Lendlease JV Wraps Up Manhattan Condo Tower

Barings issued a $250 million construction note for the development on the Union Theological Seminary campus.

A joint venture of Lendlease, L+M Development Partners affiliate LMDX and Daiwa House Texas has completed Claremont Hall, a 165-unit luxury condominium tower inside the Union Theological Seminary campus in Manhattan. Barings financed the development with a $250 million construction loan issued in 2020.

  • Property at 100 Claremont Ave., Manhattan, N.Y.
  • Property at 100 Claremont Ave., Manhattan, N.Y.
  • Property at 100 Claremont Ave., Manhattan, N.Y.
  • Property at 100 Claremont Ave., Manhattan, N.Y.

Designed by Robert A. M. Stern Architects and CetraRuddy Architects, Claremont Hall is part of a $125 million renovation effort at the Seminary aimed at revitalizing the campus, according to The Real Deal.

Rising 41 stories and targeting LEED Gold certification, the condominium tower spans roughly 354,000 square feet, and features an indoor swimming pool, library, dining room, playroom, gym and resident lounge with a terrace, to name a few. The high-rise incorporates UTS’ gothic revival features, including a base stonework and brick exterior.

Floorplans include one- to four-bedroom residences ranging between 700 and 2,765 square feet, with prices starting at $1.2 million. Units comprise oversized windows, oak flooring and quartz countertops, among others.

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Claremont Hall also encompasses some 54,000 square feet of classrooms, administrative offices, as well as faculty-designated apartments for the Seminary.

Located at 100 Claremont Ave., Claremont Hall is close to Memorial Tower and John D. Rockefeller Jr.’s Riverside Church, while Downtown Manhattan is some 8 miles south. Numerous parks, transit stops, quick-service restaurants and the Hudson River are within walking distance.

Manhattan’s condo market

At the end of the first quarter, the average sale price for a condo in Manhattan was $2.7 million, down 7.2 percent year-over-year, according to a report by Douglas Elliman. Sales were also down, with only 777 deals closing during the first three months of the year—20.6 percent lower than in the same period of 2023 when 979 properties changed hands—the same source shows. However, condos are selling faster as the average number of days on the market from the last list date was 74 in the first quarter, down from last year’s 78-day interval during the same period.

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