Bazbaz partnered with Fisher Brothers and BlackRock to buy the Upper West Side building, previously a 95-unit rental, for $48 million. The developer built an additional 40,000 square feet on the property and reduced the number of units to 62, creating “efficient” apartments with a lower price point than comparable homes in the neighborhood.
“We saw a scarcity of efficient family-sized apartments” in the area, developer Sonny Bazbaz told The Real Deal. “At the time, the average price of a three-bedroom condo that was available on the Upper West Side was somewhere close to $3.9 or $4 million, which is close to $2,000 per square foot. The idea was to offer comparable luxury, new construction finishes at at least $500 per square foot less than what was available in the family-size category.”
About 25 percent of the apartments will be one-bedrooms measuring 650 to 750 square feet and priced from $790,000 to $1 million. Two-bedroom units, 30 percent of the building, will measure 975 to 1,450 square feet and range from $1.2 million to $1.7 million. Three-bedrooms, 35 percent of the condo, will cost $1.8 million to $3.9 million for 1,450 to 2,300 square feet; four-bedroom apartments will ask $3.3 to $4 million at 2,000 square feet to 3,000 square feet. The five-bedroom penthouse will be listed for over $7 million.
Amenities include a 24-hour doorman, a courtyard garden, children’s playroom and bicycle storage. Corcoran Sunshine Marketing Group is handling sales at 101 West 87th Street. So far, 21 contracts have been signed off floor plans; the official launch is slated for the spring, once the model unit is finished.
Check out the renderings from the official site below: