The Real Deal New York

New Residential Developments

October 26, 2007 04:35PM

Battery Park City
Sites 23 and 24
The Battery Park City Authority last month named Milstein Properties to develop two green condo towers on the last remaining residential site in Battery Park City, located on North End Avenue between Warren and Murray streets. The towers will rise 230 and 320 feet high and total 421 units in 557,500 square feet, the New York Post reported. The average size of the apartments is expected to be 1,140 square feet. Underground parking is also planned. Stan Eckstut of Ehrenkrantz Eckstut & Kuhn is the architect.

College Point
SoundView Pointe
Fifth Avenue and College Place
A private gated community to be developed along the waterfront in College Point, Queens, is open for sales. The eight-acre, 86-unit development is offering townhomes at $875,000 for 3,200 square feet, the Post reported. Jason Halpern is the developer. Pun Yin, a feng shui expert who has worked with Donald Trump, helped design the project. Prudential Douglas Elliman is the exclusive sales and marketing agent. Contact: 718-819-0888, www.soundviewpointe.com.

Flatiron
Infinity Flats
24 East 21st Street
The eight-unit condominium is slated for occupancy in summer 2006. The project’s full-floor units offer more than 4,000 square feet, with prices starting at $4.7 million. Prudential Douglas Elliman is handling sales and marketing. Contact: www.infinityflats.com.

Fort Greene
230 Ashland Place
The Clarett Group recently revealed plans for the 28-story, 288-foot building that will have 108 market-rate condominiums and retail space on the ground floor, the Fort Greene Courier reported. FX Fowle designed the building, which fills a triangular lot and is shaped somewhat like the Flatiron Building. Construction has already begun and completion is expected in summer 2007.

Harlem
111 Central Park North
The Athena Group will start construction this summer on the 19-story, 47-unit condominium complex, GlobeSt.com reported. Hillier Architecture is designing the site. The building will offer two- and three-bedroom units, as well as two four-bedroom penthouses. Underground parking and 9,000 square feet of retail space will also be included in the project. Occupancy is scheduled for fall 2007. Contact: www.111centralparknorth.com.

Harlem
La Casa Brava
232 East 118th Street
The 12-unit condominium is set to be completed in September 2006. Amenities include a roof deck, washer and dryer in each unit, and video intercom. All units on floors two through six will have floor-to-ceiling windows. Prices start at $450,000. Vertical City Realty is the sales and marketing agent. Contact: www.verticalcityrealty.com.

Kew Gardens
Park Lane
116-24 Grosvenor Lane
Denali Properties’ 18-story, 59-unit condominium offers one- and two-bedroom units priced from $337,000 to $745,000. The building has four layouts and four units on each floor. Atlantic Realty Partners is the marketing and sales agent. Contact: 718-683-3105, www.theparklanetower.com.

Lower Manhattan
Tribeca Space
25 Murray Street
The 74-unit combination new construction/conversion opened for sales in April, the Post reported. Amenities include two saunas that can fit four to six people. One- to four-bedrooms range in price from $950,000 to $3.19 million. The Corcoran Group is the marketing and sales agent. Contact: www.tribecaspace.com.

Lower Manhattan
The Frank Gehry-designed tower on the New York University Beekman Downtown Hospital parking lot will be, at 876 feet, the tallest structure in the City Hall area, according to the Post. Forest City Ratner is developing the 75-story mixed-use tower, which will include luxury rentals in the middle of the building and luxury condos on the 37th floor and above. The 1.147-million-square-foot project is being built in the middle of the block bounded by Nassau, Beekman, Spruce and Gold streets.

Midtown
40 West 55th St Street
The 10-story, 35-unit condominium conversion of the Rosario Candela-designed prewar building is open for sales. Sean Johnson designed the interiors. Two-bedroom units range in size from 1,070 to 1,354 square feet and are priced at approximately $1,150 per square foot; 35 percent of the units had been sold as of late May. Halstead Property is the marketing and sales agent. Contact: www.40west55th.com.

Midtown East
441 East 57th Street
Construction of the 15-story, eight-unit condominium has stopped, pending a judge’s decision on whether a wall at the site can be torn down, according to the Post. But Manhattan-based development-and-design firm Flank is going ahead with plans for the project. If a judge gives the go-ahead for construction, sales will start this fall. Contact: www.flankonline.com.

Park Slope
38 Seventh Avenue
Sales began in May for the five-story brownstone condominium conversion. The neo-Greek-style building is offering four units: two duplexes and two floor-throughs. Units range in size from 780 square feet to more than 1,700 square feet and prices range from $795,000 to $1.395 million. Aguayo & Huebener is the marketing and sales agent.

