NEW YORK CITY-Following hard-fought battles with the community—and a stint in bankruptcy court to restructure the deal—Rudin Management Co. is now selling units at Greenwich Lane, its 200 unit multifamily project spread out over five condominium buildings and five townhouses in the West Village.
The project's final look, which includes distinctly varied styles in each portion, was outlined in detail by Samantha Rudin, VP at a gathering Tuesday of the Association of Real Estate Women in Midtown. Greenwich Lane is located on West 11th and 12th streets and features units with a “pre-war aesthetic that fits into the Village.”
It's a mix of old buildings with landmark status and new towers; the architect is FXFOWLE. The project is designed by Thomas O'Brien, founder and president of Aero Studios andco-developed by Global Holdings, Inc. Already 50% sold since the development's sales office opened in October, units are on the block for an average price of $3,500 per square foot, Rudin revealed. The first temporary certificates of occupancy should start to take effect in late 2015 or early 2016.
The property's units are meant to fill a gap in Manhattan's luxury home market. “People who've been living in the city for a while who are looking for larger apartments are finding that they don't exist [at a certain level],” said Rudin. “We wanted to speak to them.”
Nearly all interested parties are from the local area, she noted, with only 5% of buyers coming from overseas. The grounds formerly housed Saint Vincent's Hospital, which shuttered its doors in 2010 after declaring bankruptcy. “When the hospital closed it was a sad day and it was hard to see,”she said. “Then we had to deal with the bankruptcy courts and that put us in a different realm.”
Ultimately Long Island Jewish Hospital stepped up to open a healthcare facility at another site nearby, and Rudin was off and running. Samantha Rudin described the buildlings with phrases like “stately Village appeal,” for 160 W. 12th St.; “an elegant grand building,” for 150 W. 12th St.; “a modern building that looks like an iconic village building,” for 140 W. 12th St.; 155 W. 11th St., the most modern building, “will capture the drama of the Village's horizon,” while the lobby of 145 W. 11th St. is “old world.”
The townhouses feature private elevators, roof decks and, in a truly unique and useful feature, access to the doormen in the condo towers. All of the units offer additional amenities, including access to a pool, fitness center, outdoor space and more.
An AREW member or guest asked Rudin what's next, but the young executive noted this project took a great deal of attention and she's in no rush to jump to the next assignment. “This was like birthing septuplets. I just want to see it through to the end.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
