First Riverside Center condo complex on the Upper West Side is a hit
August 20, 2015
First Riverside Center condo complex on the Upper West Side is a hit Some 40% of the 246 condo units at One West End are sold in 60 days, developers Elad and Silverstein announce. By Joe Anuta
The first luxury condominiums up for grabs in the long-planned Riverside Center on the Upper West Side are selling at a rapid clip—41% of the units at One West End have been sold in less than two months, developers of the 42-story tower announced Thursday. The building, located at the corner of West End Avenue and West 59th Street, is being developed by a partnership between Elad Group and Silverstein Properties. It is the second apartment tower, the first is a rental, to rise at the waterfront parcel known as Riverside Center.
"We haven’t negotiated at all," said Samantha Sax, an executive for Elad, who noted none of the units have sold for less than asking price. Located between West 59th and West 61st streets, Riverside Center is the final piece of the larger Riverside South neighborhood—a piece of land along the Hudson River that was historically a 76acre rail yard, but was rezoned in 1992 for residential development and a park. After launching sales less than 60 days ago, the duo has closed on 100 of the 264 condos in the Pelli Clarke Pelli Architects-designed building at an average of about $2,100 per-square-foot, according to the developers. One West End, which is slated for completion in 2017, will feature luxury amenities including a cantilevered swimming pool in addition to a food market, of which details are still forthcoming. "A substantial percentage [of buyers] are from the neighborhood," said Silverstein’s Robert Vecsler. The project will also contain 116 affordable-rental units accessible through a separate lobby from the condo owners, which critics have condemned as a 'poor door.' The often controversial Riverside South rezoning has resulted in a row of gleaming apartment towers along the Henry Hudson Parkway above Riverside Park in the decades since Donald Trump first floated preliminary plans for it in 1984. But by 2005, there was still an undeveloped portion at the southern end. Extell Development purchased that swath from Mr. Trump's successors and rezoned an eight-acre section that became Riverside Center. However, before sticking a shovel into the ground, it sold the parcel for One West End to Elad and Silverstein, and a neighboring site to the Dermot Company, which is erecting a 616-unit rental building that includes a school. Three other buildings are also envisioned for the riverside complex, which will eventually house ground-floor retail and public open space.
First Riverside Center condo complex on the Upper West Side is a hit Some 40% of the 246 condo units at One West End are sold in 60 days, developers Elad and Silverstein announce. By Joe Anuta
The first luxury condominiums up for grabs in the long-planned Riverside Center on the Upper West Side are selling at a rapid clip—41% of the units at One West End have been sold in less than two months, developers of the 42-story tower announced Thursday. The building, located at the corner of West End Avenue and West 59th Street, is being developed by a partnership between Elad Group and Silverstein Properties. It is the second apartment tower, the first is a rental, to rise at the waterfront parcel known as Riverside Center.
"We haven’t negotiated at all," said Samantha Sax, an executive for Elad, who noted none of the units have sold for less than asking price. Located between West 59th and West 61st streets, Riverside Center is the final piece of the larger Riverside South neighborhood—a piece of land along the Hudson River that was historically a 76acre rail yard, but was rezoned in 1992 for residential development and a park. After launching sales less than 60 days ago, the duo has closed on 100 of the 264 condos in the Pelli Clarke Pelli Architects-designed building at an average of about $2,100 per-square-foot, according to the developers. One West End, which is slated for completion in 2017, will feature luxury amenities including a cantilevered swimming pool in addition to a food market, of which details are still forthcoming. "A substantial percentage [of buyers] are from the neighborhood," said Silverstein’s Robert Vecsler. The project will also contain 116 affordable-rental units accessible through a separate lobby from the condo owners, which critics have condemned as a 'poor door.' The often controversial Riverside South rezoning has resulted in a row of gleaming apartment towers along the Henry Hudson Parkway above Riverside Park in the decades since Donald Trump first floated preliminary plans for it in 1984. But by 2005, there was still an undeveloped portion at the southern end. Extell Development purchased that swath from Mr. Trump's successors and rezoned an eight-acre section that became Riverside Center. However, before sticking a shovel into the ground, it sold the parcel for One West End to Elad and Silverstein, and a neighboring site to the Dermot Company, which is erecting a 616-unit rental building that includes a school. Three other buildings are also envisioned for the riverside complex, which will eventually house ground-floor retail and public open space.
