East Williamsburg
Grand Maujer
223-227 Maujer Street
Sales are under way for the four-story, 24-unit condominium. The ground-up project’s one-bedroom homes range in size from 610 to 1,300 square feet, with prices running from $350,000 to $500,000. The building is expected to be completed in fall 2007. The Developers Group is the exclusive sales and marketing agent. Contact: www.thedevelopersgroup.com.
Greenpoint
Manhattan Avenue Condos
450-460 Manhattan Avenue Sales are expected to begin soon for the six-story, 24-unit condominium. Four ground-floor duplex apartments will have access to private patios and yards, while the remaining 20 homes will feature key-operated elevator access and private outdoor space. All residences are two-bedrooms ranging in size from 1,060 to 1,780 square feet. The units will be priced from $660,000. Completion is slated for late 2007. The Developers Group is the exclusive sales and marketing agent. Contact: www.thedevelopersgroup.com.
Harlem
The Bridges
2279 Third Avenue
The two-tower condominium complex on either side of 124th Street will have 31 units. The project’s one-, two- and three-bedroom residences range in size from 750 to 1,700 square feet. Prices start at $450,000. The penthouses will all have private terraces or roof decks, and all residents will have access to a common roof deck and a storage facility. Prudential Douglas Elliman is the sales and marketing agent. Contact: www.thebridgesnyc.com.
Riverdale
Riverdale Court
3751 Riverdale Avenue
The seven-story, 10-unit condominium will have medical offices and retail on the ground floor. Each floor has two units separated by a landscaped courtyard. The building’s three- and four-bedroom homes start at $1.1 million. Most apartments have balconies or terraces, and residents will have access to a roof deck. Contact: www.riverdalecourtcondominium.com.
Riverdale
Riverstone
3220 Arlington Avenue
Developer Shmuel Jonas is building the 13-story, 26-unit condominium. It was recently renamed from Arlington Suites. Two- to five-bedroom homes range in size from 1,875 to over 3,300 square feet and are priced from $1.28 to $2.33 million. Halstead Property Development Marketing is handling sales. Contact: www.riverstonecondo.com.
Upper East Side
The Laurel
400 East 67th Street
The Alexico Group is developing the 31-story, 129-unit condominium. The LEED-certified building will have a fitness center and pool, and residents will be offered a custom-made training program by triathlon coach Orion Mims. Homes will range in size from 500-square-foot studios to 4,000-square-foot six-bedrooms. Prices are expected to average around $1,700 per square foot. Sales are expected to launch this month, and occupancy is slated for fall 2008. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.laurelcondominium.com.
Williamsburg
Urban Green
142 North 6th Street
Northside Realty LLC is developing the 44-unit condominium. Architect Thomas O’Hara designed the project, which comprises a four-story and a five-story building. The studio to three-bedroom apartments range in size from 600 to 1,600 square feet. Prices for available units range from $650,000 for an 878-square-foot two-bedroom to $1.45 million for a 1,590-square-foot three-bedroom. Prudential Douglas Elliman is handling sales. Contact: www.elliman.com.
Construction Update
Dumbo
Dock Street and Water Street
Opposition is mounting to David Walentas’ proposed 16-story, 400-unit rental project, the New York Post reported. Although plans include a middle school, opponents are unhappy with the tower’s blocking views of the Brooklyn Bridge. “Dumbo and Brooklyn Heights do need a middle school, but it should not be used as an excuse for an inappropriate building,” said Councilman David Yassky, who is forming a task force to find an alternate site for a school.
Gramercy
Gramercy Lofts
270 Park Avenue South
Owner Pan Am Equities reopened the 13-story, 80-unit building to renters on August 1 after deciding not to follow through with a plan to convert it to condominiums. The apartments have been completely refinished in preparation for the conversion. They range in price from $3,500 per month for a studio to $8,500 per month for a two-bedroom. The building also has two floors of duplex and triplex penthouses. The Real Estate Group New York is the broker. Contact: www.tregny.com.
Harlem
West 145th Street between Amsterdam Avenue and Broadway
The M.L. Wilson Boys & Girls Club has chosen ARCTAC Development Partners to redevelop the former public school. The two towers planned for the site will contain 101 co-op units, 25 percent of which will be market rate. The remainder will be affordable to households making up to $124,000 a year. For plans to proceed, the mayor must give approval to lift a restrictive deed that currently requires 85 percent of the site to be used for nonprofits. The project will include a facility for the Boys & Girls Club, which will continue to own and operate the property.
Lower Manhattan
50 West Street
Manhattan Borough President Scott Stringer rejected the $550 million hotel and condo project planned last month, saying the developer needs to make a substantial investment in affordable housing. Under the proposed deal, Time Equities would buy 183,000 square feet of air rights from the city to build a 63-story tower with 400 condominiums and 183 hotel rooms. Time Equities CEO Francis Greenburger said construction of the tower would be too expensive to build affordable housing, but he is looking to buy another Downtown property soon that is suited for a “substantial affordable housing component.” Stringer’s rejection is only advisory, but is likely to influence the City Council, which needs to approve the project for it to go forward, the Downtown Express reported.
