Leser, Horizon Group bet on Kips Bay condos
Developers submit $105M offering plan for Manhattan development
Here come the condos.
Horizon Group and Leser Group recently filed their offering plan for the $105 million, 65-unit condo at 609 Second Avenue with the New York Attorney General. The 18-story building topped off this summer, according to New York YIMBY. If sold out, the average price per condo breaks down to $1.6 million.
PincusCo first reported the news.
Higher interest rates are curbing New York condo sales. In October, sales of newly constructed condominium units fell to below pre-pandemic levels for the second consecutive month, according to Marketproof. At the same time, an uptick in inventory is likely: With the expiration of the property tax break 421a, developers will be more likely to build condos than rentals.
Developer Abraham Leser, a longtime player in Brooklyn real estate, bought tenements at the site in 2014 for $26.5 million. Leser purchased the four buildings at 609, 611, 613 and 615 Second Avenue from infamous art dealer Ely Sakhai.
Leser teamed up with David Marom’s Horizon Group and demolished the buildings. The developers filed plans for a 30-unit residential building on Second Avenue. The plans were modified to build a 66,552-square-foot building with 65 units.
Horizon and Leser secured a $58 million construction loan from Ponce Bank earlier this year, according to property records.
Fischer + Makooi Architect and ODA are the architects for the 18-story project, which stands out for its curved black brick balconies and copper-look walls. Douglas Elliman’s Ariel Tirosh is handling sales.
The Leser Group was founded by Abraham Leser in the 1980s and has developed at least 30 projects with a total cost of $886 million, but has kept a low profile. Last year, the firm scored a $202 million construction loan for a commercial development in Bedford–Stuyvesant.