New Residential Developments

Oct.October 26, 2007 04:44 PM

Briarwood
Briarwood Terrace Condominium
141-43 84th Drive
The new eight-story, 35-unit condominium offers 14 one-bedrooms, 20 two-bedrooms and one studio. The one-bedrooms range in size from 600 to 730 square feet and start at $345,900; the two-bedrooms range from 950 to 1,010 square feet and start at $523,500, the Queens Courier reported. Every unit above the second floor has a balcony. Prudential Douglas Elliman is handling sales. Contact: www.briarwoodny.com.

Chelsea
245 Tenth Avenue
Ground will soon be broken for the 19-unit condominium abutting the future High Line park. Units will range in size from 1,500 to more than 3,000 square feet; 6,300 square feet of retail space will be available for an art gallery. Grosvenor Investment Management US Inc. provided $8.6 million in mezzanine financing for the project on behalf of a pension fund client. Brooklyn-based Della Valle + Bernheimer Design is the architect; Philadelphia-based Grasso Holdings is the developer. Completion is slated for 2007.

Clinton Hill
Vanderbilt Apartments
174 Vanderbilt Avenue and 181 Clermont Avenue
Two warehouses are going to be turned into two six-story condo buildings on adjacent lots. The new 73-unit project, designed by Meltzer/Mandl Architects, will feature exteriors of clear and colored spandrel glass. The buildings will share a 60-foot landscaped courtyard and 38 on-site parking spaces. Prices start at $250,000 for a studio and go up to $1.1 million for a three-bedroom, according to the New York Post. Construction is expected to be finished on both buildings in late 2007. The developer is Vanderbilt Mansion LLC; the Developers Group is handling sales and marketing.

Coney Island
Ocean Dreams
Brad Zackson and David Weisz plan to break ground in spring 2007 on the 250-unit luxury development. It will comprise three six-story glass buildings; amenities will include a doorman, concierge, health club, swimming pool, parking and van service to the subway. Units will be approximately $700 per square foot, the Post reported.

Downtown Brooklyn
85 Flatbush Avenue Extension
Ismael Leyva Architects used the Flatiron building as the inspiration for the design of the 21-story, 108-unit condominium, which will rise on a sharply angled lot at the intersection of Tillary and Duffield streets. The triangular glass tower will be complemented by a triangular plaza, also designed by Ismael Leyva, which will have shallow waterfalls and glass pyramid skylights above the underground swimming pool. Most of the studio to three-bedroom units will have views of the Manhattan and Brooklyn skylines and bridges. North Development Group is the developer.

East New York
The Spring Creek Estates
Luxury housing is going up next to the Louis H. Pink Houses, one of the city’s most dangerous housing projects. The $20 million, 4-acre new development will run along parts of Stanley, Wortman and Euclid avenues and Crescent and Pine streets. Scheduled to be completed by 2008, it will feature 40 two-family homes, with prices starting at $479,000. Contracts have been signed for as much as $625,000, the Post reported. Frank Paladino is the developer.

Flatiron
35 West 21st Street
SLCE Architects designed the new luxury rental development. The project comprises two towers: One will be 15 stories tall and will house studios to two-bedrooms; the other will be eight stories tall and will house two-bedroom floor-throughs. The 110-unit development will go up on a city parking lot. Citi Habitats is marketing the development, and leasing is expected to start in summer 2007, the Post reported.

Greenpoint
110 Green Street and 133-137 Huron Street
Work will begin in September on two six-story condominiums with a total of 130 units: 71 one-bedrooms, 55 two-bedrooms, and four three-bedrooms. Meltzer/Mandl Architects designed the project, which will be built on the combined sites of two former warehouses. A 65-space covered glass parking area and two-level pedestrian passageway will connect the two buildings. The developer is 110 Green Development LLC. Completion is slated for March 2008. The Developers Group is the exclusive sales and marketing agent.

Long Island City
Badge Building
10-55 47th Avenue
Sales have begun at the 44-unit condominium conversion of a building that once served as a factory for the production of police badges for New York City officers. The four-story, prewar loft building is being renovated and integrated with a modern eight-story addition. One- and two-bedrooms range in size from 713 to 1,320 square feet, with prices starting in the mid-$400,000s. Occupancy is expected in spring 2007. Prudential Douglas Elliman is handling marketing and sales. Contact: 718-433-1055, www.badgebuilding.com.

