New Residential Developments

Oct.October 26, 2007 04:48 PM

Clinton Hill
609 Myrtle Avenue
The six-story, 18-unit condominium is slated to be completed in winter 2006. One- and two-bedrooms will range in size from 738 to 1,084 square feet, with prices starting at $535,000. The project will also have 3,920 square feet of commercial space and nine for-sale parking spaces. NAM Realty Associates is the developer. The Developers Group is the sales and marketing agent. Contact: www.thedevelopersgroup.com.

East Harlem
The Ivy Condominium
249 East 118th Street
Warburg Marketing Group announced early last month the opening of sales for the 10-story, 28-unit condominium. Amenities include balconies and wrapping terraces with city views. Prices for the one- and two-bedrooms start at $350,000. Contact: www.warburgrealty.com.

Greenwich Village
184 Thompson Street
The sales office is open for Broad Street Development’s eight-story, 140-unit condominium, and units are available for immediate occupancy. The 90,000-square-foot project offers studios to two-bedrooms ranging in size from 400 to 1,800 square feet; 20 one-bedroom penthouses are also available. Prices start at $385,000. The Developers Group is the exclusive sales and marketing agent. Contact: www.184thompson.com.

Midtown East
5 East 44th Street
A six-story office building near Grand Central Station will be turned into a 20-unit luxury condominium by its new owner, an entity controlled by developer Sam Suzuki. The 12,778-square-foot building, built in 1940, will be demolished to make room for the new condo, which will be designed by architect Alan Richie of the Philip Johnson firm.

Midtown West
405 West 53rd Street
SDS Procida plans to begin construction on the seven-story, 82-unit condominium in spring 2007. Henry Smith-Miller is the architect. Completion is slated for fall 2008.

Midtown West
785 Eighth Avenue and 306 West 48th Street
A 40-story, 119-unit luxury condominium tower will rise at the site, the New York Sun reported. When completed, the building will have 92,000 square feet of residential and 1,663 square feet of retail space. The building is a development of Ulo Barad, David Scharf’s Esplanade Capital, and Jay Eisenstadt, as well as an entity consisting of partners of Navillus Corporation.

Midtown West
David Walentas’ Two Trees Management went into contract early last month to buy an 11th Avenue site where it hopes to build up to 1,000 apartments, the New York Post reported. Two Trees will buy most of the block on the east side of the avenue between 53rd and 54th streets. Walentas wants the city to rezone the land from its current manufacturing-commercial designation to residential, which would enable him to build apartments as well as new stores, parking and community-use facilities.

Morningside Heights
Cathedral Gardens
West 110th Street and Manhattan Avenue
Barnard College has completed one of the nation’s first multi-use college dormitories. Just south of Morningside Park, the 15-story building includes 25 private condominium units, two ground-floor commercial spaces, a community garden, and dorms for students and faculty. The building has two separate street entrances and lobbies for Barnard and the other residents.

Riverdale
Solaria
640 West 237th Street
Sales are under way at Arc Development’s 20-story, 65-unit condominium. Amenities include a rooftop observatory and telescope, and buyers will receive a one-year membership to the Amateur Astronomer’s Association of New York and to the New York Museum of Natural History. Prices for the one- to five-bedrooms start at $720,000. Occupancy is expected by the end of the year. The Marketing Directors is the marketing and exclusive sales agent. Contact: www.solariariverdale.com.

Rosebank
191 Edgewater Street
The city last month green-lighted developer Raymond Chan’s plan to convert a former chewing gum factory in northern Staten Island into a luxury condominium. The seven-story Wrigley Building on the waterfront of the Rosebank neighborhood will be converted into 92 luxury units, the Staten Island Advance reported. A freestanding parking garage will go up across the street.

