Developer Ian Schrager held a ground breaking ceremony Thursday afternoon at the site of his undulating condo building at 160 Leroy Street.
Excavation work is currently underway at the site, and the sales team behind the development announced that about 60 percent of the building's 49 condos have now sold.
A representative for the Ian Schrager Company mentioned that the team is relatively unfazed by the recent slowdown in the luxury market since the project has a "unique design," and they anticipate sales to move along briskly.
The development team is also set to unveil the penthouse unit for building in about a month's time.
160 Leroy Street marks the second collaboration between Schrager and Swiss architects, Herzog & de Meuron. The trio previously collaborated on 40 Bond Street.