New Residential Developments

Chelsea
124 W 24 Residences
124 West 24th Street
Grasso Holdings is developing the 20-unit condominium, where units range in size from 1,091 to 1,179 square feet. A model apartment is currently open, and prices for available units range from $996,500 to $1.495 million. Completion is slated for April or May 2007. Halstead Property is the sales and marketing agent. Contact: www.124w24.com.

Chelsea
316 11th Avenue
Douglaston Development is developing the 34-story, 370-unit 80/20 rental tower, the New York Sun reported. The New York State Housing Finance Agency approved $191.5 million in bonds for the project in November. Twenty percent of the units will be available to families earning no more than 50 percent of the New York City area median income — approximately $70,000 per year.

Downtown Brooklyn
Oro Condominiums
306 Gold Street
The 40-story condominium will be the tallest new construction building in Brooklyn when completed in 2008, the New York Post reported. Designed by Ismael Leyva, the 400-foot building will have 303 studio, one-, two- and three-bedroom units priced from the low $300,000s. Apartments on higher floors will have views of Brooklyn, Manhattan, Long Island City, the Verrazano Bridge, the East River and even parts of the Hudson River. Amenities will include a lap pool, indoor basketball court, gym and screening room. The project will open for sales in summer 2007. Contact: www.orocondos.com.

East Williamsburg
196 Scholes Street
Dunlop & Craig Ltd. is developing the condominium, which will offer eight units ranging in size from a 740-square-foot one-bedroom to a 1,020-square-foot garden duplex. Each unit will have private outdoor space: roof terraces, balconies or gardens. Prices range from $495,000 to $560,000. Vintage Builders is the construction manager. The exclusive marketing and sales agent is aptsandlofts.com. Contact: www.196scholes.com.

Jamaica Estates
Windsor Condominiums
178-38 Wexford Terrace
New City Builders is developing the six-story, 24-unit ground-up condominium in Queens. Thomas Cusanelli designed the Tudor-style building, which offers two-bedrooms ranging in size from 713 to 863 square feet. Many units will have either outdoor terraces or balconies. Sales are under way, with prices for available units running from $492,500 to $625,000. Completion is slated for early 2007. The Developers Group is handling marketing and sales. Contact: www.thedevelopersgroup.com.

Long Island City
View59
24-15 Queens Plaza North
Crescent Street LLC is developing the 11-story, 39-unit ground-up condominium, which will include 4,400 square feet of retail space. Architect Karl Fisher, along with interior designer Andres Escobar, designed the units, which will range in size from a 687-square-foot one-bedroom to a 2,211-square-foot two-bedroom penthouse. The off-site sales center opened in late October. Prices start at approximately $410,000, and 16 units had sold by the start of December. The building is slated for occupancy in fall 2007. The Developers Group is the exclusive sales and marketing agent. Contact: www.view59.com.

Lower Manhattan
25 Broad Street
The building is being converted to condominiums and will offer 346 units ranging from 718-square-foot one-bedrooms to 2,540-square-foot three-bedrooms, the Post reported. Prices will run from $750,000 to $3 million when the sales office opens this month. The building will also house Salon 25, a full-service spa. Contact: www.25broad.com.

Midtown East
441 East 57th Street
Sales have opened for the eight-unit condominium designed and developed by Flank Architecture and Development. Prices for available units range from $2.8 million for a 1,645-square-foot two-bedroom to $5.995 million for the 3,075-square-foot penthouse. The Corcoran Group is the exclusive sales and marketing agent. Contact: www.441east57.com.

Riverdale
Arlington Suites
3220 Arlington Avenue
The 13-story, 26-unit condominium in the Bronx will feature amenities geared to observant Jews, including a designated Sabbath elevator that is programmed to continually stop on each floor from sundown on Fridays through sundown on Saturdays. The two- to four-bedroom units will range in size from 1,872 to 3,333 square feet; all will have floor-to-ceiling windows with at least two exposures. Kitchens will include double sinks and double-drawer Viking ovens. Shmuel Jonas is the developer; Meltzer/Mandl Architects designed the project. Occupancy is scheduled for early 2008.