St. George
The Pointe
155 Bay Street
Sales were set to begin last month at developer Leib Puretz’s five-story, 58-unit condominium. The 1,100-square-foot two-bedrooms will sell for approximately $500,000, according to the New York Times. Another of Puretz’s projects, a nine-story, 101-unit condominium at 130 Bay Street Landing, will go on sale in early 2007. The penthouses will have two to four bedrooms and start at $1 million. Casandra Properties is the sales agent. Puretz is also building an eight-story, 40-unit building called the View at the corner of Richmond Terrace and Nicholas Street, according to the Staten Island Advance. And he is in preliminary discussions with the city to build two 21-story residential towers with a total of 160 units overlooking the Richmond County Ballpark and New York Harbor.

Construction Update

Brooklyn Heights
Love Lane
Developer Sterling Equities wants to build a 40-unit condominium tower on what is now a 400-car parking garage, the New York Daily News reported. The project was expected to reach the Landmarks Preservation Commission by this fall.

Bryant Park
485 Fifth Avenue
The former Tommy Hilfiger headquarters is no longer being converted into condominiums, the Post reported. Because of slow sales, developers Belfonti Capital Partners and the Carlyle Group are reportedly planning to convert the project into a hotel. Buyers of about half of the 107 condo units planned for the building are getting their deposits back.

Flushing
129-43 Northern Boulevard
The plans for the redevelopment of the RKO Keith’s theatre site may change, the Queens Tribune reported. Boymelgreen Developers wants to change about 25 percent of the planned units to much larger lofts — 2,000 to 2,500 square feet each — for home businesses. Most of the site is supposed to be residential condos.

Greenwood Heights
614 Seventh Avenue
The city Board of Standards and Appeals last month barred developer Chaim Nussencweig from building a seven-story, 30,000-square-foot condominium tower that would have disrupted the wave between the Statue of Liberty and a statue of Minerva in Green-Wood Cemetery, the Daily News reported. Nussencweig can appeal the decision or develop a building limited in height to 50 feet.

Midtown East
330 East 57th Street
The condominium’s 14 full-floor units are slated for occupancy in fall 2006. Prices for the 1,891-square-foot three-bedrooms start at $2.3 million. Prudential Douglas Elliman is the sales agent.

Midtown West
The Mosaic
10th Avenue between 51st and 53rd Streets
The Dermot Company and Bovis Lend Lease held a topping-out ceremony for the 627-unit mixed-use project early last month. The two 24-story towers are scheduled to be completed in 2007.

Prospect Heights
On Prospect Park
1 Grand Army Plaza
SDS Procida and Sheldon Group Holdings held a topping-out ceremony for the 15-story, Richard Meier-designed condominium early last month. The 114-unit building offers one- to four-bedrooms, with occupancy slated for fall 2008. Corcoran is the marketing and sales agent. Contact: www.onprospectpark.com.

Tribeca
Block bounded by West, Washington, Watts and Desbrosses streets
The Jack Parker Corporation has reached an agreement with local residents to build residential towers along the Hudson waterfront. The agreement limits the scope of the buildings, capping those on Washington Street at 110 feet and those on West Street at 140 feet — down from 120 feet and 160 feet, respectively. Individual retail spaces were cut by half, to 10,000 square feet. The City Council passed the proposal in mid-August, the Downtown Express reported.

Financing

Fort Greene
Clermont Condominiums
A developer plans to build a 52-unit condominium near Fort Greene Park. The one- to three-bedroom units will average 937 square feet. Wrightwood Capital provided a $3 million construction loan for the project.

Long Island City
515-525 Borden Avenue
A developer plans to build a 12-story, 81-unit residential condominium on the site, along with 60 parking spaces. Units on the top six floors will have unobstructed views of the East River and Manhattan. Hudson Realty Capital funded a 12-month, $8 million bridge loan for the project. The total purchase price for the property was $12.6 million.

Lower Manhattan
20 Exchange Place
The Singer and Bassuk Organization announced last month that it secured $210 million in residential Liberty Bond financing for Ronny Bruckner and Nathan Berman’s conversion of the top 41 floors of the 57-story office building into 369 luxury rental units. The ground floor and four lower levels will house retail space. Floors two to 15 will remain commercial.

