Broad Street Development, the firm behind the condominium conversion at 215 Sullivan Street, has an unusual dilemma. The company was preparing to unveil the project’s model apartment next week, but with low inventory driving sales at the building, there may be no more units left to unload by the time the paint dries.
“We don’t know if we’re going to be sold out before the launch event. That’s the irony of all this,” said Douglas Elliman broker Fredrik Eklund, who is marketing the project alongside colleagues John Gomes and Sarah Burke. “We had a teaser out and signage on the building since December and the interest was overwhelming to say the least. I just wish we had more units.”
215 Sullivan Street rendering
Indeed, 70 percent of the building’s 25 units are now in contract prior to the opening of the sales office and model apartment, including a $15.5 million penthouse, a spokesperson for the project told The Real Deal. Apartments, priced from $2.9 million to over $15 million, have been trading for a blended average of nearly $2,600 a foot.
The units were originally supposed to go on sale in April with a finished model apartment and sales office, but in response to market demand and the lack of available inventory in Greenwich Village, the developer decided to begin selling the units before the four-bedroom model apartment was finished. The brokers have been meeting buyers in their office and selling off plans.
215 Sullivan Street rendering
The condominium project includes the restoration of a Calvert Vaux-designed 19th century building and the construction of a new adjacent building. Occupancy is slated for the beginning of 2015.
Some apartments have yet to be released, including some two-bedroom units and a massive six-bedroom townhouse unit in the Vaux building with over 2,000 square feet of private outdoor space and private parking. The townhouse will ask nearly $20 million.
While pleased at the pace of sales, Eklund said he’s disappointed that more prospective buyers haven’t gotten to see the model home.
“I said to John, [we’ll have] a finished, furnished model in the building with a fireplace, a bookshelf and beautiful chandeliers,”’Eklund said, “and then the irony is that we’ve sold a lot of the units before we even get there.”