Tribeca
Broadway between White and Franklin streets
A 21-story luxury condominium with ground-floor retail space is planned for the west side of Broadway between White and Franklin streets. Access to the retail stores will be on Broadway, while residents will have an entrance on Franklin Place, a private street on the west side of the property. The development plan calls for 20-foot ceilings and large floorplates. Canyon Capital Realty Advisors and Pantheon Financial financed a $28.25 million senior bridge loan to New York City-based developer Sleepy Hudson LLC for the acquisition of the land.

Union Square
15 Union Square West
Brack Capital Real Estate USA bought the seven-story, 81,000-square-foot building from Amalgamated Bank and plans to convert it into luxury residential condominiums with high-end retail. The building dates back to 1870, when it was built as the home of Tiffany and Co. Perkins Eastman Architects and designer Vicente Wolf will work on the conversion. Corcoran Group Marketing was selected to market the property.

Upper East Side
Maison East
1438 Third Avenue
The on-site sales office and model units have officially opened at Broad Street Development’s 100-unit condominium. The 31-story building was originally built in 1986 and has undergone an extensive renovation. Most units have outdoor space, and many of the two- and three-bedrooms have multiple balconies. One- to three-bedroom units range in size from 779 to 1,690 square feet. Prices for available units run from $805,000 for a one-bedroom to $2.16 million for a three-bedroom. Occupancy is slated for early 2007. Prudential Douglas Elliman is the exclusive sales agent. Contact: www.maisoneast.com.

Williamsburg
510 Driggs Avenue
Kalmon Dolgin Affiliates has broken ground on the six-story, 55,000-square-foot luxury rental designed by architect Stephen B. Jacobs. The 50-unit project will offer 25 one-bedrooms and 25 two-bedrooms, all of which will have terraces. Projected monthly rents are expected to run from $2,500 for a 610-square-foot one-bedroom to $3,850 for a 1,000-square-foot two-bedroom; penthouses will rent for approximately $5,000 per month. Model apartments will be ready for viewing in November 2007, with occupancy expected in spring 2008. Contact: www.kalmondolgin.com.

Construction Update

Battery Park City
Millennium Tower Residences
30 West Street
Residents were expected in December to begin moving into the 35-story, 236-unit condominium designed by Handel Architects. The project will be LEED Gold-certified as an environmentally-friendly green building.

Harlem
111 Central Park North
A topping-off ceremony was held in early December for the 20-story, 48-unit condominium, the Sun reported. Thirty percent of the units have been pre-sold, including a complete floor of 5,200 square feet for approximately $1,200 per square foot. Contact: www.111centralparknorth.com.

Upper West Side
44 West 63rd Street
The Chetrit Group has scrapped plans to convert the Empire Hotel into 125 luxury condominiums, according to Crain’s. The developer is instead repositioning the building as a 440-room upscale hotel.

Financing

Borough Park
The Sterling Condominiums
4102 13th Avenue
Marcus & Millichap Capital Corporation arranged a $10.4 million adjustable-rate loan for the construction of the seven-story, 21-unit condominium. The 42,000-square-foot building will also include 7,600 square feet of ground-floor retail space and 8,000 square feet of below-grade parking. Construction is expected to be completed by early 2008.

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Gravesend
2729 Shell Road
Hudson Realty Capital has provided a $6.3 million loan to 2729 Shell Road Development LLC for the development of a middle-market, 21-unit condominium at the intersection of Shell Road and Avenue Z in Brooklyn. The three-story project offers one- and two-bedroom units, as well as 14 below-grade parking spaces. The Corcoran Group will market units for sale.

Lower Manhattan
20 Pine The Collection
20 Pine Street
Apollo Real Estate Advisors’ debt investment fund, Apollo Real Estate Finance Corporation, has provided $90 million in mezzanine financing for the 38-story, 409-unit luxury condominium conversion.

