Bulk Condo Sale in Flatiron Hits $71M
In Manhattan, developer Adellco has successfully completed the bulk sale of all 20 condominium units along with the commercial space at its office-to-residential conversion project, known as The Armorie, located at 114 East 25th Street. The buyer, identified as a private family office, purchased the property for $71 million, which is closely aligned with the project's original sellout target of $73 million. This family office was reportedly motivated by a desire to build a long-term portfolio of generational assets while maintaining a presence in the New York market. Construction is anticipated to wrap up in early 2026. The building, which previously functioned as a publishing house and later as a shared office space, has been transformed into a luxury condominium development following Adellco’s successful sellout at The Wales on the Upper East Side. While New York leads the nation in the pipeline for office-to-residential conversions, the sector has experienced mixed results—especially downtown, where some projects are grappling with unsold units and financing challenges.
EJS Group's Upper East Side Project Tops $190M in Sales
Uptown at 200 East 75th Street, EJS Group has now achieved $190 million in sales for its boutique 18-story condominium development. More than 70 percent of the 36 units are currently under contract, with anticipated closings set for this summer. Designed by Beyer Blinder Belle Architects, the project blends Upper East Side elegance with modern amenities, including a porte-cochère, a fireside lounge, a billiards room, a rooftop terrace with a kitchen, and a private cinema. Recent transactions include two penthouse sales totaling $41.7 million. A limited number of units remain available, including three full-floor penthouses featuring private terraces and direct elevator access. Prices for two-bedroom residences start at $3.375 million.
$275M Construction Loan Fuels Midtown Tower
In Midtown South, the long-awaited tower at 100 West 37th Street is finally progressing. The Sioni Group, along with partners Isaac and Eli Chetrit, has secured a $275 million construction loan for the planned 70-story cylindrical skyscraper. This project has been in development for nearly two decades and is expected to open in 2026. The tower will consist of 311 residential units, primarily rentals, a decision made by the developers as it "made better economic sense." Renderings show a unique design with a cylindrical shape and a champagne-colored glass exterior, setting it apart in the Garment District skyline. Real New York has been appointed as the exclusive brokerage for the building.
New Mixed-Use Building in Tribeca
Permits have been filed for a new nine-story mixed-use building at 88 Reade Street in Tribeca. The proposed 92-foot-tall development will include commercial space on the lower levels and 19 residential units above, with average unit sizes suggesting rentals. An estimated completion date has not yet been announced, and demolition permits have not been filed.
Ground Lease Bill Advances in Albany
A proposed bill in the state legislature could have major implications for co-ops located on leased land. The legislation seeks to cap annual ground lease increases at the greater of 3 percent or the Consumer Price Index and would allow shareholders to renew leases under the same terms for up to 30 years. Proponents argue the bill would protect long-time residents from sudden, unsustainable hikes—citing the case of Carnegie House, where lease resets could spike dues dramatically. Critics, including real estate industry groups and ground owners, say it amounts to unconstitutional interference in private contracts and could destabilize lending structures tied to these buildings. The bill passed the Senate Judiciary Committee but faces uncertainty in the Assembly.
Hamptons Market Heats Up
Out East, the Hamptons residential market is in full swing. Median home prices surpassed $2 million for the first time in Q1 2025, with a 13 percent year-over-year increase and a 16 percent jump from Q4. Sales volume surged 86 percent compared to last year. More than half of all Q1 deals closed in the $1–5 million range, suggesting buyers are increasingly comfortable using mortgages. Wall Street bonuses and a 10 percent rise in listing inventory helped fuel the activity. Notably, bidding wars have eased slightly—from 15 percent of deals last year to 11 percent now. Major recent listings include a Southampton estate priced near $40 million and a Water Mill home at just under $30 million.