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Development Du Jour: The Setai

Location: 40 Broad Street, Financial District
Size: 167 condos in a converted 30-story office building
Prices: $650,000-$6.75 million
Developer: Zamir Equities and the Setai Group
Sales & Marketing: The Marketing Directors
Expected opening: Summer '07
Lowdown: Scoring some ink in the Times today, the Setai is the latest luxury property being developed in the too-hot-to-handle FiDi. It's also the latest luxury property doing that tired zen meditation/spa palace/relaxed metropolitan life thing seen everywhere from Miraval Living to the failed Sundari. This one is way more over the top, thanks in no small part to the developers' South Beach pedigree. The Setai Group envisions many of these units serving as pied-à-terres, and what a weekend home they'll be! In addition to the private club, featuring a spa, restaurant, wine cellar, gym and all that fun stuff, there's a crazy elaborate roof setup, called Aarais (above). Up there you've got cabanas, a glass-enclosed library/lounge complete with fireplace, whirlpools, a grill, more lounge space and, yup, a pond. Genius.
· Breaking Ground [NYT]
· Marketing starts for Setai New York condos at 40 Broad Street [CityRealty]
· The Setai [Official Site]