Dumbo
192 Water Street
Developer Kay Water Properties has purchased the former Fancy Basket Company factory with plans to convert it into a six-story, 18-unit condominium above a 200-seat theater and a recording studio. The theater, studio and loft-style apartments are expected to be completed by the end of 2008, the Brooklyn Eagle reported.
East Village
52 East 4th Street
Sales are under way for HK Organization’s 22-story, 14-unit luxury condominium. The 32,000-square-foot building will have 16,000 square feet of retail—most likely a gallery—on the first three floors. It will have three one-bedroom and 10 two-bedroom homes, one with a private roof deck. The residences are priced from $795,000 to $4.7 million. Three garage parking spots are being sold for $175,000 each. Amenities at the Andres Escobar-designed building include an outdoor swimming pool, parking garage, gated driveway and part-time doorman. Luxury Lofts and Homes is handling marketing and sales for the project. Occupancy is slated for fall 2008.
Fort Greene
Flatbush Flatiron
75 Flatbush Avenue Extension
The Department of Buildings has given developer Isaac Hager permission to develop the 21-story, 108-unit apartment building, Brownstoner reported. The 150,000-square-foot tower will be 262 feet tall.
Fort Greene
294 Cumberland Street
Tova H. Corp has received permission from the city’s Landmarks Preservation Commission to develop the four-unit, four-story condominium project in the Fort Greene Historic District. The two-bedroom homes are each around 1,000 square feet, including a duplex with garden space and two apartments with roof decks. Groundbreaking is slated for February, with completion of the project expected by the end of 2008. Kutnicki Bernstein Architects designed the building.
Fort Greene
525 Clinton Avenue
Glickman Engineering has been hired as a project consultant for the 12-story, 30-unit luxury condominium. The site was purchased in 2005 for $6.2 million, Real Estate Weekly reported.
Greenwich Village
82 University Place
First-time developer Michael Diliberto is converting the two-story Cedar Tavern pub site into a nine-story, eight-unit condominium. The Garth Hayden-designed project will have one two-bedroom home per floor on the first seven floors, with a three-bedroom duplex above. The two-bedrooms will average 1,200 square feet and the duplex will be around 2,000 square feet. Prices will begin at $1.7 million. Occupancy is expected to begin in spring 2008. Prudential Douglas Elliman will handle marketing and sales for the project.
Harlem
325 East 101st Street
Construction is under way for the eight-story, 34-unit luxury rental project being developed by the Church of the Resurrection and New Jersey-based Hub Realty. The building will also house the church’s sanctuary and the Booker T. Washington Learning Center.
Midtown East
250 East 57th Street
World-Wide Group is developing the 59-story glass tower, with 320 units split between condos and rentals. The studio, one-, two- and three-bedroom homes will be 60 percent condominiums, priced at $1,500 per square foot, the New York Times reported. Skidmore, Owings & Merrill designed the project, which will have retail space at its base.
Fashion District
885 Sixth Avenue
Atlantic Realty Development’s 47-story glass tower will have retail on the first two floors, offices on the third, a fitness center on the fourth and rental apartments on the upper floors. Costas Kondylis designed the as-of-right project. The Winick Realty Group will be handling the building’s retail leasing.
Upper East Side
Azure
333 East 91st Street
Ground was broken in September and sales began in October for the 33-story, 127-unit co-op, being developed by the DeMatteis Organizations and the Mattone Group. The project, which will hold Public School 151 on its lot, will have studio, one-, two- and three-bedrooms ranging from 600 to 1,970 square feet in size. Apartments are priced from $713,000 to $3.7 million. SLCE Architects designed the building, and Brown Harris Stevens Project Marketing is the exclusive sales and marketing agent. Contact: www.azureny.com.
Williamsburg
Twenty Bayard
20 Bayard Street
The sales office has opened for North Development Group’s 18-story, 62-unit building, which was just over 50 percent sold as of mid-January. The project’s one-, two- and three-bedroom apartments range in size from 650 to just over 2,000 square feet. Homes at the Karl Fischer-designed building are priced from the mid-$600,000s. Andres Escobar designed the residences’ interiors. Amenities include a fitness center, on-site parking, residents’ lounge, children’s playroom, roof deck and 8,000-square-foot garden. Occupancy is slated to begin in spring 2008. Contact: www.twentybayard.com.
