Chelsea
501 West 17th Street
Edison Properties applied for a special permit from the city’s Planning Commission to develop its parking lot site, which occupies the block bounded by West 17th and West 18th streets and 10th and 11th avenues. The company plans to build 869 residential condominium units. The site is now occupied by a 377-space parking lot leased by the Drug Enforcement Administration. The lease runs through 2007, the New York Sun reported.
Flatiron
55 West 25th Street
A rental building is going up in place of one of the last Sixth Avenue flea markets. Rose Associates and Alan Locker plan to build a 36-story building for about $205 million. The building is expected to have 407 units and 20 percent of those will be reserved for people with low incomes, the New York Post reported.
Gramercy Park
231-235 East 17th Street
Vesta Development will renovate the 31,000-square-foot building to create 13 luxury condominiums. The units will range in size from 1,200 to 3,500 square feet and are expected to sell for more than $900 per square foot. The property also features a dramatic two-story chapel.
Greenpoint
The Park Tower Group is working on a 20-acre development along one half-mile of the East River waterfront. The development will create approximately 4,000 apartments within towers, lofts and townhouses and incorporate street-level retail and parking. Allen Dzbanek, previously of Hudson Waterfront Associates, the managing partnership developing Trump Place, was hired last month to direct construction.
Harlem
103 West 118th Street
Developer Steve Judelson did a complete gut renovation of the elevator property to create seven condominium units. The building features a duplex apartment on the first floor, penthouses with access to a roof deck and 1,650-squarefoot full-floor units. Prices for the condos range from $299,000 to $889,000. Occupancy is expected in October 2005. Warburg Marketing Group is the exclusive sales agent. All the units are offered to qualified buyers selected through a lottery.
Harlem
125 Central Park North
The 11-story, 17-unit building is the first condo on Central Park North, according to Halstead, which is marketing the property. Two- and three-bedroom condos, as well as full-floor homes, are priced from $729,000 to $1.6 million. Queva Lutz and Sara Olsen are the developers. Norman Horowitz of Halstead will oversee sales.
Harlem
Carriage House Loft Condominium
458 West 146th Street
The former stable will feature eight 1,800-square-foot lofts priced from $935,000 to $1.296 million. The building will be done in January 2006, the Post reported.
Harlem
Uptown NY
The City Environmental Quality Review process is proceeding for the $140-million mixed-use development that is expected to bring 1,500 units of mixed-income housing and 700,000 square feet of retail and commercial space to a multi-block area bounded by 125th and 127th streets and Second and Third avenues. The developer is Urban Strategic Partners, a joint venture of Grid Properties and the Gotham Organization. The project could break ground next year and is expected to be completed by 2016, according to GlobeSt.com.
Lower Manhattan
Site abutting 2 Gold Street
Rockrose Development Corp. bought the last piece of land it needed to build a second apartment building next to its 51-story rental tower at 2 Gold Street. Zoning allows for 181,000 square feet of residential development on the block’s southeast corner. The northeast corner can support a 260,014-square-foot, 41-story hotel with 416 rooms. CB Richard Ellis is marketing the site, the Post reported.
Lower Manhattan
90 William Street
Mario Procida and Louis Greco are planning to convert the 146,000-square-foot Class B office building to condos, the Post reported.
Madison Square Park
31 East 28th Street
Developer Henry Justin is in contract to convert the building into 20 condo units and two duplexes. The conversion of the commercial building will cost about $19.5 million and will leave the developer with around 43,000 square feet available for residential sale. The condo units will range from about 1,775 to 1,950 square feet.
Park Slope
198-210 16th Street
The five-story, 32-unit luxury condominium was designed by architect Karl Fischer, with interiors by Andres Escobar. It will offer a full gym, parking and extra storage. Aguayo & Huebener Development is preparing to market the one- to three-bedroom apartments, which include duplexes on the upper and lower floors. The developers are Mordechai Hirsch and Joseph Gruber. Construction should be completed within the next 12 months.
Soho
209-211 Hester Street
The industrial building will be converted into 16 condominiums, including three triplex townhouses and two duplex penthouses. The units are expected to sell for between $1,100 and $1,300 a square foot, with the penthouses approaching $5 million. Construction is expected to begin in late fall and be completed by late 2006. Sonnenblick-Goldman Co. arranged the financing; total project costs are anticipated to be $20 million.
Tribeca
Tishman Speyer Properties has become the top contender to buy land being sold by New York Law School, with a bid of $153 million. The 12,500-foot parcel can support a 306,155-foot residential tower with no height limit on the northeast corner of the block bounded by West Broadway and Worth, Leonard and Church streets. The deal also involves the construction of a new 300,000-square-foot law school, while other current facilities would be redeveloped, the Post reported.
Upper East Side
206 East 95th Street
Perry Finkelman of American Development Group and Mark Engel of Langsam Property Services have formed a joint venture to renovate the 18-story glass-and-brick building. With architect Reuben Gross of Reuben Gross Associates, the team will design and construct 43 condominiums. The project is expected to generate sales in excess of $55 million. The marketing agent is Shvo Marketing. Sales are expected to start later this year, according to GlobeSt.com.