Park Slope
Park Place Condominium
145 Park Place
The 47 units in the eight-story condominium went on sale in June. Earvin “Magic” Johnson’s Canyon-Johnson Urban Funds is the investment group behind the condos, which range in price from $645,000 for a one-bedroom to $1.536 million for a three-bedroom, Crain’s reported. Contact: 718-638-2584, www.parkplacebrooklyn.com.

Sheepshead Bay
The Riviera at Gerritsen Beach
SSJ Development plans 32 single- and two-family townhomes on a three-acre waterfront site, GlobeSt.com reported. The houses will range from in size from 700 to 2,300 square feet and look out on renovated docks, boat slips and a waterfront swimming pool. The developer expects to begin working on the $30 million project in six to nine months and have it completed a year after that.

South Bronx
The Gateway Building
Major Deegan Expressway
Work will begin in August to transform the Gateway Building, abandoned 50 years ago, into 23 units of market-rate and affordable housing, Crain’s reported. The South Bronx Overall Economic Development Corporation is the developer; Curtis + Ginsberg is the architect. The $3.4 million project is expected to take 14 months to complete.

Union Square
8 Union Square South
Michael Shvo is marketing the 14-story, 20-unit condominium, according to The Villager. Two- and three-bedrooms will start at $1.5 million, and completion is expected in two or three months. The ground floor will have commercial space.

Union Square
Union Square Lofts and Union Square Flats
10 East 14th Street and 5 East 13th Street
The buildings, which total seven units, opened for sales in May, the Post reported. Each apartment comes with two or three flat-screen TVs. The units range from 2,131-square-foot two-bedrooms to a 3,687-square-foot four-bedroom penthouse, and are priced from $1.795 to $5.495 million. Prudential Douglas Elliman is the marketing and sales agent. Contact: www.elliman.com.

Williamsburg
Aqua
407 Leonard Street
The seven-story, 55-unit condominium is across the street from the now-empty McCarren Park Pool and is the largest development to date on McCarren Park, according to sales broker aptsandlofts.com. Studios, one- and two-bedroom units are available, as well as one-bedroom duplexes and one- and two-bedroom lofts with 20-foot ceilings; sizes range from 450 to 1,500 square feet. From the third floor up, apartments have views of Manhattan. Andres Escobar designed the interiors. Prices range from $369,000 to almost $1 million. The building was scheduled to open in late June. Contact: www.aquawilliamsburg.com.

Construction Update

Greenpoint
Greenpoint Terminal Market
Joshua Guttman, owner of the factory site gutted by fire in early May, is now free to revive development plans that could transform the 14-acre site into 2.6 million square feet of luxury housing, including a 35-story tower, the New York Times reported. Once demolition permits are obtained for several other parcels and a $2.8 million fine for failing to maintain piers on the property is settled, the project can move forward. A homeless man was indicted last month on charges of arson and burglary in connection with the fire.

Greenwood Heights
614 Seventh Avenue
The city is opposing developer Chaim Nussencweig’s plan for a seven-story condo that some residents fear would block the famed wave between Greenwood Cemetery’s statue of Minerva and the Statue of Liberty. The city Department of Buildings in May said it may revoke a permit for the condo designed by Robert Scarano because of “serious zoning violations,” the New York Daily News reported. If the Building Department rejects the redesign permit, Nussencweig can appeal or revise his plans.

Maspeth
Maspeth Development wants to build 70 housing units on a two-acre site bounded by 57th Drive, 58th Street, 58th Road and Rust Street. A neighborhood group opposes the project because it would involve demolishing the 159-year-old St. Savior’s Church. The group in May obtained a court order temporarily preventing the demolition.

Midtown
220 Central Park South
The Clarett Group plans to demolish the 20-story rental and replace it with a 41-story glass condominium tower designed by Pelli Clark Pelli, the Times reported. Most units in the new building would have park views. The plans still have to be approved by the city’s Buildings Department.

Midtown West
The Link
310 West 52nd Street
Developer Elad Properties and construction manager Tishman Construction Corporation last month topped out the 215-unit, 44-story glass condominium. Construction is scheduled for completion by the first quarter of 2007. Contact: www.thelinkny.com.

Financing

Chelsea
Remy
101 West 24th Street
A joint venture of LCOR Residential LLC and a West Coast pension fund closed on a $203.6-million construction loan for a 204-unit, 323,100-square-foot residential condominium on the site. It is expected to be delivered in 2007. The Singer and Bassuk Organization arranged the transaction.

Lower Manhattan
20 Exchange Place
The city’s Housing Development Corporation approved $210 million in Liberty Bonds for the conversion of the 56-story office building into 366 apartments.

