An 800-foot condo tower will take shape at 130 William Street in Lower Manhattan. The project will be developed by the Lightstone Group and is planning to offer luxury apartments that will be priced lower the neighborhood’s competing projects with a starting ask around $2,000 per square foot, reports Crain’s.
Seeing the decline in luxury market sales, Lightstone decided to go with 130 William Street since they were able to acquire the site below market rate which will eventually help them price apartments at a lower, albeit still expensive price point down the line. At least half of the building will consists of studios and one-bedrooms in an effort to attract “young, single people” downtown.
We don’t know much about the particulars for the project yet, however, Lightstone president and CEO Mitchell Hochberg promises that the penthouses will be reasonably priced. “We'll have a number of beautiful penthouses but they're not going to be even close to the numbers for the rock star penthouses you hear about in places like Billionaire's Row,” he told Crain’s. Per Hochberg, residents will also enjoy views of the East River, Statue of Liberty and the Hudson River.
The project is planning for a completion date in fall 2019.