Name: 196 Orchard
Address: 196 Orchard Street
Developer: Magnum Realty and Real Estate Equities Corporation
Architect: Ismael Leyva
Size: 11 stories, 94 apartments
Prices: from just over $1 million
The Lower East Side is changing, to put it democratically, and there are few clearer examples of that than found in the condo rising at Houston and Orchard streets. Once home to a strip of single-story restaurants beloved by community members and drunk midnight revelers alike, the site was cleared last year to make way for the 11-story condo building complete with Equinox gym that will become the new face of that block. Lower East Side institution Katz’s Deli, to its immediate east, might have to turn up its iconic neon to be noticed.
Sales have now launched for the 94-condo building developed by fabled Lower East Side presence Ben Shaoul. Available condos, browsable on 196 Orchard’s website, range from a 551-square-foot studio asking $1.075 million to a 2,069-square-foot three-bedroom, three-and-a-half bathroom apartment seeking $5.995 million. Prices were initially poised to start off at just shy of $1 million, but it appears that the base price has been upped. With that, the average price per square foot in the building becomes a robust $2,325.
The building’s distinct setback design, a creation of project architect Ismael Leyva, will allow for some apartments to have private terraces. New renderings for the development that came along with the listings show off expansive outdoor spaces that give way to well-appointed interiors designed by Incorporated and decked out in finishes like Nero Marquina marble for the backsplashes, concrete on the nine- to twelve-foot ceilings, and blackened nickel on the kitchen sink faucets and hoses. Heck, the kitchens even have Franke in-sink garbage disposals—the real dream.
Residents who buy into this new Lower East Side will be congratulated with perks like amended Equinox membership and a private building entrance, a landscaped roof deck with loungers, and a 24-hour doorman.
Construction began earlier this year and should wrap up some time in 2017.