A Monetary District condominium improvement with a turbulent history has quietly modified palms, with its items now hitting the market as luxurious leases
Grand Rapids, Michigan-based Eenhorn scooped up the 62-unit constructing at 1 Park Row in for $93 million, a supply with data of the deal stated. The vendor was an entity tied to Circle F Capital.
The developer exited the mission a 12 months after launching sales on the 23-story constructing. The condos had been being marketed by Serhant, with costs beginning at $850,000 for a studio. A number of of the items had been beneath contract when Eenhorn, an actual property funding and administration firm, stepped in to amass the complete slate in January.
Corcoran Sunshine Advertising and marketing Group’s Beth Fisher represented the vendor within the deal. Brown Harris Stevens’ Lisa Simonsen represented the customer. Neither may instantly be reached for remark. Circle F and Eenhorn didn’t instantly reply to requests for remark.
The sale got here 18 months after Circle F secured a $50 million loan from 3650 REIT for the completion of the event on the former web site of the electronics retailer J&R Music and Laptop World.
The mission had already been a decade within the making. J & R shut down in 2014 and house owners Joe and Rachelle Friedman initially deliberate to rebuild the storefront into an “unprecedented retailing idea and social mecca,” Gothamist reported at the time.
Plans had been ultimately filed for a building with 63 apartments, three flooring of workplace house and ground-floor retail. Circle F emerged because the developer and Parkview Monetary supplied a $90 million construction loan in 2021.
However the mission bumped into bother. Circle F sued the development supervisor in 2023, alleging a subcontractor’s errors led to colossal points and delays. That lawsuit was ultimately settled and discontinued and building was accomplished on the finish of 2024.
The items have a mean measurement of about 1,000 sq. ft. The constructing additionally has a 3,300-square-foot duplex penthouse, health heart, backyard terrace and lounge. The four-bedroom penthouse is listed for rent on Zillow at $50,000 per 30 days. Studios begin at $4,800 per 30 days, one-bedrooms vary from $8,950 to $10,200 per 30 days, two-bedrooms begin at $12,350 and three-bedrooms begin at $19,500 per 30 days.
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Architecture And Design
New York
Here’s what 1 Park Row in the Financial District will look like
