The project will include the development of seven full-floor condominiums and a penthouse duplex set above an existing commercial bank. There will also be an adjacent four-story townhouse, at 1281 Madison Ave., containing ground-level retail and four residential units for maid and/or nannies, according to a statement.
While construction is under way, a spokesperson for Sonnenblick tells GlobeSt.com that developers are still awaiting official project approval from the Attorney General. Developers are confident they'll get the go-ahead, the spokesperson says, at which time a construction timeline will be set in place along with asking prices for the luxury residential units. Currently, condos are estimated to sell for around $5 million to $15 million.
"Large condominium apartments of such high quality are very rarely available in Carnegie Hill," explains Mark J. Ehlinger, a director at Sonnenblick-Goldman. "Consequently, 47 E. 91st St. is certain to generate extraordinary demand from potential buyers."
This marks the fourth condo construction or redevelopment project in Manhattan for the joint venture of Oaktree Capital Management and Tamarkin Co. Outside NYC, the two firms have also collaborated on nearly a dozen US projects.
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