Chinese development firm Cheerland Investments is seeking a $300.2 million sellout at its condominiu
287 Park Avenue South near Gramercy Park
Chinese development firm Cheerland Investments is seeking a $300.2 million sellout at its condominium conversion of the United Charities Building at 287 Park Avenue South, according to a condo offering plan approved by the state Attorney Generalās office last month.
The state Real Estate Finance Bureau approved Cheerlandās offering plan for 287 Park Avenue South on Feb. 12, meaning the developer is now able to launch sales at the property near Gramercy Park.
Cheerland is seeking an average unit price in excess of $7 million for condos at its first New York City project, per the offering plan, with one of the buildingās penthouses understood to be asking $17.5 million. Residential brokerage Compass is marketing the apartments.
The 40-unit condo building will also include two commercial units and 40 āstorageā units, according to the condo offering plan. Representatives for Cheerland confirmed the filing, adding that the two commercial units specified are ānot currentlyā expected to be for sale.
The developerās extensive residential conversion of the office property will include a gut renovation and an eight-story addition, which will take the nine-story building up to 17 floors. The 87,000-square-foot property will also be expanded to span 115,000 square feet.
A restaurant is set to occupy the first floor of the property, while tenant amenities will include a swimming pool, fitness center and an outdoor roof terrace, according to a Department of Buildings permit application for 287 Park Avenue South.
Cheerland acquired the historic, 19th-century building, located on a stretch of Park Avenue South once known as Charity Row, for $128 million in August 2014. A number of nonprofit charities operating under the United Charities umbrella put the property on the market in March of that year.
Source: The Real Deal
About the Author
Some Related Posts
-
October 27, 2023Affordable Housing: America’s Next Pandemic
The echoes of Americaās housing crisis are growing louder, its impact rea -
September 12, 2023How Do Real Estate Cap Rates Fluctuate During Times of High Inflation?
Inflation, the general increase in prices of goods and services, can have a -
August 3, 2023Institutional Investors are Buying Up Affordable Housing. Are They Onto Something?
Recently, there has been a noticeable trend in the real estate market with -
June 6, 202310 Remarkable Black Real Estate Magnates from the 19th Century Who You Need to Know
The history of real estate in the United States is often dominated by stori -
February 2, 2022What Does Higher Interest Rates Mean for the CRE Market
Every business is created and commissioned with one of its sole aims of bei
