A familiar condo developer plans a boutique building near the Village.
Ron Izaki’s development firm, Izaki Group, revealed plans for a new residential building on the always-busy corner of West 14th Street and 6th Avenue.
Izaki filed to built a 13-story residential building with 71 units to replace a four-story, mixed-use structure it bought for $46 million late last year.
The purchase works out to about $475 per square foot, based on the planned size of residential and commercial uses that Izaki listed in its application to the Department of Buildings. The entire structure will be about 123,000 square feet.
The filing comes as Manhattan’s supply of new condos seems to be thinning, a welcome sign for developers. Meanwhile, deals for multifamily assets have slowed nationwide as borrowing costs are poised to grow further, and the rent boom that followed the pandemic has abated.
In the long term, the city figures to see more condo than rental projects with the end of the 421a tax abatement four months ago.
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The Izaki Group did not respond to a request for comment, and no offering plan for 525 Sixth Avenue is on file with the New York attorney general. But the firm has developed similarly sized condo projects, including 15 Renwick Street in Soho, 93 Worth Street in Tribeca and the Flynn in Chelsea — buzzy neighborhoods all.
Izaki is also constructing a 68-unit condo on an East 86th Street site it bought from Extell in 2017.
The firm partnered with Kibel Companies to redevelop 90 West Street in the Financial District, where tenants won a legal dispute over whether units there were deregulated illegally.