$204M Luxury Condo Tower Set for NYC Development

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April 25, 2006 By April Michelle Davis, Northeast Correspondent As another construction deal closes in Manhattan for LCOR Residential L.L.C. and a major West Coast pension fund, with financial advisory from The Singer and Bassuk Organization, LCOR Residential is set to build a 204-unit luxury condominium building at 101 West 24th Street (pictured). The 323,100-square-foot project has construction financed at $203.6 million. "We liked the idea of being the first large, full-service, luxury condominium project in a high-profile but underserved market," David Sigman, senior vice president of LCOR Residential, said. "Our layouts offer renters the opportunity to step up to a nicer environment at a reasonable cost and offer current owners in smaller coops prevalent in the Chelsea area the opportunity to step up to new space with full services." LCOR Residential purchased the original site, which was underdeveloped as a parking lot, along with the corner taxpayer parcel, and then added an inclusionary housing bonus and air rights. "Our overall average is around $300 per square foot compared with a market value for the site in the range of $420 per square foot," Sigman told CPN this afternoon. Construction is set to begin next week and will continue for 25 months. "In today's market, price is everything," Barak Dunayer, president of Barak Realty, said. "If they build a good building and price it well, they will be in good shape. If they had done this last year, they would have been better off."