Bill Rudin & Eyal Ofer Developing $2 billion Condominium Conversion Project In West Village

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 "The Lew Rudin Way" At The 5th Annual TFF

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Some superb renderings have just been released by the developers of the new, 200 unit, super luxury condominium conversion project in the West Village in New York, which is being constructed on the site of the old St. Vincent Hospital. The new development is called Greenwich Lane after an old name for Greenwich Avenue, which runs close by. The development itself runs between 11th and 12th Street at Seventh Avenue.

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With many of the units now already sold, these new renderings are undoubtedly a marketing lure to attract the final buyers to close out the project. It is these final sales which will now represent the profit for the building once the last units are sold, and they constitute a very attractive lure at that.

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While the hospital has now already been totally demolished, the shells of five large period brick buildings around it have been retained which, together with five new single family townhomes, will frame a courtyard around a large private internal garden, for communal use by the condominium owners.

Such a courtyard arrangement with internal garden is a very typical architectural design plan you can frequently see in certain parts of the west end of London, for example. It is one that is efficient in the use of space as well. In New York City however it remains very much a novelty – but one that doubtless now has helped sell units here.

(L-R) Bill Rudin and Eyal Ofer

The developers of the project, which covers 750, 000 square gross square feet, are the Rudin family, led by Bill Rudin who today is Vice Chairman and CEO of Rudin Management, representing the current generation of his family, together with Eyal Ofer’s Global Holdings which likes to invest in signature trophy properties.

(L-R) Bill Rudin and Eyal Ofer

New York firm FXFOWLE are the architects and the project should be complete and ready for occupancy in 2016. Famous interior designer Thomas O’Brien, once selected by Ralph Lauren to create the interior of his own house, will design the interior spaces.

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As the project gradually took form, the Rudins were initially a little coy about pricing especially during the financial crisis New York has just emerged from. But, with the radical escalation in prices of luxury apartments in 2013 all over Manhattan they undoubtedly raised their sights and have likely been selling at current inflated prices without any qualms.

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A quick visit to the Corcoran web site, who are the marketing agents for the condominiums, shows 20 or so apartments can still be had, with asking prices for remaining “normal” sized units at around US$3, 000 per square foot +/- 10%. If that should also be the average price per square foot for the whole project, then its total revenues would come into the ball park at somewhere around US$2.2 billion, likely much more than originally conceived. When the developers first pitched the idea of knocking down the old hospital a few years ago there was also major controversy. But, as the project is now going up, enthusiasm seems to have won the day in the neighbourhood.

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