We are very focused in Manhattan, in core markets. Where would you like to see IGI-USA in the next few years?Ī. I have offers on the table for $1,200 a square foot for dirt - $1,200 was my ceiling for underwriting selling prices. You’re talking about land prices that we used to underwrite - the complete product is the same price they ask for land. The problem is, the prices are superexpensive.
I feel the need to build for the local buyer.Ī. People tend to build superluxury big units. There are hundreds of listings that are more than $7 million. Even at $2,000, you might say it’s an insane price, but it’s less insane in the absolute price.
I’m trying to attract the local buyers in a still-moderate price range, and moderate size-wise. You’re not going for the ultraluxury market, are you?Ī. Sales should begin in the spring - at $2,200, $2,300 a square foot, on average. That’s another condo development that’s also under construction. And the status of 155 West 18th Street?Ī. We created townhouses in that area because it’s a one-block street and we felt the character of the neighborhood is very cozy, very residential.
Igi usa full#
We also have full penthouses and three townhouses. We’re getting slightly north of $2,000 a square foot. It’s a ground-up, 31-unit condo development. We acquired it in 2012, changed the design. We’re marketing it as Hudson Square: It’s an up-and-coming enclave in SoHo. What’s the status of your project at 15 Renwick in SoHo?Ī. We released a unit, we increased prices, and the market picked up with that process. We saw a shift in the market during the sales process and we managed it very carefully. When we started to sell, it was $1,300 a square foot, and we ended the sales at $2,000. In terms of dollar per square foot, it’s between $2,700 and $3,000. They range in absolute price between $7 million and $9.5 million. What are the penthouses at 93 Worth going for?Ī. We’re left with three penthouses and one regular unit. We sold out 95 percent, which is 87 units out of 92. This is the first project as IGI-USA 93 Worth was a condo conversion, an office building 80 percent occupied by the New York City Department of Health and some law firms.
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