Luxury Condos in Manhattan’s West Village Land $285M in Financing
HFF secured the construction financing for 160 Leroy Street, a planned luxury condominium project by a powerhouse development and design team.
New York—Manhattan’s West Village will soon be home to a new luxury condominium development, thanks to $265 million in financing that HFF secured for the project. The firm placed the construction loan for the 12-story 160 Leroy Street with the Children’s Investment Funk Management (UK) LLP and worked on behalf of a powerhouse team—Ian Schrager Co., Ares Management, Weinberg Properties and William Gottlieb Real Estate.
Joining the project roster is renowned architecture firm Herzog & De Meuron, which has partnered with Schrager before. The duo also collaborated on Manhattan’s 40 Bond, a major redesign of a traditional cast-iron building that was the architect’s first residential project in the U.S., and 215 Christie, a hotel and residential project set to open this year on the Bowery.
Herzog & De Meuron will design the property with a curved glass exterior and floor-to-ceiling windows inspired by Brazilian architect Oscar Niemeyer. The 49 luxury condos will offer views of The Freedom Tower, the Hudson River and city views east.
“The project is unique for several reasons. First the location is world class. A true AAA location in the West Village overlooking the Hudson River where there are so many great things happening all along the waterfront,” Eric Anton, a senior managing director in HFF’s New York office, told MHN. “And, the design created by the development team is very special. Not just architecturally beautiful, but unique in scale and project amenities for the future owners. It is very difficult to find a combination such as this in Lower Manhattan.”
The curved design will continue in the lobby, which is flanked by an arched entry with a private landscaped courtyard and garden, designed by Madison Cox. A private 70-foot swimming pool and whirlpool spa with be right off the lobby, with other amenities including a recreation lounge with a state-of-the art kitchen, kid’s clubhouse and a gourmet take-out and delivery restaurant. Underground space in the building will offer a fitness center with yoga room, sauna and private massage room.
“We chose amenities that enhanced living. We didn’t want to overdo it and offer amenities that were not useful,” said Ian Schrager of Ian Schrager Co, who was also a co-founder of the famous Studio 54.
As for the units, residents will enjoy open floor plans with Larch wood floors, 11- to 13-foot ceilings, 100-percent exterior noise-reducing windows, double-sided wood-burning fireplaces and a state-of-the-art kitchen. Residences also have a chef’s kitchen outfitted with a Miele-integrate coffee/espresso machine, steam oven and wine refrigerator.
“The only thing that mattered to me was to turn a residential apartment into a real home,”Schrager said. “I sought to capture the details of life in the details of the architecture.”
Schrager seemed to capture that at-home feeling as he decided to purchase a residence for himself on the 12th floor for a cool $15 million, The Real Deal reported. The rest of the units are already half sold and start at $2.4 million for a one-bedroom, while the developer is hoping to get $75 to $80 million for the 12,200-square-foot, five-bedroom penthouse, which features three kitchens, a private elevator and a rooftop pool, The Wall Street Journal reported.
The development is scheduled for completion in 2017 and will span the entire block of West Street between Leroy and Clarkson Streets.
The West Side is also a prime location for the project since, as Anton told MHN, while New York City’s residential rental and condo markets may “see some repricing in locations that get over built, or that have too much similar supply, the West Village in particular will likely continue to appreciate in value since there are so few new projects in this submarket and because the scale of the neighborhood and the zoning rules limit the size of residential new developments.”
In addition to Anton, HFF’s debt placement team was led by Michael Tepedino, Christopher Peck and Geoff Goldstein.
Renderings courtesy of Herzog & De Meuron