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Leser, Horizon Group bet on Kips Bay condos

Developers submit $105M offering plan for Manhattan development

Leser, Horizon Submit $105M Condo Plan for Manhattan Condos
Horizon Group's David Marom; rendering of 609 Second Avenue (Getty, ideamensch, Fischer + Makooi Architects)

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. 

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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.

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