Flushing-based Hiwin Group USA is looking to replicate a successful condominium development near Penn Station with two more.
Anthony Hu’s firm is planning condo projects at two separate Midtown South sites, Crain’s reported. While specifics aren’t yet available, the heights and sizes of the developments are expected to be similar to the 16-story, 69-unit project at 300 West 30th Street.
Hiwin paid $15.8 million for a small vacant office building at 250 West 30th Street in December.
Last week, Hiwin acquired another site, spending $15 million on 245 West 34th Street. The parcel once housed a Conway clothing store but has stood vacant for years. The previous owner was Charles D. Cohen — no known relation to the other Charles Cohen — who snapped up the site from the Chetrit Group and Cornell Realty Management in 2015 for $22.6 million. The Brooklyn-based retail investor eyed putting a hotel on the site, but couldn’t secure financing for the project.
Hu’s planned condos are expected to offer smaller-sized units for approximately $1 million, the developer told Crain’s. He added that the firm was targeting buyers who work in the neighborhood, such as Meta employees who can walk to the Farley Building from either of the condos.
The condos are unlikely to arrive before 2027.
Hiwin recently sold out its condo development at 300 West 30th Street. The firm launched sales in 2022 and sold out in nine months, raking in $90 million. The project represented the first offering by Hu’s company.
New York’s condo market is riding a three-month streak of increased new sales. In February, new condo sales rose 12 percent year-over-year, according to a Marketproof report, withstanding a rise in mortgage rates.
In Manhattan, new condo sales jumped 19 percent from January, which was the first month the borough’s market surpassed its pre-pandemic average since last summer.
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