Related Returns NYC Residential Tower to Condo Market
- May 15, 2012
New York—225 Rector Place has re-entered the condo market after a bumpy recent history. It’s once again owned by its original developer, the Related Cos. The company developed the property in 1985 as rental residences, and in the mid-2000s, sold it to a developer who played to convert it into condos. The recession and other problems dashed those plans, and Related bought the Lower Manhattan property out of foreclosure last year for $82.2 million.
The building features 181 residences, ranging from 576-square-foot studios to three-bedroom units of over 1,500 square feet. Twelve penthouses of nearly 2,000 square feet are coming on the market this fall. The studios are listed at $495,000, while the asking price for the three-bedroom units is about $2 million. About a quarter of the units are sold, according to Related.
Amenities include a year-round access to 40-foot swimming pool with oversized skylights and steam room, fitness center, yoga studio and children’s playroom. The property also sports a landscaped rooftop with two outdoor terrace lounges, dining area with grill and cabana.
As part of the marketing of the property, Related commissioned the renowned Irish hospitality designer Clodagh (who uses only one name) to redesign its common areas and interior spaces. Clodagh has designed numerous high-end spas and hotels, including Miraval Resort & Spa in Arizona and W Fort Lauderdale, and is now itching to make a name for herself in the residential sphere, specifically for her work with multifamily properties in New York City.
225 Rector Place is Clodagh’s second such project. Her first was with the Caledonia, Related’s condominium tower on Manhattan’s High Line that sold out in 2007 before construction was completed in 2008, and before the recession had time to hollow out the NYC condo market.
According to Clodagh, the interiors of 225 Rector Place are “inspired by the scenes, shapes and sounds of the surrounding parks, waterfront and neighborhoods.” The design theme begins with the lobby, which is adorned with quarried stone and dark finished woods, she says.