Manhattan Condo Project Secures $72M
- Apr 17, 2018
Highline Development Group has obtained a $72 million first mortgage for its nearly completed condo development, 550 W. 29th Street, which is in the Chelsea neighborhood of Manhattan. The property includes 19 units and more than 5,000 square feet of retail or gallery space on the ground floor; prices begin at $4.6 million.
The property is located on 29th Street between 10th and 11th Avenues, adjacent to the High Line linear park, which runs 1.45 miles through the west side of Manhattan and has inspired numerous developments along its course over the last decade. 550 West 29th Street’s residences range from 1,900-square-foot, three-bedroom, three-bathroom units to 4,000-square-foot, four-bedroom, four-and-a-half bathroom units.
Common amenities include a 24-hour doorman, 16-space bicycle storage station, fitness center, sauna, laundry room, and storage units for each residence. Residents will access the residential lobby through a 30-foot wide glass entryway and reach their individual units via two elevators providing direct key access. The ground-floor retail/gallery space offers 75 feet of street frontage and ceiling heights exceeding 13 feet.
Manhattan Condo Sales Slip
Douglas Elliman recently found that Manhattan co-op and condo market saw median sales price edging higher year-over-year for the fourth consecutive quarter, up 2 percent, though sales fell short of year-ago levels, down by nearly 25 percent. The market had the highest all-cash share in four years of tracking it, the company said, and the market share of luxury resale was at its highest level in two and a half years.
Madison Realty Capital facilitated the mortgage for 550 West 29th Street. Tamarkin Architecture is the design architect of the property, with Ryder Construction as construction manager, CORE Real Estate as residential sales broker, and Manhattes Group as retail and gallery leasing agent. Completion of the property is expected this summer.