When Doug Steiner started seeking financial backing for his East Village development at East 12th Street and Avenue A, banks were hesitant to lend because the project was so unprecedented for the area. Although the development has changed courses since then, from rentals to condos, Steiner East Village is shaping up to be a sound investment: 50 percent of the building’s 82 condos have entered contract since it hit the market in April 2016, with the average price per square foot landing just shy of $2,200, according to StreetEasy.
The building, on the former site of Mary Help of Christians, is among the first full-service new developments in the neighborhood once known as Alphabet City. Steiner, an East Village resident from 2004 to 2015, told the Times in an April 2016 interview that we wanted to build in the neighborhood because he finds it “authentic and intriguing and eclectic," traits that some would argue are purged from the neighborhood as more developments like Steiner East Village pop up. But buyers remain undeterred, drawn in by floorplans that are larger than many in the area.
For that, and the building’s wealth of amenities including an internal courtyard and indoor pool, buyers will pay. That’s proven no problem. The building’s priciest apartment, a four-bedroom, four and a half bath penthouse with 1,300 square feet of outdoor space priced at $11.25 million is already in contract. Condos currently available in the building range from $1.675 million for a 795-square-foot one-bedroom apartment to $5.395 million for a 1,782-square-foot terraced three-bedroom penthouse.
Move-ins are expected to begin in late 2017, and a new crop of photos from inside the building—the first to appear—show that everything’s right on track.