A Barcelona-based development company doing its first project in the U.S. is looking to stay in Manhattan for the long haul. The company, Espais Promocions Immobiliàries, is temporarily operating its U.S. business at the off-site sales office for Twenty9th Park Madison, a 142-unit condo it’s building with Miami-based developer Arcon Solutions at 39 East 29th Street between Park and Madison avenues.
Once the on-site sales office is complete in July, the company will establish a permanent Midtown office, said Andres Hogg, the general manager of operations in the U.S., who was hired in mid-January. He is scouting sites for his four-person team. It will be the company’s only office outside of Spain.
After the Twenty9th Park Madison project is done at the end of the year, the developer expects to have two local projects — one likely to be a 100-key full-service European boutique hotel under the Alma brand in the Midtown area — in predevelopment, Hogg said.
“We want to do two projects at the same time if they don’t compete against each other,” Hogg said. The goal is to have two or three Manhattan projects besides Twenty9th Park Madison complete in the next five years.
Twenty9th Park Madison will be 34 stories with 536- to 1,309-square-foot studios, one- and two -bedroom condos. Prices range from $675,000 to $4.5 million for the 10 penthouse units. Sales started in early fall 2007 and hit the 50 percent sold mark this April, according to Coldwell Banker Hunt Kennedy’s new development division, the exclusive marketing and sales agent for the project.