Long Island City
The Echelon Condominium
13-11 Jackson Avenue
Sales were set to officially begin in early September for Long Island City’s first new ground-up residential condominium building since the area’s mid-2001 rezoning. The 12-story building will offer 54 units ranging in size from 503-square-foot studios to 1,176-square-foot two-bedroom penthouses. Prices start at approximately $300,000. Ron Hershco is the developer; Newman Design Group is the architect. Occupancy is slated for late 2006. The Developers Group is the exclusive sales and marketing agent. Contact: 800-810-9459, www.echelonlic.com.

Midtown West
The Hit Factory
421 West 54th Street
The recording studio — used by artists including John Lennon, Stevie Wonder, Billy Joel, the Rolling Stones, Madonna, U2, Lenny Kravitz, Mariah Carey, Notorious B.I.G. and Jay-Z — is being converted into a residential condominium. The seven-story building will offer 27 one- to three-bedroom loft-style units, including six penthouse duplexes with private terraces. The units will range in size from 1,100 to 3,400 square feet, with prices running from $1.1 million to more than $4 million. Arpad Baksa is the architect; Joanna Frank designed the interior. Occupancy is slated for early 2007. Stribling Marketing Associates is the exclusive sales and marketing agent. Contact: 646-613-2622, www.thehitfactorycondo.com.

Williamsburg
Bridgeview
26 Broadway
Sales will begin soon for the new 31-unit condominium near the East River. Kutnicki Bernstein Architects designed the building, whose façde has an aluminum panel and a seven-story glass curtain wall. One-bedrooms will have 700 square feet; two-bedrooms will have 1,250 square feet; and the four penthouses will have 1,300 and 1,500 square feet. Prices start in the mid-$400,000s and go up to $1.35 million for the penthouses. The developers are Louis Silverman and Thom Virzi of Blue Rock Developers; the marketing and sales agent is aptsandlofts.com. Contact: www.26bwaycondos.com.

Construction Update

Fashion District
The Epic
125 West 31st Street
The 58-story, mixed-use project is scheduled to open in early 2007, according to the New York Sun. The 80/20 development will have 458 rental units beginning at the 14th floor.

Tribeca
88 Leonard Street
The 23-story, 334-unit rental is scheduled for occupancy in January 2007, according to the Post. Studio to three-bedroom units will range from 425 to 1,825 square feet. Amenities include a fitness center and a 20-person hot tub.

Tribeca
415 Washington Street
Some Tribeca residents want to stop the construction of a 105-foot-high building on a parking lot at the site. The developers, who include actor James Gandolfini, had originally proposed a commercial building — and residents supported that idea. Now, though, the developers want to build a nine-story, 26-unit residential project, sparking the current controversy. (See update, Gandolfini’s Tribeca plan sleeps with the fishes.)

Upper East Side
402 East 67th Street
The Costas Kondylis-designed luxury tower will rise 30 stories, according to the Post. Izak Senbahar and Simon Elias are the developers.

Upper West Side
Fifteen Central Park West
The 20-story wing of the project, known as the House, was topped out in late July. Contact: www.15cpw.com.

Financing

Rockaway Park
Metroplex on the Atlantic
Apex Commercial Real Estate Solutions secured a $14 million acquisition and construction loan for the 123-unit project. Presales are expected to begin in fall 2006, with completion slated for January 2008.

Upper East Side
250 East 60th Street
Commerce Bank placed a $17 million letter of credit enhancement for an HFA bond and $3 million mortgage to 250 East 60th Street Associates LP for the residential development of 41,522 square feet at the site. The 10-story development will consist of 42 units and ground floor retail.

Washington Heights
2360 Amsterdam Avenue
Meridian Capital Group arranged an $11.9 million acquisition and development loan for the construction of an 8-story, 29-unit condominium at the site. The property will also contain 14 underground parking spaces and 3,100 square feet of ground floor commercial space.

