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Greenwich Lane Condos Rush Into Contract At (High!) Asks

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The years of drama about losing St. Vincent's Hospital to a residential conversion seem like a distant memory now that developers report that the many, many condos in the multi-part Greenwich Lane development are selling like hotcakes. Get ready for these stats. The Journal reports that 87 units (out of a total of 200) have gone into contract since sales began in October. Apartments—well, the project includes five townhouses, too—have an average list price of $8.8 million and, reps say, have been selling close to their asks at their asking prices (even crazier!). Listings rolled out slowly, but there's still a lot of them; availability is neatly laid out on the official site and StreetEasy. Buyers aren't Russian or Chinese whales, either.

James Lansill, a senior managing director at the Corcoran Sunshine Marketing Group, said that 95% of the buyers at Greenwich Lane are New Yorkers, including many buyers from the Village who have waited for years for a chance to buy. Since October the condo sales amounted to 44% of the total condo units available, though the total includes nine apartments in contract to members of the Rudin and Ofer families. Even last week, during a typically slow pre-Christmas period, five contracts were signed, he said. In the five buildings clustered around a handsome-looking central courtyard, the sales thus far average about $3,500 per square foot, which is, well, very high in a neighborhood where the median price per square foot for properties on the market right now is $1,865. Some other news: a penthouse (of which there are circa 18 in the whole project) is due to hit the market soon priced at $45 million. The Rudins must be especially merry this holiday season.

For more, check out previously unveiled renderings and lots of floorplans.
· Condos Sell Fast at St. Vincent's Site [WSJ]
· Greenwich Lane Unveils Tons Of Units, Townhouse, $29M PH [Curbed]
· First Listings Appear at The Greenwich Lane, Starting at $5.33M [Curbed]
· The Greenwich Lane Unveils New Renderings on Eve of Launch [Curbed]
· All Greenwich Lane coverage [Curbed]