250 West Street selling successfully on spec

The ongoing financial crisis has made many prospective condominium buyers reluctant to buy based on specifications alone, the Wall Street Journal reported, but one Tribeca whole-block warehouse conversion project, between Hubert and Laight streets, is bucking the trend.

The Elad Group’s 250 West Street is drawing strong interest, the Journal said, thanks to its large units, and is selling despite the fact that it won’t be completed till fall 2012. Twenty-two buyers have reportedly signed contracts so far in the 111-unit building and 11 more have made deals to purchase, but have not yet gone into contract.

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“Believe it or not, we have a market going, despite a global financial collapse,” said Donna Olshan, president of Olshan Realty and publisher of a newsletter on apartments selling for more than $4 million in Manhattan. Last week four of 10 such sales were at 250 West Street, she said.

Stephen Kliegerman, president of Terra Development Marketing, said Elad was in a unique position, having a “high-profile, high-demand location” that enables them to sell in advance in the current environment.

Elad, the developer behind the conversion of the Plaza Hotel, paid Citigroup $142 million for the building in 2006. The company made a deal to sell 250 West Street in 2007, but never followed through. This will be Elad’s first project since 2006. [WSJ]

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