Features
Rogers Partners has taken on the challenge of designing the new modern addition and residential conversion for the historic United Charities Building at 287 Park Avenue South. Originally built in 1892, the landmarked nine-story Renaissance Revival-style building currently tops out at 132 feet and comprises 87,000 square feet, but will receive a complete renovation and a 9-story addition, resulting in a 233-foot-tall structure with 115,000 square feet.
"It is not just a modern building on top of an old building, but a perfect joining of the two.”
According to Rogers Partners, the new design will be a thoughtful union of new and old. The firm's project page explains its process for design: “Picking up on the rhythm, depth, and pattern of the existing building fabric, the new intervention has a confident elegance which translates from the exterior of the addition to the interior of all the spaces. It is not just a modern building on top of an old building, but a perfect joining of the two.”
The multifamily building will ultimately comprise 40 residential units (likely condos), as well as two commercial units and a restaurant on the ground floor. Permits filed with the Department of Buildings reveal plans for a fitness center, a laundry room, a pool, a children’s playroom, a library, a lounge, a mail room, a package room, private storage, bicycle storage, and an elevator. Chinese development firm CL Investment is expecting a sellout of $300.2 million, with units going for an average of $7+ million. The firm purchased the site, with the intention of a conversion, in the fall of 2014 for $129 million.
The residential conversion will join other new developments in the neighborhood, including the two-building condo conversion at 88 Lexington Avenue and 90 Lexington Avenue, where average prices per square foot are currently $2,069 and $2,077, respectively. In all of Gramercy, there are currently 82 condos for sale that are not in-contact, with a median price of $2,117,500 or $1,788 per square foot. The average closing price for a condo in CityRealty's most recent market report is $1,804 per square foot, up slightly from last October’s average closing price of $1,794 per square foot.
Additional Info About the Building
Contributing Writer
Katy Cornell
Katy Cornell is a Long Island native with a passion for writing about real estate in the big city. She recently graduated from the University of Virginia with a BA in English and is a frequent contributor to CityRealty's Market Insight and NYC real estate blog 6sqft.
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