Located on the border of two of downtown’s best neighborhoods, SoHo and TriBeCa, and within strolling distance to the Hudson River, Renwick Street is an anomaly: An under-developed and practically unknown block surrounded by some of the most expensive and in-demand real estate in New York City. Some big plans for 15 Renwick Street dissolved when the economy soured, but now that the high-end market is soaring again in Manhattan, a comeback is in the cards. The Real Deal reports today that New York-based residential real estate firm Izaki Group Investments has taken control of the development site, and has tapped CORE to head sales and marketing at the property. (The two are already working together on the condo conversion of TriBeCa’s 93 Worth Street.)
A boutique condominium development will break ground this fall, and CORE CEO Shaun Osher added, “We are very excited to be working on another project with IGI on one of the last remaining undeveloped lots in this exciting neighborhood.” We’ll have more details on 15 Renwick Street in the months ahead.
New residential developments are what everybody is talking about in the New York City real estate world these days, and Crain’s just let word slip of one of the newest: 93 Worth Street (right), a 13-story former office building that was just purchased for nearly $50 million by the Izaki Group. The 165,000-square-foot building will be converted into 92 apartments to be sold and marketed by CORE. Built in 1924, the vintage-looking 93 Worth Street is located along a booming stretch of Broadway in TriBeCa, the downtown Manhattan neighborhood that has become synonymous with converted loft residences and the celebrities who love them.
CORE executive vice president Doron Zwickel told Crain’s that apartments will range from studios to four-bedrooms, and be priced from $1,250 per square foot to $2,000 per square foot. “The prices will be in line with other residential developments in the neighborhood,” he added. “We will be competitive and aggressive.” Amenities at 93 Worth Street will include a gym, children’s playroom, residents’ lounge and 3,845-square-foot roof deck, but renovations have yet to begin, so this one’s still a bit in the future. And based on what we know about new Manhattan development heading forward, that future is looking more and more bright.