The sad, foreclosed Flatotel that Joseph Chetrit and David Bistricer snatched up last year for $180 million was destined for condos. Here now, the very first look at a rendering (left, click for big) and details for 135 West 52nd Street, whose teaser site just went live. Chetrit Group and Bistricer's Clipper Equity have tapped all-stars CetraRuddy to perform an extreme makeover on the 47-story building, inserting 109 apartments that will range from one to four bedrooms. Five "spectacular penthouses" are planned, plus 12,000 square feet of amenities packed into a residents' club. Cool feature alert: the development team has hired French lighting guru Thierry Dreyfus to design a "prominent and permanent" installation for the facade. Lest we envision some kind of blinding Times Square-style LED screen, Dreyfus has been trusted to light up Versailles, Notre Dame, this haunted mansion in Istanbul, plus runway shows for the likes of Helmut Lang and Jil Sander. So odds are won't be garish. The hotel-to-condo conversion project has been estimated to cost $250 million. It's coming soon, too: sales will launch this spring.
· 135W52 [official]
· Chetrit, Bistricer pay $180M for Flatotel [TRD]
· Chetrit, Clipper Land $115M in Financing for NYC Flatotel Project [CP Executive]