Madison Square Park North
241 Fifth Avenue
The site, which had been on the market with plans in place for a new condominium, sold recently. Seller Avraham Sibony put the site on the market last summer, shortly after plans for a 19-story, 70,000-square-foot tower designed by Perkins Eastman were approved by the Landmarks Preservation Commission. The buyer, 241 Fifth Ave. Hotel LLC, plans a luxury hotel and condominium tower.
Financing
Brooklyn Heights
73 Pineapple Street
Wrightwood Capital provided $10.9 million in financing for the acquisition of this lot and the two adjacent residential buildings at 71 and 75 Pineapple Street. Deepak and Neera Raj are developing the site, which will become a five-story, 10-unit apartment building. Rush Brook Partners LLC will manage the property’s construction.
Fashion District
315 West 35th Street
Meridian Capital Group arranged $25.3 million in financing for the conversion of the 14-story office building into 57 residential units and 5,000 square feet of ground-floor retail. Wrightwood Capital provided the loan.
Midtown West
River Place II
42nd Street and 11th Avenue
Larry Silverstein secured a $700 million construction loan for the 58-story, 1,359-unit rental. The two-tower project will include 21,000 square feet of retail space, a 13,000-square-foot amenity center and 194 parking spaces. Approximately 20 percent of the units will be affordable. Costas Kondylis designed the towers, which will share a 22,500-square-foot landscaped park with River Place I, the first phase of the project that was completed in 2001. The loan is the largest single residential construction loan ever closed in the nation, according to Cushman & Wakefield Sonnenblick Goldman, which arranged the financing.
Sales Update
Brooklyn Heights
One Brooklyn Bridge Park
360 Furman Street
RAL Companies & Affiliates had sold 100 of the project’s 449 units as of early August, in the first 100 days of sales. The 14-story condominium conversion had sold 50 percent of its penthouse homes and seven of its riverfront cabanas. Prices for studios to four-bedrooms run from $550,000 to more than $4.45 million. The Developers Group, Stribling Marketing Associates and Spandrel Property Services are handling the sales and marketing. Contact: www.onebrooklyn.com.
Chelsea
Chelsea Stratus
101 West 24th Street
The 40-story, 204-unit luxury condominium developed by LCOR was 60 percent sold by early August. Prices for available units range from $1.03 million for an 842-square-foot one-bedroom to $4.5 million for a 2,280-square-foot two-bedroom. Occupancy is slated for spring 2008. Prudential Douglas Elliman Development Marketing Group is the exclusive sales and marketing agent. Contact: www.chelseastratus.com.
Chelsea
Loft 25
420 West 25th Street
RAL Companies & Affiliates’ nine-story, 79-unit condominium conversion was more than 50 percent sold as of early August. The project, designed by Creative Design Associates and Traboscia Roiatti Studio, contains studio to two-bedroom lofts ranging between 1,000 and 1,700 square feet in size. Remaining units range from $825,000 to $2.975 million. The lofts will be ready for occupancy in late fall. Stribling Marketing Associates is the sales and marketing agent. Contact: www.loft25.com.
Downtown Brooklyn
One Hanson Place
Stribling Marketing Associates has replaced the Corcoran Group as the exclusive sales and marketing agent at the 37-story, 189-unit condominium conversion. Although sales have reportedly been successful, developers the Dermot Company and the Canyon-Johnson Urban Funds switched to Stribling to sell the project’s highest-end units. The penthouses are expected to go for between $4.5 and $8.5 million. Contact: www.onehanson.com.
Murray Hill
The Charleston
225 East 34th Street LCOR’s 22-story, 172-unit luxury condominium was more than 70 percent sold as of early August. Prices for available units run from $855,000 for an 836-square-foot one-bedroom to $2.385 million for a 1,761-square-foot three-bedroom. Amenities include a fitness center, media lounge and dining area. Prudential Douglas Elliman Development Marketing Group is the exclusive sales and marketing agent for the project. Contact: www.thecharlestonnyc.com.
Tribeca
101 Warren Street
Edward J. Minskoff Equities’ 228-unit condominium project had sold all but three units as of late July. The recently released duplex “skyhomes” range in size from 3,796 to 4,518 square feet and are priced from $13.5 to $29.6 million. Occupancy is slated for spring 2008. Corcoran Sunshine Marketing Group is the exclusive marketing and sales agent. Contact: www.101warrenst.com.
Union Square
8 Union Square South
All of the 14-story, 20-unit condominium’s two- and three-bedrooms had been sold as of mid-August. Two penthouse units remain, with prices starting at $5.36 million. Shvo Marketing is the exclusive marketing and sales agent. Contact: www.8uss.com.
Upper East Side
170 East End Avenue
By early August, the Skyline Developers’ 90-unit luxury condominium was more than 90 percent sold, according to the New York Sun. Architect Peter Marino designed the project, which offers one- to five-bedroom homes. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.170eea.com.