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Carter's View

Marketing has started for The Setai New York, the residential condominium apartment section at 40 Broad Street in the Financial District.

According to documents on file with the city, the development includes 166 residential units that start at the 8th floor, and 12 commercial units.

The building opened as a 317,000-square-foot, 25-story office building in 1982 and has 86 feet of frontage on Broad Street and 26 feet of frontage of New Street. Gruzen & Partners were the original architects. The building is on an irregular plot and has setbacks on the 6th, 7th, and 12th floors on Broad Street and on the 12th floor on New Street.

A 24-foot-deep slice of the building will be removed from the 8th floor and above to comply with the city's "rear yard" requirements. The removed floor area and floor area available from complying with the city's "Quality Housing" regulations are being reconfigured at the top of the building, which will now be 30-stories in height.

Avinash K. Malhotra is the architect for the conversion and his other projects have included 2 Gold Street, The Elecktra, Bleecker Court Apartments, The Crest, and the Chelsea Mercantile Building.

40 Broad LLC, of which Asher, Joshua and Michael Roshanzamir, who are affiliated with Zamir Equities, are members, is the sponsor and acquired the building for about $64 million last year from Tishman Speyer Properties.

The offering plan on file with the New York State Attorney General's office indicates that the residential units have a total initial price of about $154,149,000.

Prices range from about $780,000 for a 526-square-foot studio to about $4,140,000 for a two-bedroom, three-bath penthouse with 2,933 square feet and a terrace.

The building has a recessed three-story entrance framed by bronze columns and a six-story base. The facade is punched masonry with pink granite and precast concrete.

The mid-block building is between Beaver Street and Exchange Place and near two other residential conversions of office buildings at 25 and 15 Broad Street.

Most of the apartments have 11-foot-four-inch ceilings and the five penthouses have 12-foot-high ceilings.

There are 20 storage bins available for purchase at $15,000 each.

There building has no balconies but two recreational terraces and there are six private terraces.

With Swig Burris Equities, Zamir Equities has recently acquired the 25-story, 340,000-square-foot office building at 44 Wall Street, the 36-story, 400,000-square foot 80 Broad Street and the 25-story, 318,000-square-foot 5 Hanover Square. It also acquired the 18-story office building at 132 West 31st Street in a joint venture with C & K Properties and it owns the 10-story office building at 587 Fifth Avenue.

A magazine advertisement for the project described the Setai New York as "the world's most privileged condominium club and spa experience" and notes that "The Setai began by bringing the Far East to South Beach" in Miami.
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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.