In July of 2014, developer HFZ Capital snatched up four pretty major rental buildings across Manhattan and announced it would turn them into condosones with "more approachable prices" since conversions are cost-effective than buying development sites and launching new-construction projects. (Related would probably agree.) Interior views of and pricing for one of HFZ's multitude of conversions, on 53rd Street and Eighth Avenue, have already been revealed. Did you know that a "lower-priced condo" in Midtown costs at least $1.1 million? Well, it does. Another rental-to-condo conversion on Lexington Avenue in the 20s will inexplicably be chock-full of penthouses that start at $1.84 million. So it shouldn't be surprising that HFZ's latest conversion, The Astor on Broadway between 75th and 76th streets, will sport approachable prices that perhaps are only approachable if you believe all things are relative and the universe is unfolding as it should.
According to the development's teaser site, which just launched today, The Astor's 212 units are getting made over into about 100 one- through five-bedroom condos, with the lowest pricing in the $1 to $3 million range and the most expensive being $10 million-plus. Pembroke & Ives is handling the design side, says HFZ Capital's website, which involves a "down-to-the-studs renovation" that will combine what were previously three buildings into one. Here's some developer-babble:
The completed building will have three separate wings, spaced apart by large bays, infusing each home with natural light. A restored mosaic and stone carved detailed lobby, accented by a curated modern art collection and attended by a twenty-four hour concierge ... Expansive layouts will be spacious enough to be considered "horizontal townhouses." .. Wood-burning fireplaces, molded and beamed ceilings, built-in window seats and signature fixtures will be elevated by a state-of-the-art detailed renovation that will include open family kitchens, generously proportioned baths, and oversized master closets designed for today. Amenities include a gym, kids' playroom, and private "viewing" park overlooking Broadway. (Viewing is code for "you can't use it.")
Asking prices that are approachable today would probably scare to death folks from 1901, which is when the block-long prewar was originally constructed. Well, wait, it was also built by William Waldorf Astor, son of John Jacob Astor (the second) who built the original Waldorf Astoria hotel; classiness-wise, it's in the same class as the Apthorp and the Ansonia. So maybe he'd say, "Hey, the grand tradition of luxury and exorbitant expenses continues!"
· The Astor [official]
· The Astor [HFZ Capital]
· Four More Manhattan Rental Buildings Could Become Condos [Curbed]
· All Astor coverage [Curbed]