Sales Update

Chelsea
Slate
165 West 18th Street
The 29-unit condominium was 60 percent sold as of late August, according to the Post. Prices range from $975,000 to $1.275 million for the one- and two-bedrooms. The building is expected to open this fall. Contact: www.slatecondos.com.

Long Island City
The Echelon
13-11 Jackson Avenue
Sales have begun at the 13-story, 54-unit condominium, which is scheduled to open in 2007. The project offers units ranging from 503-square-foot studios priced at $345,000 to 1,176-square-foot two-bedroom penthouses priced at more than $1 million, according to the Post. On-site parking spaces sell for $40,000 to $50,000. The Developers Group is the exclusive sales and marketing agent. Contact: www.echelonlic.com.

Lower East Side
Switch Building
109 Norfolk Street
Sales have begun at the six-story, five-unit condominium. The first unit to go on the market is a 1,446-square-foot two-bedroom on the third floor. The asking price is $1.425 million. The second, fourth and fifth floors are now under construction, and a 1,878-square-foot duplex penthouse with a 1,004-square-foot terrace will also be available. Prudential Douglas Elliman is the exclusive sales agent. Contact: www.109norfolk.com.

Midtown
The Sheffield
322 West 57th Street
The sales office was scheduled to open on Sept. 15 at the 50-story mixed-use residential tower, the Sun reported.

Murray Hill
Morgan Lofts
11 East 36th Street
One-third of the condominium’s 57 units went on sale in April, and 90 percent of those had sold by mid-September, according to the Times. Prices for the studios to two-bedrooms start at $496,440 and run to $2.2 million. The Corcoran Group is marketing the project. Contact: www.morgan-lofts.com.

Murray Hill
45 Park Avenue
Between April and mid-September, 30 percent of the condominium’s 105 units had been sold, according to the Times. Its one- to three-bedrooms are on the market, with prices ranging from $900,000 to $2.32 million. Contact: www.45parkave.com.

Murray Hill
The Charleston
225 East 34th Street
The sales office was scheduled to open on Sept. 17 for the 22-story, 191-unit condominium tower. Prices for the studios to three-bedrooms — most of which have outdoor balconies and terraces — run from $595,000 to $2.2 million, according to the Times. Occupancy is slated for summer 2007. Prudential Douglas Elliman is the exclusive marketing and sales agent. Contact: www.thecharlestonnyc.com.

Upper East Side
985 Park Avenue
Approximately 50 percent of the 15-story condominium tower’s seven units had sold by late August, within three months of the start of sales. The duplexes and triplexes, ranging in size from 2,469 to 3,100 square feet, start at $5.3 million. Completion is slated for spring 2007. Fox-Miller Marketing Services is the on-site sales associate. Contact: www.985park.com.

Williamsburg
Roebling Square
80 Roebling Street
By the beginning of last month, 90 percent of the project’s 36 units had been sold. Sales began in the spring. Prices for the penthouses, which start at $755,000, averaged $800 per square foot. Prudential Douglas Elliman is the marketing and sales agent.

Development in Brief

Manhattan (north to south)

20 East 76th Street
The 131-room Surrey Hotel at 76th Street and Madison Avenue is expected to be sold to a developer who will convert the property to a residential cooperative, the New York Sun reported.

259-263 West 45th Street
The Related Companies recently acquired the site, and is expected along with Boston Properties to buy a parking lot adjacent to it. A major residential tower is expected to rise on the site, according to the Sun.

693-699 Eighth Avenue
and 307-321 West 43rd Street
Steve Witkoff and a minority partner, Harwood Properties, plan to construct a 250,000-square-foot residential condominium with approximately 256 units, according to the Sun.

Brooklyn

203 Jay Street
Amtrust Realty Corporation recently purchased the 20,000-square-foot Downtown Brooklyn site, currently used as a parking lot. Zoning allows for the development of a 20-story, 130,000-square-foot residential building.

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