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The

Royale

188 East 64th Street

New York, NY 

THE STORY:

Turned an entire block front in a very desirable neighborhood on the Upper East Side into a 205-unit luxury condominium with an underground supermarket and a 17,000 sq. ft. parking garage.   

205 RESIDENCES

BUILT 1985

42 STORIES

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KEY DETAILS

  • Total Cost: $80 Million

  • Total Gross Sq Ft: 257,000

USES:

  • 215,000 sq. ft. of luxury condominiums 

  • 25,000 sq. ft. of retail

  • 17,000 sq. ft of parking below grade 

AMENITIES:

  • Landscaped plaza, fitness center, health club, parking, resident storage, underground supermarket in-building

  • Floor-to-ceiling windows and large wraparound terraces with panoramic views of the city, river and Central Park

  • Lavish finishes including granite kitchen countertops and stainless steel appliances

PROJECT CHALLENGES

  • Property encumbered by occupied tenement buildings with rent control and rent stabilized tenants.

  • To proceed with the development, 62 existing residential tenants had to be relocated, along with 10 retail tenants.

  • The economic feasibility depended on the ability to identify additional sources of income beyond the residential sales.

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OUR SOLUTION

  • Successfully vacated the buildings within four months of the acquisition through negotiated buyouts and relocations of existing tenants.

  • Created additional revenue streams by locating a major supermarket retailer below grade and negotiating a long-term lease with a bank for the second floor retail space. Both original tenants are still there today. 

  • Condominiums sold out at record prices.

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