The
Richmond
201 East 80th Street
New York, NY
THE STORY:
Turned a foreclosed warehouse property in a prime location on the Upper East Side into a 101-unit, full-service, luxury high-rise condominium.
101 RESIDENCES
BUILT 1997
25 STORIES
KEY DETAILS
Total Cost: $40 Million
Total Gross Sq Ft: 250,000
USES:
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210,000 sq. ft of luxury condominiums
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15,000 sq. ft. of retail
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15,000 sq. ft of professional offices
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10,000 sq. ft of storage
AMENITIES:
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4,000 sq. ft landscaped recreational terrace on the 18th floor
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Sun deck on 3rd floor
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Resident storage
PROJECT CHALLENGES
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Configuration of the existing footprint was not conducive to the construction of residential housing and required an innovative solution for the development to work.
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Existing facility already had more square footage than was allowable under the current zoning.
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Real estate development market was non-existent following the crash of the early 90’s.
OUR SOLUTION
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Divided property into 2 sections, creating a separate residential and a separate retail condominium.
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Sold the retail condominium (basement, ground floor and second floor medical space), which represented 10% of total square footage to Fortune 500 Company for 50% of total acquisition cost.
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Addressed issues relating to the property’s design configuration by creating an atrium in the center space that provided the necessary light and air for interior apartments. Relocated the 40,000 square feet that was derived from creating the center atrium to the top of the building, creating 8 penthouse units.
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Worked within the existing building code to re-use the existing non-compliant development rights by leaving 20% of the building intact during construction.
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Condominiums were 100% sold during construction.
