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'Ground Zero Mosque' Will Soon Become Expensive Condos

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The hubbub over the so-called "Ground Zero mosque" has died down a bit in the five years since the story dominated every second of the New York City summer news cycle, but developer Sharif El-Gamal has been busy making moves on Park Place. Now, new details have emerged about the proposed condo tower set to rise on the site.

According to Bloomberg, the new tower—which will rise 70 stories and 667 feet—will have "at least" 15 full-floor units ranging from 3,200 to 3,700 square feet, with average prices topping $3,000 per square-foot. As reported last year and pictured in outdated rendering above, the tower will have tiered "heads" that radiate from the center. The tower will be designed Michel Abboud of SOMA with interiors by Piero Lissoni, and it will have a 50-foot swimming pool, concierge service, and a large private lounge.

The condos at 45 Park Place will be 13 percent more expensive than average listings in new developments in Manhattan, and El-Gamal seems to be betting on the enduring appeal of the Financial District as a residential neighborhood for the super-rich, calling the tower "a market-maker."

"The center of gravity is shifting toward downtown, and we are literally in the heart of this new downtown," he told Bloomberg. "Once all the scaffolding is down, and once all the office space is leased, this will be the most significant residential neighborhood in New York City."

However, Jonathan Miller is taking a more cautious approach.

"There's growing concern about the volume of new units coming on line that are targeting a fairly narrow bandwidth," the appraiser and Miller Samuel president said, referring to the 5,500 residential units that are taking shape south of Chambers Street. "There are already a number of projects with big units online now, so it might be a little late to the party, especially with the recent trend of unit size reductions to lower the actual asking price."
· Luxe Condos at 'Ground Zero Mosque' Site Aim High on Pricing [Bloomberg via Crain's]
· All 45 Park Place coverage [Curbed]
· All Park51 coverage [Curbed]

45 Park Place

45 Park Place, New York, NY 10007