The_Richmond_edited.jpg

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

364787030_edited.jpg
363496118_edited.jpg

KEY DETAILS

Total Cost: $40 Million

Total Gross Sq Ft: 250,000

USES:

  • 210,000 sq. ft of luxury condominiums

  • 15,000 sq. ft. of retail

  • 15,000 sq. ft of professional offices

  • 10,000 sq. ft of storage

AMENITIES:

  • 4,000 sq. ft landscaped recreational terrace on the 18th floor

  • Sun deck on 3rd floor

  • Resident storage

PROJECT CHALLENGES

  • Configuration of the existing footprint was not conducive to the construction of residential housing and required an innovative solution for the development to work.

  • Existing facility already had more square footage than was allowable under the current zoning.

  • Real estate development market was non-existent following the crash of the early 90’s.

352724541.jpg
373772205_edited.jpg

OUR SOLUTION

  • Divided property into 2 sections, creating a separate residential and a separate retail condominium. 

  • 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. 

  • 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.

  • Worked within the existing building code to re-use the existing non-compliant development rights by leaving 20% of the building intact during construction.

  • Condominiums were 100% sold during construction.

unnamed_edited.jpg
189826941_edited.jpg