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30 New Condos Underway in Manhattan’s West Side

27 May 2015, 1:59 pm

By Veronica Grecu, Associate Editor

Construction is well underway at a new condominium property at 320 West 52nd St. between 8th and 9th avenues in Hell’s Kitchen.

The Sorting House - Hell's Kitchen

The Sorting House – Hell’s Kitchen

Dubbed The Sorting House, the residential project is developed by Cadence Property Group atop the existing two-story Radio City Post Office building that will continue to operate, as reported by Curbed earlier this month.

The transformation project was designed by Architecture Outfit and calls for 30 condos ranging in size from one- to three-bedroom units of up to 1,455 square feet. The list of amenities at The Sorting House will include sizable private outdoor spaces, a fitness center, bike storage spaces, and a doorman.

Cadence Property Group plans to complete the five-story expansion by the fall 2016, according to BuzzBuzzHome. Halstead Property Development Marketing was selected to handle sale operations which are expected to start this summer.

Meanwhile, the Commercial Observer reported that CapitalSource—the commercial lending arm of Pacific West Bank—awarded $24.7 million in construction funds towards the development of The Sorting House.

Former NBA Star, Four Winds Pay $50 M for Three LES Mixed-Used Buildings

19 May 2015, 2:39 pm

By Veronica Grecu, Associate Editor

A joint venture between Admiral Capital Group—a real estate investment firm founded by former San Antonio Spurs star David Robinson, whose nickname was “The Admiral”—and Four Winds Real Estate recently picked up a portfolio of mixed-use properties located in downtown Manhattan. This transaction marks Admiral’s first investment in New York City and expands Four Winds’ existing multifamily portfolio on the Lower East Side, according to an official statement announcing the deal. The seller is a private investor group that owned the properties for over three decades.

106 Ridge Street - Lower East Side, Manhattan

106 Ridge Street – Lower East Side, Manhattan

The portfolio consists of 61 residential units and four commercial units in three contiguous buildings at the intersection of Rivington St. and Ridge St. in the heart of the Lower East Side, with easy access to multiple subway lines and New York City’s major employment centers.

The three buildings were sold for roughly $50 million, the Commercial Observer reported. Eastern Consolidated’s Deborah Gutoff and Ronda Rogovin represented both parties in the transaction.

The deal consists of the a six-story building located at 106 Ridge St. PropertyShark data indicates that the 22,370-square-foot structure was completed in 1985 as a walk-up apartment building with street-level retail space. A smaller, five-story building of 9,990 square feet and located at 118 Ridge St. was completed in early 1900s, while the third asset included in the transaction sits at 110 Ridge St. and was completed in 1910 as a single-story store of 1,900 square feet. The property was rehabbed in 2003 and is known as The Coda.

“Ridge Street provides Admiral with a unique opportunity to acquire three attractive properties in one of Manhattan’s most desirable neighborhoods,” said in a prepared statement Dan Bassichis, Admiral’s managing partner and co-founder. “We have closely monitored the robust New York City multifamily market and are excited to close on our first New York property with Four Winds, which brings a track record of successfully executing similar business plans in the thriving Lower East Side,” he added.

Click here for more market data on New York City.

Image courtesy of PropertyShark


Cushman & Wakefield Sells Rent-Stabilized Multifamily Portfolio in Clinton Hill

13 May 2015, 10:27 pm

By Veronica Grecu, Associate Editor

Washington Flats - Clinton Hill, Brooklyn NYC

Washington Flats – Clinton Hill, Brooklyn NYC

A portfolio of four contiguous multifamily assets in the Clinton Hill neighborhood of Brooklyn was recently sold to EastCoast MIG. The buyer paid $38 million (or $364 per square foot) for the apartment buildings. The seller was identified by the Commercial Observer as Bernard Miller of Parkway Realty Associates, listed in property records as Washington Flats LLC.

The Washington Flats buildings are located two blocks from the C train at Washington Ave. and three blocks from the A express train at Franklin Ave., and within walking distance from Barclays Center and the Atlantic Terminal shopping center.

According to Cushman & Wakefield, the four buildings combine for 104,365 square feet and 129 residential apartments—of which four are market rate, three are rent controlled, and 121 are rent stabilized units. More than half of the rent stabilized units operate under HPD’s Home Program, which provides housing for low income tenants.

