Five most expensive NYC condo plans of 2021 total $463M
By Atticus O’Brien-Pappalrdo
PincusCo recently examined condominium development in New York City from January 2020 through May 2021. The report found that Brooklyn was outpacing both Manhattan and Queens in terms of condominium units planned in the boroughs.
Now, PincusCo is taking a look at the five most expensive condominium plans filed so far this year, in terms of sellout price, to see which developers anticipate generating the most revenue from their new developments.
Three of the five plans were in Manhattan and two were in Brooklyn. The sellout prices totaled $462.6 million dollars and included 348 residential units.
The most expensive plans, CD210033, were submitted with the New York State AG by Guan Yu Li on February 4. The plans for a 146-unit condominium, known as Dycker Gardens at 1238 63rd Street in Borough Park, had a $146,505,000 sellout.
Barone Management acquired the property as part of a larger purchase in 2018 for $37.5 million from the Sisters of Mercy. Barone, along with the NYC School Construction Authority, own portions of the parcel, while Guan Yu Li owns the lot where the condo will be constructed.
The second most expensive plans were submitted by Churchill Real Estate Holdings for 60 residential units at 517-523 West 29th Street in Chelsea on March 35. The condominium plans, CD210080, had a sellout price of $104,230,000 with the New York State Attorney General. Justin Ehrlich and Sorabh Maheshwari, founding partners at Churchill, were listed as the principals of the sponsor.
Developer Hiwin USA submitted the third most expensive plans, CD210119, on April 26. The plans for a condo with 69 residential units and one commercial unit at 300 West 30th Street in Chelsea had a sellout price of $89.9 million with the New York State Attorney General. Xiaogang Wang and Genyun Hong were listed as the principals of the sponsor.
The property was purchased from Salt Equities in 2018 for $27.5 million, according to city records.
The fourth most expensive plans, CD210060, came from a joint venture between Loketch Group and Meral Property Group on March 5. The plans were for a factory building that is being converted to 46 residential condo units at 10 Quincy Street in Bed-Stuy. The project had a sellout price of $66.96 million and David Rivlin was listed as the principal of sponsor.
Rounding out the top five were $54.9 million plans for 27 residential units at 249 East 50th Street in Midtown East, submitted on May 20, at the former site of the famous French restaurant Lutèce, which closed in 2004 after 43 years.
Fanny Chiong and Kyaw Myint were listed as Trustees for the project, CD210147. The property was purchased by a consortium of families in 2014 for $17 million.