Sales update
Gateway Tower
Harlem
Gateway Tower
2098 Frederick Douglass Boulevard
The 11-story, 88-unit residential development by the Gaetano Development Corporation has launched its second phase of sales. The 55 condos being sold as part of the second phase range from one- to five-bedroom apartments and are located in seven new stories that were built on top of the original building.
The new units range in price from $420,000 to $2.29 million. The first phase of sales launched in 2005 and has sold out. Amenities include a fitness center with a sauna and a 24-hour, doorman-attended lobby. Halstead Property Development Marketing is the agent. Contact: www.thegatewaytower.com.
Harlem
Beacon Towers
29 West 138th Street
The project had 90 percent of its units under contract as of late last month. Of the eight-story co-op’s 73 units, seven are still available, and six of those are reserved for middle-income families. Average prices for those six units are $275,000 for one-bedrooms and $378,200 for two-bedrooms.?Construction on the project, a joint venture between Strategic Development & Construction Group and Lemle & Wolff, is complete and the units are available for immediate occupancy. The income cap for buyers to qualify is $192,000 per household. Amenities include a fitness center, an attended lobby and underground parking.?The building has a 421a tax abatement for 25 years. Contact: www.beacon towersliving.com.
Williamsburg
125 North 10th Street
The two-building, 86-unit condo by Savanna and Investcorp has sold out, according to Core, the exclusive agent on the project. While the condo launched sales in January 2008, it had no activity for over a year during the worst of the downturn. The first residents moved in during June 2009. The developers originally priced the units at about $800 per square foot, but the prices were later dropped 15 percent, resulting in 65 one-, two- and three-bedroom units selling for up to $730 per square foot from October 2009 to September 2010. Building amenities include a multimedia room, a gym and furnished roof decks. Contact: www.125north10.com.
Leasing update
Downtown Brooklyn
The Addison
225 Schermerhorn Street
Listings have hit the market for the 270-unit rental building from Broadway Management Company, Curbed reported last month. Rents begin at $1,865 for studios, $2,495 for one-bedrooms and $3,400 for two-bedrooms. Amenities at the building include a 24-hour doorman, fitness center, lounge, private storage and on-site parking. Contact: www.addisonbklyn.com.
Financial District
25 Broad
25 Broad Street
The leasing office at the 20-story, 305-unit rental building in Lower Manhattan opened for business last month. Rents at the building, which developer Kent Swig attempted to convert from rentals into condos before defaulting during the downturn, will start at $3,133 for one-bedrooms, according to the Wall Street Journal. Two-bedrooms will start at $5,205.?Amenities at the building, developed by LCOR Incorporated, which took over after Swig exited, include a fitness center, laundry facilities, storage on every floor, a Wi-Fi-equipped lounge and a children’s playroom. Rose Associates is the agent. Contact: www.25broadnyc.com.
Construction update
Williamsburg
58 Bushwick Avenue
CPEX Real Estate Service’s Development and Conversion team has sold a development site for $1.14 million with approved plans to construct a 16-unit residential building with roughly 18,500 square feet of buildable FAR and ground-floor parking. The sale of the site, which has a 421a tax abatement in place, breaks down to $221.87 per square foot. The buyer is a local developer who focuses on residential projects in the Williamsburg market, a news release from CPEX said.
Compiled by Omari Allen