Bruce Eichner: My Building Has No Competiton
Bruce Eichner’s got plenty to say about his projects, where they fit into today’s market, and how he weathered the recession. The Continuum founder and chairman (snapped above, at Bisnow's NY Multifamily Summit last month) says his new project, the ultra-luxe tower at 45 East 23rd St, has no real competition. It’ll be the tallest building in the Flatiron District at 777 feet and 65 stories, and Bruce tells the Commercial Observer that getting the air rights for it was like torture, citing an in-person meeting with a barefoot landlord in a dark building lobby. He says the building’s between 25% and 28% sold, to all local buyers, at prices “half” or “50%” under what units in the 57th Street mega-towers are going for. His 1800 Park Avenue’s also in the pipeline, and he says it’ll be the tallest tower and first ground-up luxe rental to be built in Harlem. Bruce says his restraint leading up to the collapse of 2007 and ‘08 was one of the things that got him through the recession; he could’ve taken on projects that he chose not to. “The best things you ever do in the world are the things you don’t do,” he tells the paper. [CO]
