$75M Family-Size Condo to Debut

NEW YORK CITY-After obtaining the Olympia Theater at 2770 Broadway at 107th Street from Cablevision in a competitive bid process at the end of 2002, Clarett Group executives knew they were going to slate it for residential use, but they first thought it might be a rental property. However, the firm did a neighborhood analysis that determined housing product geared toward families was sorely missing in the area. “It was missing the ‘Classic six and seven’ for families,” Clarett co-founder Veronica W. Hackett tells GlobeSt.com, adding that it was an as-of-right site that could be developed for the residential marketplace.

The developers, with the help of Randy Gerner of Gerner Kronick + Valcarcel Architects PC, came up with the $75 million, 64-unit family-size Opus condominium residences. Apartments range from 1,200 to 2,200 sf with two to five bedrooms. There are no more than four homes per floor with only two on the top five stories. Features include oak-strip flooring, high ceilings, gourmet kitchens and marble baths. Prices range from $900,000 to $3 million and opening is set for January 2005. Already nine contracts are out on the condos, which Hackett says is “reconfirmation that there is so little new product on the Upper West Side.”