With the Robert A.M. Stern-designed Harrison popping up on the Upper West Side and all the Apthorp fuss happening just a couple blocks up, we've totally neglected the void left by the demolition of a pair of buildings at the corner of Broadway and West 76th Street right in the middle of all the action. Surely a Laureate deserves better! Yes indeed. Wait, what? Friends, The Laureate is the name of the SLCE-designed 18-story building coming to that corner. For now the plot is still a pit, but a tipster tells us "the developers claim the building will be completed in Fall of 2010." According to SLCE's writeup the building will have a limestone exterior, cast iron railing and 10' ceilings. Apartments will range from one to six bedrooms, and given the location and some of the new neighbors, we'll expect that it's going to take at least a couple Brinks truck stick-up jobs to get in on this.
Wired New York has been on the building's case for a while now, and the lively thread has all sorts of details, including a breakdown of amenities spaces (parking garage, roof deck, play room, etc.) and some armchair analysis. Don't go the 15 Central Park West route, one Wired contributor writes:
With a land acquisition cost of $111 million and 201,000 residential and 27,000 commercial, I get a cost of about $500/psf Net sale-able residential will probably be about 160,000 sq ft.
Construction costs are down. It's union, I believe, so depending on finishes, maybe $400/foot in hard costs. Could be lower. Not sure where construction bids stand right now.
Throw in soft costs, financing, sales and marketing, and break-even is anywhere from $1,100 ft (with lower hard cost construction) to $1,600 ft on the high-end. I read some place they're going for Leed which adds a bit too.
Remember, that would have to be an average and assumes they sell the commercial space.
Hopefully SLCE doesn't go with the Stern floorplans with the tiny rooms. A bit more scale is needed.
Although, given the successes of 15 CPW, the developers here would probably welcome any sort of comparison with the Limestone Jesus.
· Projects: Broadway & 76th Street [SLCE]
· Thread: The Laureate - 2150 Broadway [Wired New York]