Sharif El-Gamal’s Soho Properties will ask an average of over $3k/SF for condo units in its residential tower at 45 Park Place, which hasn’t yet broken ground. That’s at least 13% above the average PSF ask for new condo product in Manhattan, according to Halstead Properties.
It’ll have at least 15 full-floor units. Originally, an Islamic center was planned for the site, a couple of blocks from the World Trade Center, but that plan got the ax after a political fracas broke out and spread across the country in 2010. The developer acquired the site in 2009 for $4.85M.
A $33M pre-construction financing package from Madison Realty Capital is in place, and ground’s set to break by the end of this year, with sales starting in 2016. Amenities include a 50-foot pool in the basement, concierge service and a high-ceilinged private lounge. [Bloomberg]
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