News
MULTIFAMILY MONDAY: BREAKING FIRST
February 28, 2011
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| The first new residential development in Manhattan to break ground this year is Anbau Enterprises' groundup, 16-story condo building at124 W 23rd St, only 200 feet away from its 136 W 22nd Stwarehouse-to-loft-conversion. The BKSK Architects-designed building will contain 34 studio, one- and two-bedroom, and penthouse residences, which will be marketed by the Corcoran Group, and4,000 SF of ground-floor retail space upon completion summer ’12. Anbau founders Stephen Glascock and Barbara van Beuren tell us it’s being constructed to LEED Gold standards (a particular draw for many of its purchasers), with features such as an air filtering system. In the past five years, the duo has developed a number of other residential properties in Manhattan, including 110 Central Park South, the Harsen House at 120 W 72nd St, and 419 W 55th St. |
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| If they use that heavy machinery behind them, it would go faster. But once again, shovels won the day. Barbara and Stephen join BKSK Archictects’ Todd Posson and George Schieferdecker, and The Bank of New York Mellon’s Robert Lerner at the groundbreaking. Why start construction now? In addition to material prices coming down 10% (that allowed Anbau to include even better finishes in the units), they tell us that they’re optimistic about the Madison Square Park neighborhood, which was hugely underserved until about five years ago but has since blossomed. For example: the renovation of L&L Holding Co’s 200 Fifth Ave, new high-end commercial tenants, like Tiffany & Co and Eataly, and 11M SF of office space stretching to Chelsea and the Flatiron District. They’re also looking at other new properties around Manhattan, with a focus on the Upper West Side, Upper East Side, and Chelsea. |
