Sheldon Solow’s 685 First Avenue is projecting a $551 million sellout according to an approved offering plan recently submitted to the Attorney General’s office. First unearthed by The Real Deal, the filing says the tower will have 148 for-sale units that pencil out to an average of $3.7 million a pop. The minimalistic 42-story building topped out last fall and is now fully enclosed in a smooth and sultry black façade. The tower is being designed by the Pritzker Prize-winning architect Richard Meier who is best known for his use of white, but at the request of Solow, is adding this black sheep to his portfolio.
There will be a total of 556 apartments inside with the condos perched high on floors 27-42. The open layouts are to evoke converted downtown industrial spaces and the dark-colored floor-to-ceiling glazing is to offer residents privacy while giving the building a uniform appearance. Meier has four NYC condos under his belt, 173 Perry, 176 Perry, 165 Charles, and On Prospect Park, all of which have gradually increased in value and has garnered celebrities such as Ken Burns, Calvin Klein, Martha Stewart, Jim Carrey and Hugh Jackman to name a few. Meier is currently behind the design of another rental-condo hybrid called One Waterline Square, underway on the Upper West Side.
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Rendering created by Bloomimages.de
685 First rises between East 40th and 41st Street at the cusp of Murray Hill and Turtle Bay. The tower is very close to the United Nations and many of its consulates and just east of Tudor City. New modern condos are rare in the immediate area, but closings within the trio of 1980s towers: The Horizon, Manhattan Place, and The Corinthian now come in between $1,200 and $1,500 a foot. However, prices at 685 First may end up being more in line with 50 United Nations Plaza and Trump World Tower which have listings asking well north of $2,000 a foot.
Sales at 685 are imminent now that the offering plan has been approved and closings are expected to begin late this year. Below the condos will be 408 high-end rentals and a lavish amenity package that includes a 70-foot indoor swimming pool, fitness center, children’s playroom, game room, private dining room, and lounge.
Rendering credit: Binyan Studios
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