Williamsburg
Warehouse 11
Corner of North 11th and Roebling streets
The seven-story, 120-unit condominium will be largest non-waterfront residential project in North Brooklyn. Karl Fischer is the architect for the project, and Montreal-based Andres Escobar & Associates designed the interiors. The residences include studios averaging 480 square feet, one-bedrooms averaging 700 square feet, two-bedrooms averaging 1,050 square feet, ground-floor townhouse duplexes that are around 1,400 square feet, and penthouse duplexes with private terraces that range in size from 1,300 to 1,700 square feet. Prices range from $395,000 for a studio to $1.2 million for a duplex penthouse. Amenities include a fitness center, private courtyard and children’s playroom. Aptsandlofts.com is the exclusive sales and marketing agent for the project. Contact:www.warehouseeleven.com.
Construction update
Upper East Side
305 East 85th Street
The Ascend Group has broken ground on the 20-story, 58-unit luxury condominium. The 134,000-square-foot building will have two-, three- and four-bedroom homes, ranging in size from 1,300 to 3,000 square feet. The building’s amenities will include a children’s playroom, fitness center and a landscaped roof deck with a playground.
East Village
41-43 Bond Street
The city’s Landmarks Preservation Commission has stalled developer Adam Gordon’s plans to tear down two buildings to make way for the seven-unit condominium, the New York Sun reported. Although the project was proposed as-of-right, the LPC is seeking to expand the Noho Historic District to include the lot it sits on.
Financing
Fort Greene
29 Flatbush Avenue
GIM and City Community Capital both provided equity to the development team of the Dermot Company and Grosvenor Investment Management USA to build a high-rise rental apartment building on the 16,575-square-foot parcel. The project, slated to break ground in 2009, will be part of the BAM Cultural District, an effort to convert city-owned parking lots and underused properties into mixed-income housing and space for the arts.
Sales update
Chelsea
133 West 22nd Street
As of early January, the Ascend Group’s 99-unit luxury tower was 80 percent sold, after only three months of sales. Amenities include a rooftop courtyard, underground parking, swimming pool and health club.
Lower Manhattan
The South Star
80 John Street
Developer WSA Management’s 147-unit luxury condominium conversion, designed by architect Stephen Jacobs, was 90 percent sold out as of early January. The project contains one-, two- and three-bedroom homes, with interiors designed by Andi Pepper. Amenities include on-site parking, fitness center, concierge and preferred access to the Hotel Gansevoort’s restaurant ONO. Corcoran Group Marketing is handling sales for the project. Contact: www.southstarcondo.com.
Park Slope
The Vue
166 16th Street
The 10-story, 45-unit condominium project was over 50 percent sold by early January, only four months after the sales office opened. It is being developed by a partnership between Fairmont Capital, Katan Group and Aguayo & Huebener Realty. The Karl Fischer-designed building has nine one-bedroom, 18 two-bedroom and 18 three-bedroom residences. They range in size from 670 to 1,170 square feet, and are priced from around $380,000 to over $900,000. Occupancy is expected to begin in the first quarter of 2008. Contact: www.vueparkslope.com.
Times Square
Platinum
247 West 46th Street
SJP Residential Property’s 43-story, 220-unit luxury condominium had sold 127—almost 60 percent—of its units as of mid-January. The developer has named Cushman & Wakefield the exclusive leasing agent of the building’s ground-floor retail space. The remaining homes include one-bedrooms starting at $895,000, two-bedrooms from $1.7 million to $2.9 million, and a three-bedroom penthouse apartment for $7 million. The project’s amenities include a spa, yoga room, golf simulator, fitness lounge and landscaped terrace with an outdoor fireplace. Contact: www.platinumnyc.com.
Development in brief
Hell’s Kitchen
433 West 37th Street
An unidentified New Jersey-based developer has purchased adjacent lots at 433-439 West 37th Street and 431 West 37th Street for a total of $26.25 million, according to Real Estate Weekly. The buyer plans to build an 86,000-square-foot residential rental building.
Lower East Side
Corner of Rivington and Suffolk streets
The Streit’s matzo company has received an offer for its 47,000-square-foot facility above its $25 million asking price, Jewish Week reported. Massey Knakal, who is brokering the transaction, said the building will most likely be demolished to make way for luxury condos.
Park Slope
251 Fourth Avenue
Construction is under way for the eight-story, eight-unit residential project, Brownstoner reported. Bricolage Designs is the architect.
Park Slope
255 Fourth Avenue
KSQ Architects has been hired to design the building, after Scarano Architects was pulled from the project, according to Brownstoner. The plans originally called for a 12-story, 41-unit apartment building.