clock menu more-arrow no yes mobile

Filed under:

Midtown tower with private garden amenity brakes for luxury slump

New, 12 comments

The developer hopes to pick up the ambitious project when there’s a stronger demand for luxury condos

ODA New York

A planned luxury residential tower that would bring six “sky gardens” to Midtown is getting the kibosh, at least until the luxury market rebounds. ODA New York’s 41-story project planned for 303-305 East 44th Street has been indefinitely put on hold by developer Triangle Assets.

“The condo market has been softening. We’ve decided to ride it out,” Ben Stavrach, director of leasing and property management at Triangle Assets, told The Real Deal. “[The pricing] is going to be pretty high up there, and that market is not as strong.”

The decision, luckily, won’t leave a half-built zombie shell of tower on the skyline; despite filing for demolition permits in February 2016, both of the tenement-style buildings the luxury tower was poised to replace remain standing. That is due in part to a rent-stabilized tenant who resisted buyout offers and who, to this day, lives in their apartment. The remaining apartments and two ground floor commercial spaces will be rented while the developer waits for the high-end market to pick up steam.

The 600-foot tall building was poised to hold 44 condos, and six private gardens north of the 23rd floor spaced by full-floor condos. “There’s going to be a time in New York City where living without a substantial outdoor space is just going to be unacceptable. It’s going to be like living in the suburbs without a backyard,” ODA New York chief Eran Chan said when the design was unveiled. With this project on hold, we’ll have to keep waiting for the day.