Thursday, December 1 2022

Mark Moskowitz of Argo Real Estate 64 University Place (Argo Real Estate, Bsafal)

UPDATE, November 15, 2022, 3:15 p.m.: Argo Real Estate sold nearly all of its units in a new Greenwich Village condominium building in 10 days as Manhattan’s luxury market surged to end a busy year.

Argo’s ongoing project at 64 University Place has seen 24 of its 28 units sold in recent weeks, The Wall Street Journal reported. Condo sales were by word of mouth, instead of typical blitz marketing.

The average unit sold for $3.5 million, or about $3,000 per square foot. That’s slightly above the recent average in the luxury condo market, which has been running at $2,800 per square foot over the past four months, according to Donna Olshan of Olshan Realty. The development team achieved total revenue of nearly $100 million.

Fredrik Eklund and John Gomes of Douglas Elliman are not only brokers of the building, but also buyers of their own two-bedroom units.

Despite the challenges of a struggling stock market and rising interest rates, Olshan said 2022 is on track to be the borough’s third-best year for luxury sales in the past decade. .

“It’s shaping up to be a really good year,” Olshan told the outlet. “There’s a pretty deep pool of wealthy people who have made a lot of money over the last 10 years.”

Last week, asking prices for luxury homes — $4 million or more — that were contracted totaled $219 million, doubling the previous week’s total. As of 24h, the week saw 10 more transactions than the previous period, according to Olshan Realty.

Argo and Bsafal acquired the Greenwich Village property from Bernard-Charles in 2019 for $30 million. It took time for the condo project to get off the ground due to permit issues and the pandemic, but work finally began with the help of an $82 million construction loan from Fortress Investment Group.

KPF designed the building, while Danish company Space Copenhagen designed the interiors. Construction of the 13-story building is expected to be completed in early 2024.

This article has been updated to include real estate brokers.

—Holden Walter-Warner


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