[chris08876]

Originally Posted by chris08876

433 First Avenue


50 Clinton Street



Details:

1) 7 stories
2) Lower East Side

Update:

Lower East Side development will offer smaller units

A 37-unit residential development is coming to 50 Clinton Street. DHA Capital, developing a property on the Lower East Side, will be offering mostly one- and two- bedroom units in its new building, targeting first-time buyers and young professionals, according to the New York Daily News. DHA bought 50 Clinton Street from Icon Realty Management for $28 million. DHA’s project at 50 Clinton Street, the project for which restaurant wd~50 will have to relocate, will have bedroom apartments in the $1 million price range, far below Manhattan’s average sales price of $3.25 million for a unit in a new development. On a per square footage basis, however, these units are about as expensive as larger units. The property will also include a three-bedroom penthouse for $3 million. “The project’s defining elements are its smaller-sized units and moderate price points, all without compromising on design or quality,” said Dan Hollander, managing principal of DHA Capital, in a statement.

“We expect demand to be very strong for this product, which is basically absent from the current marketplace,” Josh Schuster, Principal of DHA Capital said.

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October 10, 2014
http://therealdeal.com/blog/2014/10/....KTQu0ibh.dpuf