Lower Manhattan
201 Pearl Street
The New York City Housing Development Corporation recently approved $90 million in Liberty Bonds to finance construction of the 29-story, 189-unit rental, the Sun reported. The Rockrose Organization is the developer.

Midtown West
Southwest corner of 44th Street and Eighth Avenue
The state Housing Finance Agency was expected in December to approve $204 million in bond financing for the Witkoff Organization’s 34-story, 309-unit 80/20 rental tower, according to the Sun. The mixed-use building will also have retail and a garage with 458 parking spaces.

West Village
70 Bethune Street
Hypo Real Estate Capital Corporation closed a $165 million construction loan for the 15-story residential condominium on the former site of the Superior Ink Company. The developer is the Related Companies, under the corporate designation of Bethune West Associates. The planned condominium will occupy an entire block of West Street, with frontage on Bethune and 12th streets. It will offer a mix of luxury residences that includes townhouses.

Sales Update

Carroll Gardens
52 Dean Street
Recal Associates and WexTrust Capital have opened sales at the five-story, 23-unit condominium. One- to three-bedroom units range in size from 776 to 2,868 square feet; most units have fireplaces and outside balconies. The project also includes penthouse units, a townhouse-style triplex with private garden and 23 parking spaces.

Downtown Brooklyn
110 Livingston Street
As of early December, 162 of the condominium’s 300 units had been sold, the New York Daily News reported. Prices have averaged $678 per square foot. Contact: www.110livingston.com.

Greenwich Village
184 Thompson Street
The eight-story, 125-unit condominium was 45 percent sold as of early December, five weeks after the opening of the on-site sales office. The Developers Group is the exclusive sales and marketing agent. Contact: www.184thompson.com.

Upper East Side
170 East End Avenue
Skyline Developers’ 110-unit condominium reportedly experienced sales of more than $22 million during the week preceding Thanksgiving. Most of the units are three-, four- and five-bedrooms ranging in size from 1,751 to 4,924 square feet. Prices run from $1.1 to $15 million. The Sunshine Group is the exclusive marketing and sales agent. Contact: www.170eea.com.

Upper East Side
985 Park Avenue
By the end of November — six months after the start of sales — four of the condominium’s seven units had sold. The duplexes and triplexes, which range 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 handling sales. Contact: www.985park.com.

Williamsburg
North8 Condominiums
49 North 8th Street
Sales are under way for the one- to three-bedroom units at Toll Brothers’ six-story condominium. Amenities include private rooftop cabanas; townhouse residences have floor-to-ceiling windows and views of Manhattan. Prices start at $500,000. Occupancy is scheduled for spring 2007. Halstead Property is the exclusive marketing agent. Contact: www.north8condos.com.

Development in Brief

Manhattan (north to south)

127th Street between Fifth and Lenox avenues
R & B Development is building a ground-up condominium project with 23 units ranging in size from 800 to 1,750 square feet, the New York Sun reported. The developer is also working on the 11-unit Soho North condominium at 267 West 124th Street.

808 Columbus Avenue
Stellar Management is developing a new residential rental tower at the site, which spans 97th to 100th streets on three contiguous blocks. The project will also include 220,000 square feet of retail. It will be ready for occupancy in 2008, the Sun reported.

Block bounded by Ninth and 10th avenues and 16th and 17th streets
The Related Companies and Taconic Investment Partners are building a mixed-use building with 288 rental units, 20 percent of which will be reserved for affordable housing. The top portion of the tower will have residential condominiums, the Sun reported.

157 Chambers Street
BKSK Architects is working with Tribeca Associates on the conversion of the 16-story commercial building into 45 luxury apartments, the Sun reported.

95 Wall Street
If the Moinian Group does not find a commercial tenant to lease the building before the summer, it will proceed with its prior plan to convert it into a residential condominium, Crain’s reported. Funding and proper permits are in place to convert the 500,000-square-foot office tower.

New Developments from Previous Month

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