Upper West Side
200 West End Avenue
A joint venture of the Clarett Group, Prudential Real Estate Investors and ING/Clarion has won a $206.5-million loan for the construction of the 27-story, 191-unit luxury condominium, GlobeSt.com reported. The 210,213-square-foot mixed-used project will include a 76-car parking garage and 27,000 square feet of retail space. Hypo Real Estate Capital Corp. secured the financing. No construction timetable has been announced.

Sales Update

Chelsea
Verde Chelsea
125 West 22nd Street
Half of the condominium’s 33 units had sold by early June, within two-and-half weeks of the start of sales. The Corcoran Group is the exclusive marketing and sales agent. Contact: 212-627-1255, www.verdechelsea.com.

Downtown Brooklyn
One Hanson Place
The 189 luxury condominiums being developed in the 512-foot tower of the Williamsburgh Savings Bank went on sale last month for prices ranging from $350,000 to $3 million. The Dermot Company and partner the Canyon-Johnson Urban Funds are converting the 37-story landmarked building. H. Thomas O’Hara is the architect. Units range from one- and two-bedrooms to three-bedroom penthouses. Occupancy is slated for mid-2007. The Corcoran Group is the exclusive sales and marketing firm. Contact: www.onehanson.com.

Downtown Brooklyn
110 Livingston Street
Sales will begin in August at Two Trees Management’s 300-unit condominium conversion, the Times reported. The building, designed by architectural firm McKim, Mead, and White, once housed the New York Board of Education. One- to three-bedroom units, as well as 13 penthouses, are available, with prices ranging from $400,000 to $1.3 million. Occupancy is expected in fall 2006. Contact: www.110livingston.com.

East Village
254 East Second Street
Since the leasing office opened in late March, 15 of the seven-story building’s 47 units have been rented, according to rental agent Core Group Marketing. Rents start at $2,540 for 550-square-foot one-bedrooms and at $3,213 for 771-square-foot three-bedrooms, the Post reported. Contact: www.coregroupmarketing.com.

Flatiron
Altair 20
15 West 20th Street
Sales are under way at Extell Development’s 17-unit condominium conversion. Available units range in size from 2,259 to 2,322 square feet and are priced from $2.2 to $3.025 million, the Post reported. Extell declined to say how many units had been sold since sales opened in November. Contact: www.altairlofts.com.

Harlem
The Langston
68 Bradhurst Avenue
The sales office opened in late May for the 10-story, 180-unit condominium. Two- and three-bedroom units and penthouse duplexes are priced from $625,000 to $1.125 million. Halstead Property is the exclusive marketing and sales agent. Contact: www.thelangston.com.

Upper East Side
823 Park Avenue
Brown Harris Stevens has wrangled the marketing of the condominium conversion from rival Prudential Douglas Elliman, the New York Observer reported. The penthouse could set a Manhattan sales record: It’s listed at $49 million.

Upper East Side
The Stanhope
995 Fifth Avenue
Rumors have been swirling of slow or nonexistent sales for the 27 units in Extell Development’s co-op conversion of the Stanhope Hotel, the Observer reported in May. The 4,118- to 8,360-square-foot units are asking between $10 and $47 million. Upper East Side brokers cite the building’s relatively low nine-foot ceilings, a glut of inventory and high maintenance costs. But Sharon Baum of the Corcoran Group, which is marketing the property, says that contracts have been signed.

Vinegar Hill
99 Gold
99 Gold Street
Sales opened last month for the 88-unit Andres Escobar-designed condominium conversion, where amenities include an indoor basketball court. Prices for the units — 672-square-foot studios to 1,336-square-foot two-bedroom penthouses — start at approximately $370,000. Five duplexes ranging in size from 1,200 to 1,550 square feet will occupy the ground floor. Occupancy is slated for fall 2006. The Developers Group is the exclusive sales and marketing agent. Contact: www.thedevelopersgroup.com.

Development in Brief

Manhattan (from north to south)

10 Mount Morris Park West
The old Parkside Correctional Facility is being converted into condominiums, according to the New Yorker.

100 West 93rd Street
The former Leader House is being converted into condominiums, according to the New York Sun. The 32-story, 279-unit building was built as a Mitchell Lama development in 1972.

1478 Third Avenue
Robert Levine’s RAL Development Services is converting the 17-story, 34-unit rental building, the Sun reported.

240 East 27th Street
Brack Capital bought the 26-story, 324-unit block-front apartment building and plans to convert it into condos, the Post reported.

250 West Street
Elad Properties is in contract for the 371,000-square-foot property and will likely lease it back to Citigroup for about two years while plans for a luxury condo conversion are solidified, according to the Post.

New Developments from Previous Month

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