20 largest condo plans submitted last year: Lendlease, China Overseas, Fortis
By Atticus O’Brien-Pappalardo
Despite the uncertainty of 2020, scores of builders plowed ahead with new development condominium projects in New York City last year. To see who is making their mark on the city’s skyline, PincusCo identified the 20 largest condominium plans submitted to the the New York State Attorney General in 2020 in terms of residential units. The 20 plans, consisting of nine from Manhattan, three from Brooklyn, and eight from Queens, total 1,725 units.
The largest of the 20 is Lendlease and L+M Development Partners’ plan, submitted on November 25, 2020. The plan, which has addresses of 100 Claremont Avenue and 3041 Broadway in Morningside Heights, does not list an initial sellout price. Lendlease’s Melissa Bruch is listed as the principal of sponsor. The plan, CD200302, indicate the condo will have 193 residential units. No sellout price has been disclosed in state records.
The joint venture purchased the development site from the Union Theological Seminary for $60.7 million on June 22, 2020. That same month, the partners signed a construction loan agreement with lender Barings valued at $250.8 million at the property.
On Thursday, January 14 at 2 p.m., PincusCo will be joined by a group of panelists for a webinar to review the 2020 condo market and preview how it may evolve in 2021.
Back in December of 2018, Bruch filed plans with the city’s Department of Buildings calling for a 466-foot tall, 42-story, 281,801-square-foot mixed-use building with 187 dwelling units. The developer did not immediately respond to a request for comment regarding the discrepancy in the number of residential units between the plans. The plans received initial permits in March of last year, but no TCO has been issued yet.
The second largest plan on the list was submitted by China Overseas Land and Investment on May 20. The plan, CD200130, is for the Eastlight condominium at 501 Third Avenue in Manhattan’s East Side. The plans state the condo will have 144 residential units and one commercial unit. Xiaocheng Zhou is listed as the principal of the sponsor and no initial sellout price was listed.
On March 21, 2018, plans were filed with the city’s Department of Buildings calling for a 350-foot tall, 31-story, 134,998-square-foot mixed-use building with 144 dwelling units. Initial new building permits were issued in June of last year.
The company, which is a subsidiary of the China State Construction Engineering Corporation, purchased the property for $50.7 million from Extell Development in 2017. Extell had originally planned to construct a 13-story building at the site before opting to sell.
Mings Garden Realty was behind the plans with the third most residential units submitted in 2020. The plans, CD200167, were submitted on July 1, 2020 with an initial sellout price of $98,150,000. Sophia Shan Fen Zhang was listed as the principal of sponsor. According to the plans, the Ming Garden Condominium, located at 26-01 4th Street in Astoria, will have 143 residential units and 12 commercial units.
The developer filed plans with the DOB on December 29, 2014, calling for a 143-foot tall, 13-story, 165,221-square-foot residential building with 143 dwelling units. The plans were finally permitted in October of 2019 but no TCO has been issued.
The developer entity purchased the property in 2012 for $6.925 million. Astoria Garden Capital provided the developer with a $3.65 million loan in 2017. However, the lender sought to foreclose on the commercial mortgage in September of last year, as reported by PincusCo Media.
The plan with the highest disclosed sellout price last year was submitted by Fortis Property Group on July 10, 2020. The Olympia Dumbo Condominium, located at 30-60 Front Street in Brooklyn has an initial sellout price of $374,783,000. The condo will have 76 residential units and two commercial units, according to the plan. Joel Kestenbaum and Jonathan Landau are listed as the principals of the sponsor.
The remaining plans can be seen on the table below.
