Six years after selling out its first-ever condo project on a mid-block site in Hell’s Kitchen, Howard Glatzer’s Cadence Property Group is coming back for seconds.
The developer is planning a seven-story, 32-unit condo building spanning 55,000 square feet at 354 West 52nd Street, according to an application filed with the city this week.
Cadence acquired part of the project site last month from Bright Management for $15.5 million, records show, and is reportedly in contract to buy the adjacent site at 360 West 52nd Street.
The new building, which will replace a parking lot, will rise just a few doors down from Cadence’s first condo project, a 30-unit building called “The Sorting House” at 318 West 52nd Street, which was designed to incorporate a functioning post office.
Thaddeus Briner of Architecture Outfit, the same firm that designed that project, is listed as the architect of record on this week’s application as well.
The 354 West 52nd Street lot, which seller Bright Management had owned for a decade, may have become rental apartments under the now-expired multifamily tax incentive 421a, were it still available to developers.
Some 70 percent of all multifamily projects completed in the city between 2010 and 2020, relied on 421a, an NYU Furman Center report found, while only 9 percent used any other tax exemption. But the deadline for 421a projects to get foundations in the ground came and went last summer.
Instead, units in Cadence’s building will start at around $1.4 million, Glatzer told Crain’s last month, though he was unable to share details on the project at the time.
Read more
New York
Cadence embraces Sorting House's post office past
Commercial
New York
The truth about 421a
Development
New York
These projects survived the 421a apocalypse
That’s roughly in line with Cadence’s earlier project in Hell’s Kitchen, where most units sold for between $1.5 million and $2 million, according to StreetEasy.
Cadence was not immediately available for comment.