The marketing push is underway for 50 Clinton St., the high-end apartment building that will soon start rising where acclaimed restaurant wd-50 is operating for another few weeks. The site was sold for $28 million last month to DHA Capital, which plans a 38-unit project with ground floor retail. The Daily News reported this morning:
In a hot real-estate market characterized by the sales of giant palatial penthouses, some developers are starting to think small. Development company DHA Capital is bucking the trend toward family-size apartments in favor of building mostly one- and two-bedroom pads targeted at entry-level buyers and young professionals.
These “entry level” buyers will be paying nearly $1 million for undersized one-bedroom apartments. The units will measure around 600 square feet. Real Estate Weekly notes that 2-bedrooms will run about $2 million and 3-bedroom units will be priced at $3 million. Interiors will be designed by Paris Forino, who explained, “”this building will bring chic, glamour and refinement to the Lower East Side while keeping the industrial edge and warmth that people love about the neighborhood.”
Broker/reality television star Fredrik Eklund boasted on his instagram feed:
It’s a good day when you have a $28M closing…. I sold this 37-apartment building site between two developers of mine, which ensures I get to finish the $80M+ sell-out in the Spring of 2015.
On wd-50’s website, there’s a countdown indicator — 50 days left to experience Wylie Dufresne’s groundbreaking cuisine. Last year, several other businesses vacated 50-62 Clinton St. One shop, Rothstein’s Hardware, relocated to Ridge Street.
i really hope that the lower east side busts like Revel in AC and all these greedy bastards lose money ………
gentrification….good for the rich …bad for the poor…smfh