Sales Update

East Village
Astor Place
445 Lafayette Street
The 21-story, 39-unit condominium has more than 70 percent of its units sold, according to marketing and sales agent Related Residential Sales. Contact: www.astorplacenyc.com.

Harlem
307 West 126th Street
Sales began last month at the five-story, 10-unit condominium conversion, GlobeSt.com reported. The building, built in 1910, houses six one-bedrooms and four two-bedrooms. Asking prices for one-bedrooms start at $467,600; the two-bedrooms start at $489,500. All residences are available for immediate occupancy. Warburg Realty Harlem is the sales agent.

Midtown
The Plaza Hotel
Central Park and Fifth Avenue
Elad Properties in late July launched the sale of 152 hotel-condominium units at the Plaza Hotel. Owners will be able to use the hotel-condominium units for up to 120 days a year. The units, known as the Hotel Residences, will range in size from 500 to 2,100 square feet, with prices running from $1.6 to $9 million. The adjoining 182 private residences were 60 percent sold as of late July.

Midtown East
The Veneto
250 East 53rd Street
The Related Companies’ new 34-story condominium tower had sold half of its 137 units by mid-August, within the first three months of sales. Prices start at $950,000 and run to more than $5 million. Both penthouses in the Veneto are under contract, according to Related.

Midtown West
The Link
310 West 52nd Street
The 215-unit building was 60 percent sold as of late July, the Post reported. Sales began last summer. Prices range from $955,000 to $2.3 million. Contact: www.thelinknyc.com.

Park Slope
Select Condos
102 St. Marks Place
Prices dropped in late July at the four-unit condominium conversion, the Post reported. The 1,050-square-foot to 1,700-square-foot two-bedrooms are now priced from $645,000 to $1.025 million, down from $700,000 to $1.1 million. Brooklyn Properties is handling sales. Contact: www.brooklynproperties.com.

Times Square
1600 Broadway
All 137 units in the 27-story luxury tower had been sold by mid-August, according to the New York Observer.

Upper West Side
The Hudson
225 West 60th Street
The on-site sales center and two model apartments were unveiled early last month for the 80-unit condominium. Occupancy is slated for early 2007, with one- to three-bedrooms starting at $675,000. The Developers Group and Halstead Property Development Marketing are the exclusive marketing and sales agents. Contact: 212-445-1001, www.thehudsoncondo.com.

Upper West Side
455 Central Park West
Sales have been slow at the 97-unit condominium, according to the Post. Eight of the units remained unsold in late July after nearly three years on the market. Columbia University bought 53 of the 97 units in the development, and the 44 remaining ones went on sale in late 2003. The developer and the condo board recently settled a dispute over liens.

Williamsburg
The Aurora
30 Bayard Street
The 12-story condominium’s 51 units were 60 percent sold as of mid-August, within six months of sales. One to three-bedrooms range in size from 624 to 2,021 square feet and start at $545,000. The Developers Group is the marketing agent. Contact: 718-222-1545, www.thedevelopersgroup.com.

Development in Brief

Manhattan (from north to south)

214-216 East 52nd Street
Italian hotel company Papmos Imobilre Sri purchased the five-story, 14,965-square-foot office building. The company plans to convert the building, built in 1900, into high-end apartments, according to the New York Sun.

West 21st Street
The Lalezarian Brothers have opened the rental office in Casa, a 17-story, 155-unit building in Chelsea, according to the Sun.

240 Church Street
Developers Izak Senbahar and Simon Elias of the Alexico Group bought the New York Law School’s development site and plan a 306,155-square-foot luxury residential tower there, the New York Post reported.

10 Barclay Street
Glenwood Management will open its 57-story, 396-unit rental apartment building in 2007, according to the Sun.

Brooklyn

59-65 Hope Street
The six-story, 113,000-square foot industrial building in Williamsburg was recently sold and will be converted into residential condominiums.

886 Dahill Road
A Brooklyn real estate developer wants the city to make a zoning change so he can build a 12-story residential building in Borough Park, a neighborhood of smaller homes. Mendel Brach, who has been accused by the city of flouting zoning rules on another Brooklyn project, wants to put 174 apartments and a 259-car parking garage in the building, according to the New York Times.

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