Our latest East Village mystery building wasn't a mystery for very long. On Friday we pointed out the progress on the eight-story, 36-unit building at 311 East 11th Street, the site of a former parking garage between First and Second Avenues. We said the project was in need of a name, and sure enough, it was identified by some tipsters as Village Green, a condo building shooting for LEED Gold certification that was written up in the current issue of The Real Deal. Over the weekend the site got some signage, pointing to a placeholder website. Here are the vitals, via TRD:
The eight-story condo will offer 36 residences with high-end finishes, mostly one-bedrooms — 10 with home offices — and two-bedrooms; six two-bed, two-bath penthouses; and four garden duplexes with backyards. The back gardens contain ivy-covered walls and plantings, all of which will be maintained with recycled rain water from a 1,000-gallon cistern, which saves on increasingly burdensome water and sewage costs. According to Richard Grossman, executive vice president of Downtown sales for Halstead, "$1,100 a foot sounds reasonable for a new development condo in the area. The East Village always had a built-in market," with a large proportion of sales coming from local renters moving up.
If developer Michael Namer does keep asking prices around that price, the building should sell, tough market aside. The nearby A Building, which Village Green shares something of a likeness with, sold at around $1,280/sf, though it did have the built-in drug-fueled rager appeal.
· Sticking to LEED in a down market [Real Deal]
· Construction Watch: EVill Building Gets a Face, Needs a Name [Curbed]