The collaboration between Robert A.M. Stern Architects and Related Companies resulted to another pricey real estate project. According to New York Curbed, the group's new venture at 70 Vestry Street is expected to have a total sell out of about $700 million.
It was reported that the building will only have a total of 47 units, and this means that the average price of each apartment will be a whopping $14 million. According to The Real Deal, the condo offering plan was submitted by the developer and was already approved by the New York State attorney General's office last week. This means that the building can now proceed with selling their units.
The condo units in the building will range from two- to five-bedroom units with a floor space between 1,900 square feet to more than 7,000 square feet. It was also reported that the developer was able to secure $200 million in the funding of this project from the Bank of America last September, and the building is slated for completion in 2018. With the expensive pricing, each condo unit is expected to be large and lavish, and the interiors will be designed by Daniel Romualdez. Aside from the condo units, the building is also said to offer 29 storage units and nine parking spaces.
This is not the first limestone-clad condo in Lower Manhattan by Stern. The 30 Park Place is also about to open soon. However, some of the distinct features of this new building is the waterfront location and the fact that it offers all residential units and is not split with a hotel. Considering that it is located on one of the priciest neighborhoods in the city, the $14 million unit average may just be acceptable.
