Thursday, 7 July 2016

Upper West Side Parking Garage Turned Co-op Seeks $250M Sellout

Developers of The Chamberlain project selling all of its 39 apartment units

The developers behind the former parking garage at 269 West 87th Street, now being converted into The Chamberlain, are projecting a $205 million sellout of its 39 apartments within the building, reports the Real Deal. The project’s offering plan has been accepted by the Attorney General and now has the green light to launch sales.

The projected sellout amount would mean that the average price of the apartments will be around the $5 million mark for each one. The FXFOWLE-developed building is offering two- to five-bedroom apartments, three penthouses and will include building amenities like a resident’s lounge, fitness center, children’s playroom, and a private central garden. There will also be townhouses up for grabs as well.

The apartments at the Chamberlain are being touted as "condops," co-ops with more of a condo-like feel, since they aren’t true condos given that the building itself is being constructed on land leased by Simon Baron Development and Quadrum Global for 99 years.

Once construction is complete, the build will stand at 17 stories high and sales are expected to launch some time this summer.


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