Centaur Properties of which Henry Hay is a principal expects to begin construction by the end of the year on a six-story apartment building on the northwest corner of 16th Street and Eighth Avenue.

Mr. Hay told CityRealty.com today that the building is an "as-of-right" project that requires no public approvals and that it will contain about 50 units. He said a decision had not yet been made as to whether they will be rentals or condominiums. The project, he said, would be completed about a year after construction begins.

SCLE is the architect.

The building is across 16th Street from the mammoth, full block commercial building at 111 Eighth Avenue that was designed by Abbott, Merkt & Co., and Lusby Simpson as the Union Inland Terminal and which for many years was the headquarters of the Port of New York Authority that is known now as the Port Authority of New York and Jersey.

This is a prime Chelsea location convenient to many restaurants such as Buddakan, the Joyce Theater and the Ruben Museum and good public transportation.

The building has a 138-foot frontage on Eighth Avenue and 96 feet on 16th Street.

Earlier this year 16th and 8th LLC., whose address is in care of Centaur Properties, entered a 99-year lease with Almavi Eighth Avenue LLC, of which Vincent J. Ponte is a principal, for 131 Eighth Avenue.

Centaur was the developer of residential condominium conversion of a commercial building at 76 Madison Avenue, which Mr. Hay said should be ready for occupancy soon.

Andrew Anderson of Prudential Douglas Elliman told CityRealty.com today that the 76 Madison Avenue project is more than 90 percent sold.

Winnick Properties is handling the marketing of the retail space at 131 Eighth Avenue which will have 12,000 square feet with 16-foot-high ceilings on the ground floor and 10,000 square feet with 13-foot-high ceilings on the lower level and is expected to be available in the fall of 2007.