The conversion of the former Cabrini Medical Center into "posh" condos by Chetrit is well underway. While the teaser site for the four-building development spouts off some fierce lingo about the 223 apartments, their pricing has been largely hush-hush until now. But word from a tipster confirms that these apartments will indeed be "posh," if "posh" is code for "many millions of dollars." Apartments throughout the four buildings, redubbed Gramercy Square, were previously rumored to start at $1.3 million, but a Schedule A for the development says apartments will start at a lowly $885,000 (although that price point is an outlier and is limited to just two apartments. The second least pricey apartments in the development are asking $1.2 million.)
Asks for the 140 apartments in the largest of the buildings at 215 East 19th Street will start at $1.2 million for a 640-square-foot studio and top with the conversion's most expensive apartment, a 7,120-square-foot penthouse with 5,380 square feet of outdoor space that will ask $33 million.
The eight full-floor apartments in the ground-ip development at 220 East 20th Street will start at $5.4 million for a 2,247-square-foot three-bedroom, three bathroom unit and peak at $8.25 million for an eighth-floor penthouse, a 3,528-square-foot three-bedroom, four-bathroom apartment with a 2,503-square-foot terrace.
The 54 apartments at 225 East 19th Street will range from $885,000 for a 543-square foot studio to $7.5 million for its 2,684-square-foot penthouse A, which will have 1,432-square-feet of outdoor space as well as three bedrooms, three full bathrooms, and one half bathroom.
Lastly, the 54-apartment building at 230 East 20th Street will have asks starting at $1.3 million for a 638-square-foot one-bedroom apartment with a 64 square foot terrace and peaking at $11.95 million for a four-bedroom, four-bathroom penthouse with 4,495 square feet of interior space and a 2,697 square foot terrace.
In all, Cabrini's looking to sell the 346,000 square feet-worth of apartments for a whopping $754 million. That's a pretty penny, considering they picked it up from Memorial Sloan-Kettering for $150 million. The studio to four-bedroom condos are supposed to hit the market this summer, and the pricing reveal makes it seem like the project is right on track.