After Loan Default and Foreclosure, The Sheffield is Back with New Sponsors
- Jun 15, 2010
New York–The Sheffield, a luxury condominium in Manhattan’s Columbus Circle neighborhood is back on the market after a foreclosure in 2009, which was caused by the previous owner defaulting on the loan, and a subsequent investment from Fortress Investment Group and Rose Associates. Under the sponsorship of these two companies, the Sheffield is undergoing renovations in all its unsold units. Now back on the market, it has managed to sell 16 units already.
275 units at the Sheffield were already sold, 92 are rental units and another 230 remain unsold. 16 of these units were sold in six weeks after the project went on the market. People can move in now if their unit has undergone renovations.
Most of the available units are located above the 35th floor and offer sweeping city views highlighting Central Park and the Hudson River. The building is comprised of 58 floors featuring 597 studio-to-four bedroom residences ranging from 571 to 3,417 square feet and priced from approximately $700,000 to $7.4 million. “Pricing has been lowered by the economy—it is now 25 percent less,” Jack Levy, senior managing director of asset management at Rose Associates, tells MHN. “It used to be 2,000 per sq. ft. and is now 1,500 per sq. ft. in this area. That is the reality of the market place.” Rose Associates will be the property manager for the condominiums.
The sales campaign is expected to kick off in September. “We find that this is a good time for a sales campaign,” says Levy.
Designed by the architecture and design firm Cetra Ruddy, the residences include gourmet kitchens with Varenna custom Italian cabinetry topped with Calacatta gold marble and upper glass cabinets and fully integrated appliances including Subzero refrigerators, Miele dishwashers, Bosch cook top ovens, built-in microwaves and custom-designed light fixtures. All of the homes feature solid plank Nordic Ash floors. Most of the units have washer-dryer hook ups and laundry facilities are conveniently located on every floor.
The master baths incorporate satin finish etched glass cabinets, cloud-white matte ceramic tile walls, custom-designed satin stainless steel fixtures and honed travertine floors. Second baths have English Sycamore satin finish cabinets with Calacatta marble floors and vanity counters. Powder rooms comprise Habitus Blanco Ceta matte ceramic walls and Stone Source Manhattan Calacatta marble floors and vanity countertops, and custom-designed satin stainless steel fixtures.
The Sheffield’s Sky Club is located on the 57th and 58th floors. The Sky Club will feature an indoor pool with a sundeck as well as a health club with a fitness center and yoga studio, his-and-her spa with massage and treatment rooms, sauna, lounges and locker rooms. The Sky Club will also be equipped with a wet bar, catering kitchen, game and billiard tables and flat-screen TVs. A children’s playroom and a private rooftop feature barbecue grills for outdoor gatherings and entertainment.
“There are a number of good buildings in this area but what it unique about this building is that it has a great reputation and because of the large number of apartments in the building, the common charges are 65 cents a foot as opposed to 85 cents a foot in most buildings in the area,” adds Levy. “In addition the building is in good financial shape. Since it is a conversion we are obligated to fund a reserve fund. Based on our current projections at the end of sales we would have placed approximately 10 million dollars in the reserve fund.”
The Marketing Directors is the sales and marketing agent on this project.