Upper East Side
The New Yorker Condominium
1474 Third Avenue
RAL Companies & Affiliates has launched sales for the 17-story condominium. The building, which was built in 1982 as a condominium and has two units per floor, has been totally renovated. One- to four-bedrooms are available, as well as a full-floor unit and garden penthouses. Stribling Marketing Associates is the exclusive marketing and sales agent. Contact: www.stribling.com.

Upper West Side
Avalon Morningside Park
Morningside Drive and 110th Street
AvalonBay Communities broke ground in February on a $126 million, 296-unit rental complex, GlobeSt.com reported. The 20-story, 243,000-square-foot building was designed by R.M. Kliment & Frances Halsband Architects and will have a two-story glass entrance opening onto Cathedral Parkway. One- to three-bedroom units will range in size from 500 to 1,350 square feet, and 59 of the units will be reserved for low-income households. The project is being developed under an agreement with the Cathedral Church of St. John the Divine and was financed with $100 million in tax-exempt bonds under the New York City Housing Development Corporation’s 80/20 program. Initial occupancy is expected in summer of 2008, with completion to follow by January 2009.

Upper West Side
350 Amsterdam Avenue
The Related Companies will build a 16-story, 300,000-square-foot condominium designed by Robert A.M. Stern on the western blockfront of Amsterdam Avenue between 76th and 77th streets, the Post reported. The building will include 40,000 square feet of retail and an Equinox health club, a chain that Related owns. Preservationists sought to block the destruction of the current building on the site, the Dakota Stables, which housed horses in the late 19th century and has been used as a parking garage since 1912. Related will also build approximately 40 units of low-cost housing in the neighborhood under the city’s inclusionary housing program, which in exchange allows for a larger new building. Construction is scheduled to start in the next several months and will take 18 to 22 months to complete.

Construction Update

Fort Greene
Fort
230 Ashland Place
Construction is under way for the Clarett Group’s $85 million, 106-unit condominium. The 30-story building will have studios to three-bedrooms ranging in size from 707 to 1,435 square feet, with prices running from $500,000 to $1.3 million. On-site model homes will open in April, with occupancy to follow in fall 2007. Contact: www.fortecondo.com.

Midtown East
The Veneto
250 East 53rd Street
The Related Companies’ 34-story, 137-unit condominium was topped off in early February. At the time, 85 percent of its units had been sold, within nine months of the start of sales. The remaining units range in size from 763 to 1,930 square feet and are priced from $955,000 to more than $2.8 million. Occupancy is slated for fall 2007. Related Sales is the exclusive marketing and sales agent. Contact: www.theveneto.com.

Midtown East
303-307 East 51st Street
Kennelly Development Co. plans to begin construction of a 40-story residential condominium with 117 apartments, according to the New York Sun.

Upper East Side
1425 Second Avenue
World Wide Holdings has begun building the 30-story, 70-unit residential tower, which will also house a 44,000-square-foot Equinox Fitness Center, the Sun reported.

Williamsburg
The Aurora
30 Bayard Street
The 13-story, 51-unit condominium celebrated its topping off in mid-January. By that time, 11 months after sales began, 80 percent of the units had been sold. Prices for the 10 available units range from $535,000 for a 772-square-foot one-bedroom to $1.05 million for a 1,064-square-foot two-bedroom. The Developers Group is the exclusive marketing and sales agent. Contact: www.thedevelopersgroup.com.

Financing

Chelsea
100 11th Avenue
Fremont Investment & Loan arranged $110 million in construction financing for the 72-unit, 250-foot tall condominium designed by Jean Nouvel and Beyer Binder Belle. The units will average 1,550 square feet in size. Cape Advisors is the developer.

Greenpoint
110 Green Street
Strategic Capital Solutions closed $53.4 million in financing to New York-based 110 Green Development LLC for the construction of the six-story, 130-unit condominium. The 51 one-bedrooms, 73 two-bedrooms and six three-bedrooms will range in size from 675 to 1350 square feet. Sales are slated to begin in August 2007. Completion is scheduled for August 2008.

Upper East Side
Manhattan House
200 East 66th Street
While the 583-unit building is slowly being converted from rentals to condominiums, questions remain about the project’s controversial financing structure, which involves $450 million in securitization bonds. Fitch Ratings released a statement in February citing concerns about the project’s delay, noting there have been no sales or contracts signed for any of Manhattan House’s units since the loan for the project was remitted in January. The property’s owners contend that the project is not delayed, and note that sales cannot begin until the project’s offering plan is approved by the New York State Attorney General’s office.

