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Old February 18th, 2015, 11:33 PM   #1
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NEW YORK | St. Vincent’s Development (The Greenwich Lane) | 5 Bldgs & 5 Towhhouses | U/C

The Greenwich Lane:

Condos at old St. Vincent's site fetch $3,500 PSF

Seventy-five percent of the apartments at the 200-unit condo complex is under contract at prices averaging about $3,500 per square foot, according to developer Bill Rudin

While debate rages over whether a glut of ultrapricey apartments looms over the city’s surging residential market, one of New York's biggest landlords is prospering mightily.

Rudin Management, developer of the Greenwich Lane, a 200-unit condo complex rising on the site of the former St. Vincent’s Hospital in the West Village, announced that as of this month 75% of the apartments at the project were under contract. The news comes a little over a year after launching sales.

The company also has topped out the tallest of the five properties that compose the development, a 17-story ground-up building at 155 W. 11th St. Rudin Management said it will finish the roughly $1 billion development by the middle of next year.

The complex is fetching some of the highest sums per square foot ever seen for residential space downtown. Sale prices have averaged about $3,500 per square foot, according to Bill Rudin, the company's chief executive. That far exceeds the developer's expectations for the property, which it began planning during the last real estate boom in 2007 and continued to pursue during the deep recession that followed.

“We always had confidence that if we created the right product that had the right amenities and the right look and feel to it that we would achieve strong numbers,” Mr. Rudin said. He conceded, however, that there were some hiccups along the way. "In 2008, when the market collapsed and the hospital went bankrupt, there were points in time where we questioned our sanity moving forward."

Mr. Rudin said some of the complex’s best apartments have traded for $5,000 to $6,000 per square foot, unprecedented figures for that neighborhood, where little new construction has taken place in decades. Meanwhile, one of five townhouses that are being built as part of the project have gone into contract for nearly $25 million, Mr. Rudin said. Though he declined to name the buyers, several high-profile purchases have been cited in reports, including a three-bedroom apartment that was said to have been sold last month to fashion executive Michael Kors for $17 million or more.

Aside from the project’s location, Mr. Rudin said, its design, which incorporates different architectural aesthetics and varied layouts to the apartments, enhances its value.

“Out of the 200 apartments, there are 92 unique designs, so this not a cookie-cutter tower going up,” Mr. Rudin said.

Mr. Rudin also responded to controversy that has erupted in the high-end residential market following a series of articles in The New York Times. Those stories revealed that rich foreigners, some with criminal ties and unseemly paths to wealth, are major buyers of the new wave of luxury apartments being built in the city and take pains to disguise their identity by purchasing the units through holding companies.

“Ninety percent of our buyers are domestic, and 70% are New Yorkers,” Mr. Rudin said. “It’s mostly been New Yorkers who see the value of this development.”

The company has been working on Greenwich Lane for almost a decade. Rudin Management put together a deal to the purchase the ailing St. Vincent’s Hospital in 2007, but it stalled amid the recession and after the medical facility went bankrupt in 2010. Rudin Management eventually bought the site for $260 million in 2011 and went through a rezoning process to secure the rights to build residential units at the site. The development encompasses the full block between West 11th and 12th streets along Seventh Avenue. Much of the space is new construction, but Rudin Management is incorporating some of the former hospital facility into the development as well.

As part of the deal in securing the rights to build, Rudin Management donated $10 million, plus the O’Toole Building across Seventh Avenue that had been part of St. Vincent’s Hospital, to the North Shore-LIJ Health System.

“Ninety percent of our buyers are domestic, and 70% are New Yorkers,” Mr. Rudin said. “It’s mostly been New Yorkers who see the value of this development.”

Imagine that! 90% are domestic buyers paying $3,500 psf. Who needs oligarchs? Lol.

Honestly, If I had the cold hard cash!!! This most probably would be my 1st pick as well. Yes… even more than the Supertall towers I luv so much. I just love the area. Just my .02.



Hudson Yards mega development Map: June 2015
(click again once inside to enlarge the map)

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Old February 26th, 2015, 12:36 AM   #2
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Old August 15th, 2015, 06:48 PM   #3
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Old August 15th, 2015, 08:55 PM   #4
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This turned out quite well. I love the inclusion of townhouses as well, wish more developers did that.
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Old February 5th, 2016, 05:14 AM   #5
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I could have sworn there was another thread for this because I posted in it several times.

If I don't say otherwise, all of my images are on my blog,

186 Newark, NJ Development projects MAPPED

See my DeviantArt account at http://towerpower123.deviantart.com/

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