It should come as no surprise that a collaboration between Robert A.M. Stern Architects and Related Companies is going to be pricey. According to the Real Deal, the duo's new venture at 70 Vestry Street is expected to have a total sellout of about $700 million.
In a real estate climate where other buildings rack up higher figures—Extell's forthcoming Central Park Tower could have a sellout rate of as much as $4.4 billion—that may not seem so outrageous. But since the building will only have 47 units, that means the average apartment price will be a whopping $14 million.
Per TRD, a condo offering plan submitted by the developer was approved last week by the New York State attorney general's office, meaning that work—and sales—can proceed. Condos are expected to be large and lavish: the smallest ones will run about 1,900 square feet, and interiors will be done by Daniel Romualdez. If all goes according to plan, the building should be ready for move-ins by 2018.