Sales Update

Chelsea
Onyx Chelsea
261 West 28th Street
By the middle of February, four months after the start of sales, the 11-story, 52-unit condominium was more than 70 percent sold. Prices range from $700,000 to $2.5 million. Core Group Marketing is the exclusive marketing and sales agent. Contact: www.onyxchelsea.com.

Harlem
Loft 124
138 West 124th Street
Blesso Properties sold one of the condominium conversion’s two penthouse units for $1,007 per square foot, a record price for a condominium north of 110th Street, according to exclusive sales agent Corcoran Group Marketing. The two-bedroom, 1,300-square-foot penthouse is on the 11th floor and has four exposures. Half of the project’s 21 units, which range in size from 960 to 2,028 square feet, had gone into contact by early February. Prices for available units range from $950,000 for a 1,338-square-foot one-bedroom to $1.85 million for a 1,952-square-foot two-bedroom. Sales began last fall. Contact: www.loft124.com.

Long Island City
4720 Center Boulevard
The first rental building in Rockrose Development’s EastCoast complex had reached 80 percent occupancy in January, within 5 months of opening. Units range in size from 500-square-foot studios to 1,500-square-foot duplex penthouses. Rents for available one-bedrooms run from $2,550 to $2,870; two-bedrooms rent for $3,650 to $3,950. Contact: www.eastcoastlic.com.

Murray Hill
45 Park Avenue
By the end of January, 50 percent of the condominium’s 105 units had been sold. Contact: www.45parkave.com.

Tribeca
Tribeca Summit
415 Greenwich Street
The eight-story, 65-unit condominium conversion was 60 percent sold as of mid-February. Developers Joel Silver and Ethan Eldon are now offering a 12,000-square-foot penthouse with 7,700 square feet of outdoor space and will build it according to the buyer’s design. The price is $32.5 million. Prices for the other units start at $2.25 million. Occupancy is slated for spring 2007. Prudential Douglas Elliman is the exclusive marketing and sales agent. Contact: www.tribecasummit.com.

Upper West Side
10 West End Avenue
The 33-story, 173-unit condominium saw the sale of 20 units totaling more than $25 million between Thanksgiving and Christmas. One- to four-bedroom units range in size from 750 to 2,600 square feet, with prices running from $806,000 to $5.7 million. Apollo Real Estate Advisors and Cambridge Development and Construction are developing the project. Occupancy is scheduled for spring 2007. The Sunshine Group is the exclusive marketing and sales agent. Contact: www.10wea.com.

Upper West Side
The Apple Bank Building Condominium
2112 Broadway
The 29-unit condominium conversion was 40 percent sold by the end of January. One- to four-bedroom units range in size from 1,359 to 4,500 square feet, with prices running from $1.85 to $7.1 million. Occupancy was scheduled to begin in February. Brown Harris Stevens is the exclusive sales agent. Contact: www.brownharrisstevens.com.

Upper West Side
Avery
Riverside Boulevard and 65th Street
Extell Development’s 32-story, 274-unit condominium was more than 50 percent sold as of late January. Prices for the one- to three-bedroom units range from $850,000 to more than $3 million. Corcoran Group Marketing is the exclusive marketing and sales agent. Contact: www.averyriverside.com.

Development in Brief

Manhattan (north to south)

200 East 86th Street
Later this year, the Related Companies will begin development of a 20-story, 190-unit residential tower with 14,000 square feet of retail space, the New York Sun reported.

305 East 85th Street
Plans are in place for a 21-story, 117,663-square-foot residential tower with 4,125 square feet of retail at the site, according to the Sun.

230 West 78th Street
Urban Residential Properties plans a 20-story, 34-unit residential condominium on the site, according to the Sun.

1480 Second Avenue
The 60,000-square-foot development site was expected to be sold in February to a developer who plans to build a condominium, the Sun reported.

141 Fifth Avenue
Savanna Partners has begun converting the 14-story landmark building into a residential condominium. Architect Cetra/Ruddy is handling the exterior restoration and designing the interiors.

21 Ann Street
Construction is scheduled to begin this spring on a 150,000-square-foot mixed-use building at the site, which includes a parcel at 109-113 Nassau Street. Plans include 125,000 square feet of residential condominiums, the Sun reported.

151-161 Maiden Lane
A 250,000-square-foot mixed-use hotel condominium is planned for the site. It will have 80 residential condominiums and 100 hotel-condo units, according to the Sun.

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