Upper West Side
Fifteen Central Park West
Zeckendorf Development unveiled details about its new 202-unit condo project on the site of the recently demolished Mayflower Hotel. Plans for the site include two buildings designed by Robert A.M. Stern one 20 stories, the other 43 that will connect at the base. Units will range from full-floor penthouses of more than 6,600 square feet to one-bedrooms at just over 1,000 square feet. Move-in for the first residents is slated for early 2007. Zeckendorf Marketing is the sales agent for the development.
Construction Update
Greenpoint
The Glass House
190 Green Street
The 10-unit condominium with eight two-bedrooms, a two-bedroom penthouse and a two-bedroom duplex is set to open this summer. Apartments start at approximately $549,000. Contact: Patrice Mack, Prudential Douglas Elliman, 212-683-0190.
Harlem
The Langston
68 Bradhurst Avenue
The Richman Group Development Corporation and Gotham Organization broke ground in August for their second Harlem residential development. The 10-story building will have 180 one- to three-bedroom condo units, as well as a 24-hour concierge, fitness facility and 37,000 square feet of ground-floor retail space. Manhattan Apartments Inc. is the exclusive sales and marketing agent. Apartments will be marketed through a city-supervised lottery that gives a preference for half of the units to income-eligible residents of Harlem Community Boards 9 and 10. Contact: Anthony von Meyers, Neil Tilbury, 212-835-1001 or www.thelangston.com.
Lower Manhattan
Five Nine John Lofts
59 John Street
Prudential Douglas Elliman announced the beginning of sales for the condo building. Studios to three-bedrooms are asking $350,000 to $1.225 million. Andres Escobar designed the interiors. Contact: Richard Shade, David Wanamaker, 212-349-5900.
Financing
Bushwick
Montrose Flats
204-206 Montrose Avenue
The New York Mortgage Company provided financing for the buyers of the two-building, 15-unit condominium redevelopment. Halstead Property is marketing the units, which start in the mid-$300,000 range. Michael Zazza is the developer.
Chelsea
Chelsea House
130 West 19th Street
The Clarett Group obtained a $17.5-million mezzanine construction loan for the 13-story, 64-unit condominium. Sonnenblick-Goldman Co. arranged the financing. A union pension fund adviser provided the funding.
Flatiron
Sky House
11 East 29th Street
Sonnenblick-Goldman arranged a $30.4 million mezzanine construction loan for The Clarett Group. Clarett is developing the 54-story, 139-unit luxury condominium, which overlooks the landmarked Church of the Transfiguration. ASB Capital Management Inc. provided the funding. The total project cost is approximately $165 million.
Greenwich Village
135 West 4th Street
CapitalSource Finance provided a $12 million acquisition and construction loan for the conversion of the former Washington Square United Methodist Church into an eight-unit residential condominium. The development plan involves maintaining the existing landmarked exterior while performing interior construction and adding five floors. The ground floor will consist of two apartments with outdoor patios, and the fourth and fifth floors will contain two penthouse duplexes. Construction will start as soon as permits and zoning permissions are received. The project should take nine to 12 months to complete, and the units are expected to go on sale next summer, according to reports.
Sales Update
Bryant Park
Bryant Park Tower
100 West 39th Street
More than 65 percent of the 94 luxury apartments were sold in their first four days on the market. Marketed by Shvo Marketing, the 45-story tower hit the market on July 19 and more than half of its luxury spreads were sold for at least $1,300 a square foot by July 23. Two of the tower’s four penthouses sold for more than $2.1 million. The interiors of all the apartments were designed by Brian Callahan of Kondylis Designs.
Chelsea
555 West 23rd Street
Sales will soon begin at the 337-unit condo project, which comprises two buildings one 15 stories, the other 12 and runs through to 24th Street. The complex, which was initially planned as a luxury rental, will feature a 9,000-square-foot landscaped courtyard. Studios to two-bedrooms range from 460 to 1,230 square feet, with prices from $510,000 to $1.6 million. The 1,190-square-foot two-bedroom penthouses will cost $2.3 million. Stephen B. Jacobs is the architect and Andi Pepper designed the interiors.
Harlem
The Walden
65-71 East 130th Street
More than half of the residences have been sold since sales started in April. Brokered by Prudential Douglas Elliman, the Walden includes 25 one-, two- and three-bedroom residences, including six penthouses, priced from $405,000 to $995,000.
Jersey City
The Roosevelt
180 10th Street
Renting is under way at the LeFrak Organization’s 7-story, 128-unit apartment building. Studio to three-bedroom units average 430 to 1,308 square feet; rents range from $1,250 to $2,300 per month. The building offers on-site parking, a fitness room and a 4,000-square-foot convenience store.
Times Square
1600 Broadway on the Square
1600 Broadway
First residential condo building in Times Square will have 137 units, many with home office, balconies and floor-to-ceiling windows. The building will include a 24-hour doorman, fitness center, entertainment lounge and rooftop terrace. Contact: www.1600broadway.com.
Tribeca
200 Chambers Street
More than 40 percent of the 258 units went into contract within three weeks of the start of sales on July 4. The building is a collaboration between famed architect Lord Norman Foster, who was involved in the initial design, and renowned architect Costas Kondylis, who completed the project. The Marketing Directors is the marketing and exclusive sales agent. Contact: 212-334-8383 or www.200chambersstreet.com.