Construction of a 34-unit luxury condominium at 124 West 23rd Street in Chelsea began last week and a 58-unit one will rise at 35 West 15th Street in a few months, according to an article today by Amanda Fung at crains.com.
Anbau Enterprises, the developer of the first of those two projects, the 16-story condo on West 23rd Street, has been sitting on the project for two years, the article said, adding that the developer lined up its construction loan in 2008 just before the collapse of Lehman Brothers.
"In the end, the article said, Anbau's lender was very accommodating in letting the developer shelve the project for 'a while,' according to Stephen Glascock, founder and principal of Anbau. 'When the market crashed, we decided not to move forward with the project,' said Mr. Glascock, adding that the project has been slightly modified from its original flashy plans to emphasize value."
"Six months ago we decided that the market was going in the right direction," said Mr. Glascock. "We are excited and believe that this is the right time."
The developer will begin marketing its condos early next year and the project should be completed by summer 2012. The article said that Mr. Glascock said he believes "there will be very little new inventory in the area and an increasing demand."
Anbau's other projects have included 110 Central Park South and 120 West 72nd Street.
BKSK Architects is designed the 23rd Street building.
Meanwhile, the article continued, "Alchemy Properties, in a rare fete in current market conditions, closed on a construction loan in November and began demolishing an existing building at 35 West 15th Street where it plans to build a 25-story, 58-unit condo. The foundation will be laid some time in April, according to Kenneth Horn, president of Alchemy Properties, who declined to disclose the terms of the loan."
FXFowle is the architect and its portfolio includes 222 Riverside Drive, Northside Piers, and Isis.
The article said that Stephen Kliegerman, executive director of development marketing at Halstead Property, said that "Construction is a good sign," adding that "it means money is freeing up and people are feeling bullish about the market and taking risks again."
Anbau Enterprises, the developer of the first of those two projects, the 16-story condo on West 23rd Street, has been sitting on the project for two years, the article said, adding that the developer lined up its construction loan in 2008 just before the collapse of Lehman Brothers.
"In the end, the article said, Anbau's lender was very accommodating in letting the developer shelve the project for 'a while,' according to Stephen Glascock, founder and principal of Anbau. 'When the market crashed, we decided not to move forward with the project,' said Mr. Glascock, adding that the project has been slightly modified from its original flashy plans to emphasize value."
"Six months ago we decided that the market was going in the right direction," said Mr. Glascock. "We are excited and believe that this is the right time."
The developer will begin marketing its condos early next year and the project should be completed by summer 2012. The article said that Mr. Glascock said he believes "there will be very little new inventory in the area and an increasing demand."
Anbau's other projects have included 110 Central Park South and 120 West 72nd Street.
BKSK Architects is designed the 23rd Street building.
Meanwhile, the article continued, "Alchemy Properties, in a rare fete in current market conditions, closed on a construction loan in November and began demolishing an existing building at 35 West 15th Street where it plans to build a 25-story, 58-unit condo. The foundation will be laid some time in April, according to Kenneth Horn, president of Alchemy Properties, who declined to disclose the terms of the loan."
FXFowle is the architect and its portfolio includes 222 Riverside Drive, Northside Piers, and Isis.
The article said that Stephen Kliegerman, executive director of development marketing at Halstead Property, said that "Construction is a good sign," adding that "it means money is freeing up and people are feeling bullish about the market and taking risks again."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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