(Read more on the multifamily market.)
NEW YORK CITY-Construction has begun on the Residences at 650 Sixth Ave., a seven-story luxury loft building on the corner of West 20th Street in Manhattan's Chelsea neighborhood. IBEX Construction, a New York City-based firm specializing in high-end residential, retail and corporate construction, is the general contractor for the project. Occupancy is anticipated for next spring.
The 110,000-sf building, which includes the cellar, ground-floor retail spaces and seven floors of residences, will have a new rooftop penthouse, an addition that required the approval of the New York City Landmarks Preservation Commission as well as high-tech mechanical, electrical and plumbing systems. K-W 650 Associates LLC is developing the project, with financing from Bear Stearns and Palisades Financial. The architect is Perkins Eastman of New York City.
The condominium project will integrate a cast iron building with first class features and amenities. "The Residences at 650 Sixth Ave. are going to be a stylish, high-end addition to an area that is already one of the most desirable and sought-after neighborhoods in Manhattan," says Andy Frankl, chairman and CEO of IBEX Construction. "We have completed a number of upscale, architecturally significant projects in New York with outstanding results, so our team is well-suited to bring this property to life. We look forward to providing the same high quality, detail-oriented service that is synonymous with IBEX Construction."
The residences will include stone and glass walls, Alaskan hardwood floors, high ceilings, and modern kitchens. Amenities at 650 Sixth Ave. include communications, data and security systems.
"With 650 Sixth Ave., we're bringing an important lifestyle to the neighborhood: a less-is-more sensibility that is articulated through quality, texture and depth but with a single color that embodies minimalism," says Michael Shvo, president of SHVO, the project's marketing firm.
"As a financier, you love to see the president of the construction company at every job meeting and being intimate with every issue. The people that end up living here will benefit from the quality of the work performed, says William Procida, principal of Palisades Financial. "IBEX is truly one of New York's best builders."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