Earlier this year Curbed put together a report based on market data provided by real estate Zumper.com and mapped the cheapest and priciest places to rent in New York City. As it turned out, Clinton Hill renters pay on average $2,450 per month for a one-bedroom apartment.

“This sale is indicative of the surge in demand and rapid absorption of residential units in the Clinton Hill market,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively represented both the buyer and the seller in the transaction. “With an abundance of new retail and upwards of 8,000 new residential units coming to market in this once undervalued portion of Clinton Hill, appetite for assets such as the Washington Flats Portfolio has surged,” he added.

The buildings are located at 425 and 435 Grand Ave., 29 Putnam Ave., and 90 Downing St. with retail frontage on Grand Ave., Putnam Ave.

Click here for more New York City market data.

Image via Cushman & Wakefield

13-Story Luxury Condo Building Coming to the Upper West Side

5 May 2015, 7:35 pm

By Veronica Grecu, Associate Editor

A 6,600-square-foot development site located next to the landmark Lucerne Hotel on the Upper West Side was sold to Anbau Enterprises, a luxury real estate developer.

207 West 79th St. - Upper West Side Manhattan

207 West 79th St. – Upper West Side Manhattan

The Real Deal reported that Anbau paid $39 million for the development site, which is situated between Central and Riverside Parks. The buyer was represented by Eastern Consolidated’s Senior Director George Moss, while Senior Director and Principal Deborah Gutoff spoke for the seller, 79th Street Associates LLC.

Located at 207 West 79th St. between Amsterdam Ave. and Broadway, the site is currently occupied by a five-story residential building which, according to information provided by PropertyShark, was completed in 1920. Following Landmarks Preservation Commission’s approval in October last year—and after revisiting the design and scaling down the project to stand 18 feet shorter than the neighboring Lucerne Hotel—, Anbau will demolish the existing brownstone and replace it with a 13-story condominium building that will meet the area’s strong demand for luxury housing.

“The property was held by ownership for almost 40 years, during which time the neighborhood has demonstrated phenomenal growth appreciation and become highly desirable,” said Eastern Consolidated Principal Deborah Gutoff in a prepared statement.

Designed by Morris Adjmi Architects, the new 71,000-square-foot building will be completed in 2017. It will offer 24 luxury condominiums in a combination of two- to five-bedroom units, as well as high-end amenities such as 24 hour doorman, fitness center, and bike storage space.

Click here for more market data of New York City.

Rendering courtesy of Anbau Enterprises

Proposed Superskinny Tower in Midtown East Boasts Unique, Full-Floor Green Spaces

24 Apr 2015, 2:33 pm

By Veronica Grecu, Associate Editor

As New York City is running out of buildable space, “superskinny” or “pencil” structures are becoming more and more popular when it comes to new construction projects.

303 E. 44th St. - Midtown East - rendering

303 E. 44th St. – Midtown East – rendering

Earlier this year, Manhattan-based Triangle Assets filed plans with the New York City Department of Buildings for a slender residential tower at 303 E. 44th St. in Midtown East, near the United Nations.

The 1,851-square-foot site is currently occupied by a three-story mixed-use building. According to the New York Daily News, Triangle Assets‘ new pencil tower will feature 2,600-square-foot floor plates. This means that the proposed tower’s footprint will be around 30 percent smaller than the size of those other skinny structures that are popping up in the city—such as 432 Park at 57th Street, which is going up from a base of 93 feet by 93 feet.

Designed by the architectural firm ODA, the superskinny tower will stand 41 stories tall. If approved for construction, it will offer 44 luxury apartments, a sauna, spa, swimming pool, fitness center, lounge and business center. The lower floors will have one- and two-bedroom units, and full-floor apartments will begin on the 22nd floor. The 40th and 41st floors will be occupied by a duplex.

Apart from being extremely slender, the residential tower proposed at 303 E. 44th St. will stand out with its floating full-floor gardens. As revealed by the Daily News, design plans call for six “green” gaps built in the façade, each 16 feet high and featuring canopied green terraces built around the core of the tower.

If the Department of Buildings votes in favor of Triangle Assets’ project proposal, construction at the 96,774-square-foot tower is scheduled to start in September and wrap up by late 2017.

Rendering credits to ODA Architects

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