New Residential Developments

The Real Deal

Oct. 1, 2007

Jackson Heights
River
131 Roosevelt Avenue
Lev Group and Mountain View Capital are co-developing the five-tower, mixed-use development. The project's three residential towers will contain more than 1,000 apartment units. The complex, designed by Ismael Leyva, will also contain two commercial towers with office, retail and hotel components. Lev is also building a 33-unit condominium -- Sage at 112-02 Northern Boulevard -- that will include retail space and a parking garage.


Midtown West
505 West 47th Street
Sales are expected to begin soon on the Lev Group's 109-unit luxury condominium project. Prices will range from $400,000 for a studio to $1.4 million for a penthouse with a private roof terrace. Halstead Property and Nest Seekers International are co-marketing the development. Contact: www.the505hk.com.

Midtown West
517 West 46th Street
Sales are under way at Kaish & Taub Development Group's seven-story, 45-unit condominium, and the project was more than 70 percent sold as of late August. The building's one- and two-bedroom apartments range in size from 610 to 1,700 square feet, and most have private terraces. Units are priced from $605,000 to $1.49 million. Residents will have the opportunity to purchase one of 10 rooftop cabanas -- priced from $40,000 to $75,000 -- that range in size from 200 to 450 square feet. Amenities include a landscaped garden, fitness center, storage units and 24-hour doorman. Residents will benefit from a 421-a tax abatement for the next 10 years, and the developer will cover a large portion of the closing costs. Occupancy is slated to begin in October. Prudential Douglas Elliman is the exclusive sales and marketing agent.

Murray Hill
Morgan Court
211 Madison Avenue
Developer Mark Perlbinder, who built the 32-story, 40-unit luxury residential tower in 1987, has decided to convert the 23 units he had kept as rentals into condominiums. The one-bedroom units and two-bedroom loft duplexes will be priced from around $1.55 to $3.2 million. Homes will range in size from around 1,100 to 2,300 square feet. Robyn Karp Interiors refurbished all of the units, the hallways and the lobby. RP Miller & Associates is the marketing agent. Contact: www.morgancourtcondo.com.

Williamsburg
76 North 4th Street
Fifth Square Partners, founded by Greg Belew and David Berger, recently bought the historic Lewis Steel Products warehouse for conversion to high-end residential units. The 130,000-square-foot building was purchased from the Tryad Group for $26 million. Completion of the conversion is expected by summer 2009.

Construction update

Chelsea
456 West 19th Street
Construction is under way on developer Cary Tamarkin's 22-unit condominium, according to the New York Sun. The homes, duplexes ranging in size from 1,100 to 2,800 square feet, will sell for between $1,500 and $2,800 per square foot. Tamarkin is developing the property along with 397 West 12th Street following a four-year lawsuit over the two properties.

Harlem
The Kalahari
40 West 116th Street
The 12-story, 249-unit green condominium was topped off in early September. The two-tower complex, connected by a garden, is slated for completion in 2008. Many of the two- and three-bedroom units will have balconies. Amenities will include a rooftop garden, concierge and a parking garage. Zipcar will retain three environmentally friendly Toyota Priuses in the parking garage for use by residents. Films relating to the African and Latin diaspora will play in an adjacent movie theater. Contact: www.kalahari-harlem.com.

Times Square
The Platinum
247 West 46th Street
SJP Residential Properties has announced the topping off of its 43-story, 220-unit luxury condominium designed by architect Costas Kondylis. The building's studio to three-bedroom residences range in size from 600 to 3,500 square feet, with prices running from the $800,000s to $7.5 million. The condos were more than 50 percent sold as of early September, after four months of sales. The building contains an entire floor of amenities, including an entertainment lounge, a spa, a golf simulator room, a fitness center and a landscaped terrace. The Marketing Directors Inc. is the exclusive sales and marketing agent. Contact: www.platinumnyc.com.

Financing

Soho
Trump Soho Hotel Condominium
246 Spring Street
Carlton Advisory Services has arranged $350 million of senior and mezzanine financing on behalf of the Bayrock Group and the Sapir Organization for the construction of the 46-story, 500-unit tower. Sales at the hotel-condo began in September. Units, which can only be occupied up to 120 days a year, are priced from $2,600 to $2,700 per square foot, according to the New York Post. Studio apartments begin at 470 square feet; one-bedrooms range from 600 to 800 square feet; and upper level suites range from 6,000 to 7,000 square feet. Amenities include a restaurant, day spa, outdoor sundeck and pool (see Trumping the Soho skyline). Core Group Marketing is the exclusive sales and marketing agent. Contact: www.trumpsoho.com.

Sales update

Harlem
The Langston
68 Bradhurst Avenue
The 10-story, 180-unit condominium, developed by the Gotham Organization and the Richman Group Development Corp., was 87 percent sold as of early September. The project has leased 20,000 square feet of retail space to New York Sports Club, 4,500 square feet to Bank of America, and 1,500 square feet to Starbucks.

Harlem
Rhapsody on Fifth
2056 Fifth Avenue
The seven-story, 22-unit condominium project was more than 50 percent sold as of early September. Prices for the building's one- and two-bedroom homes start in the mid-$600,000s. Amenities include a private courtyard, refrigerated storage and a doorman. Occupancy is expected to begin in December. The Marketing Directors Inc. is the exclusive sales and marketing agent. Contact: www.rhapsodyonfifth.com.

Lower Manhattan
Riverhouse
One Rockefeller Park
The 32-story, 264-unit condominium was more than 55 percent sold as of early September. The building's one- to five-bedroom homes range in size from 840 to more than 4,000 square feet. Prices begin at $800,000. The building is applying for LEED certification and will house a branch of the New York Public Library, the volunteer organization Mercy Corps and an organic café. Amenities include a playroom, fitness center, spa, swimming pool and landscaped roof garden designed by Judith Heinz. The project is scheduled for completion in late 2007. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.the-riverhouse.com.

Upper West Side
10 West End Avenue
By the end of August, 20 units remained unsold at the 33-story, 173-unit condominium being developed by Apollo Real Estate Advisors and Cambridge Development and Construction. SLCE Architects designed the building, and Nick Design designed the project's interiors and the on-site model residence. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.10wea.com.

Upper West Side
The Element
555 West 59th Street
The 35-story, 198-unit condominium was more than 85 percent sold as of early August, the New York Post reported. The project's one- to three-bedroom units are priced from $900,000 to $2 million. The building has partnered with Whole Foods Market, John Masters Organics and Green Apple Dry Cleaners to provide specialized menus and delivery service for residents. Continental Ventures Realty, Brack Capital Real Estate and Coalco International are developing the project. Occupancy is slated for November. Corcoran Group Marketing is the exclusive sales and marketing agent. Contact: www.elementcondominium.com.