Andrew Heiberger, Howard Lev Jump On Boutique Condo Boom

As luxury buyers swing toward boutique new developments and move-in-ready townhouses in New York City, developers Buttonwood’s Andrew Heiberger and Wheelhouse Property’s Howard Lev are looking to cash in on both.

The duo is behind a planned three-unit project at 32 East 22nd Street, dubbed the London Clay Townhouse.

A spokesperson for the project said the developers plan to launch sales in the summer. An initial filing with the state Attorney General’s office shows a projected sellout of more than $20 million, though the spokesperson said the team “will have updated numbers to share with you shortly.”

The Flatiron District development features a garden parlor unit, an upper parlor apartment with a private terrace and a penthouse duplex with a private rooftop. Heiberger’s Buttonwood Real Estate and Cote Luxury Real Estate are heading sales of the three units.

The project comes as developers in the city have increasingly turned to smaller developments, contending with scarce developable land, limited financing for large projects, and a shift in wealthy buyers’ appetite for skyscraper living.

Over the past three years, buildings with fewer than 40 units accounted for 32 percent of new units coming to the market, a significant jump from just 14 percent between 2016 and 2020, following the city’s condo boom in the 2010s, according to The Real Deal’s analysis of condo offering plans.

Despite their small size, many of those projects have still garnered headlines after landing signed contracts with sky-high asking prices.

In August, a buyer inked a deal for a penthouse at Aurora Capital Associates’ 15-unit project at 140 Jane Street, asking $88 million. The year prior, Alf Naman found a buyer for a penthouse at his seven-unit development at 125 Perry Street, asking $58 million. (Another penthouse at the building is still on the market with an $85 million price tag.)

Heiberger and Lev are also planning their project as new development and newly renovated townhouses are commanding top-dollar, particularly in desirable neighborhoods in Downtown Manhattan and Brownstone Brooklyn.

Earlier this year, a freshly combined double-wide mansion on Bank Street in the West Village sold for $70 million, which ranks among the most expensive townhouse deals ever achieved in the city, particularly in Downtown Manhattan, where it was only second to the $72.5 million purchase of a Greenwich Village megamansion in 2024.

In Brooklyn, some developers are focusing their business on townhouses, particularly in neighborhoods such as Brooklyn Heights, Park Slope and Cobble Hill, where luxury buyers have shelled out significant sums for turnkey homes.

In Brooklyn Heights, Brooklyn Home Company’s renovation of 1 Sydney Place landed the No. 2 priciest deal in the borough in 2024 when it sold for more than $22 million. Earlier this year, a redeveloped townhouse at 205 Clinton Street set a new record for the Cobble Hill neighborhood when it sold for $16 million, despite falling short of its initial $22 million asking price.

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Agents with Christie’s International Realty’s former affiliate in the tri-state area told The Real Deal that they’ve waited months for the firm to pay them on closed deals, according to interviews with five current and former agents with the company.

Some of those payment issues were recounted in a lawsuit filed against the firm’s New Jersey operation by former agent Stephen Braconi, who accused the company of failing to pay his commissions and charging him bogus fees.

The case, which is still pending, includes counterclaims from Christie’s, which allege Braconi owed the company $40,000 in fees and argue that deductions from his commission payments were because they’d previously overpaid him.

A lawyer for Christie’s former affiliate called the claims in Braconi’s lawsuit “baseless” and said the lawsuit was being “vigorously defended.”

TRD reported the news on Wednesday, about a week after the Agency announced that the former Christie’s affiliate was joining the brokerage as The Agency One Rock. The move came after Christie’s International dropped its licensing agreement with the tri-state office.

NYC Deal of the Week

The priciest deal to hit the city rolls this week was for a condo at 15 Central Park West, which closed for $21 million. The apartment, which last traded for $21.5 million in 2017, hit the market in March with a $23 million asking price.

Unit 8B spans 3,500 square feet and has four bedrooms and four full bathrooms. The apartment also features oversized windows and direct views of Central Park.

The Mercedes Berk Team with Engel & Völkers New York City had the listing. Compass’ Catherine Silver Smith brought the buyer.