Monday, October 6, 2014

800-Foot Flatiron Condo Project Moving Ahead

Bruce Eichner has secured $420 million in construction financing to build a 795-foot behemoth at 41-45 East 22nd Street, near Manhattan's Flatiron Building. The 60-story tower between Broadway and Park Avenue South will trump its neighbor—the 600-foot-tall, One Madison—by a hefty margin, making it the tallest building between the Empire State Building and Lower Manhattan. No completion date has been officially announced, but with financing in hand, ground breaking should be expected early next year.

Mr. Eichner spent more than $100 million to buy the land as well as air rights that would enable him to build the nearly 800-foot tower.

The new building will be located off the southeast corner of Madison Square Park, in a space currently occupied by low-rises.

The 83-unit condominium designed by Kohn Pedersen Fox Associates, would be just 50 feet wide at the base, but would expand like a slender champagne flute and be wider at the top, according to the architect.

In addition to its height, it will have a 17-foot cantilever over the adjacent 33 West 22nd Street.

A triplex penthouse on the 58th through 60th floors will cap the 400,000-square-foot project.

Similar to many developers moving ahead with new condo projects recently, Mr. Eichner is targeting the upper end of the market.

Similar to others, he has been emboldened by the high prices that are being fetched these days—more than $3,000 a square foot in Greenwich Village and more than $5,000 a square foot for units by Central Park.

What’s certain is that pricing at this property will be astronomical, given the large floor plans and relatively unobstructed views.

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