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FiDi's Setai Wants Buyers to Forget About Midtown

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Ladies and gentlemen, welcome to Setai Week. Yesterday brought our most complete look yet at the Setai Fifth Avenue, the 60-story Midtown condo/hotel shooting for a November opening. But there's already a Setai?same brand, different developer?down in the Financial District, and it wants some attention, too! (Glamour shots in the gallery above.) The conversion of the former office tower at 40 Broad Street into a luxury apartment building with a resort vibe has had its ups (selling a penthouse for a FiDi record $7.82 million) and downs (buyer backouts! Lawsuits!) over the years. Now there's a new push to generate interest: Brokers and others partied in a Soucie Horner-designed model unit last night. So how's the building doing? Glad you asked.

According to reps, 40% of the 159-unit building is sold, and prices on the remaining apartments (studios through three-bedrooms ranging in size from 570 to 3,424 square feet) are priced from $730,000 to $4.95 million. There are also the monthly maintenance fees to take into account, no minor detail when a building has 44,000 square feet of amenities, including a full-service spa.

Though our initial read on the building was that it was a collection of pied-a-terres for wealthy out-of-towners (the original Setai is a South Beach hotel), reps say more than 50% of the sold units went to primary residence owners. As for the other chunk, it seems like they went to investors now offering many of their purchases as rentals. The amenities are all done except for building's big ballin' roof deck, called Aarias (check out the plan on the Setai website). There's also the building's high-end restaurant, SHO Shaun Hergatt, for when the munchies strike. Can the two Setais coexist in peace? Luckily they're different enough?tea lounge vs. ice cave!?that we don't think it'll come to pistols at dawn.
· The Setai [setainy.com]
· The Setai coverage [Curbed]

The Setai

40 Broad Street, New York, NY