260 Park Avenue South and 48 E. 21st St. will share a connecting lobby when they are converted into an 86-unit, two-building luxury residential condominium complex. Construction will begin when the UFT vacates the premises in 2003. Insignia Douglas Elliman will handle the sales and marketing of the condominiums.
"Since having sold our investment late last year in Fresh Meadows Apartments, the 140-building residential housing complex in Queens, we have been anxious to add another New York project to our portfolio," says Jeffrey Goldberg, executive vice president of Insignia's Co-Investment Group. "We are delighted to have a foothold in New York again."
According to Debra Botzenhart, managing director in the Group, "This redevelopment is consistent with our strategy to pursue equity investments by joint venturing with partners, where we can perform value-added services. We are looking forward to enhancing our relationship with Max Capital, as well as being able to generate additional revenues by using Insignia Douglas Elliman's residential expertise to assist in designing a world class condominium development."
"From our perspective, it's a terrific advantage to have Insignia on board as co-investor and marketing agent," says Anthony Westreich of Max Capital. "We expect this to be the first of many joint ventures together,"
260 Park Avenue South, located on the southwest corner of Park Avenue and 21st Street, is an 82,200-sf, eight-story property. The 12-story, 123,023-sf property at 48 East 21st St. abuts the Park Avenue building to the west.
The redevelopment team includes Linjan' Tessler, Karl Fischer Architects, and RC Dolner Construction. Pre-construction initiatives are now under way and delivery of the project is scheduled for summer 2004. The completed one-, two- and three-bedroom condominium units will range in size from 900 to 3,000 sf with ceiling heights of 13 ft. and up
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