Cheerland seeking $300M sellout at 287 PAS condo conversion

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 General’s office last month.

The state Real Estate Finance Bureau approved Cheerland’s 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 building’s 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 “storage” units, according to the condo offering plan. Representatives for Cheerland confirmed the filing, adding that the two commercial units specified are “not currently” expected to be for sale.

The developer’s 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