Watch out, real estate world, because Glenwood Management is branching out, a.k.a. following the herd. The mega landlord, which operates 25 luxury rental buildings with more than 8,000 apartments around the city, is venturing into the whole new super-profitable world of condos, despite years of eschewing the volatility of buying and selling. Where are they doing it? On the Upper East Side, of course. Back in April, Glenwood picked up a four-story townhouse and an adjacent walkup at 60 East 86th Street. The Wall Street Journal reports that Glenwood's chief, 98-year-old Leonard Litwin, is veering from the track record of supertall high-end rental buildings that made him so successful and trying to tap into the market of the one-percenters?by erecting a 19-story building with just 15 units (13 full-floor and two triplexes), designed by Thomas Juul-Hanse of One57 interiors fame.
Why are they doing it? Coveted condos are setting price records at One57, 56 Leonard, and others, and because land is so damn expensive (for this deal specifically, $593/square foot), rentals aren't the most lucrative way to earn back one's expenditure. According to the WSJ, prices for these units will likely range from $7 million to $20 million.
· Rental Landlord Tries Supersizing With Condos [WSJ]
· Midtown Megarental Landlord Opens Latest 39th Street Tower [Curbed]
· All Glenwood Management coverage [Curbed]
?Photo via PropertyShark