The
Royale
188 East 64th Street
New York, NYÂ
THE STORY:
Turned an entire block front in a very desirable neighborhood on the Upper East Side into a 205-unit luxury condominium with an underground supermarket and a 17,000 sq. ft. parking garage.
205 RESIDENCES
BUILT 1985
42 STORIES
KEY DETAILS
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Total Cost: $80 Million
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Total Gross Sq Ft: 257,000
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USES:​
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215,000 sq. ft. of luxury condominiums ​
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25,000 sq. ft. of retail
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17,000 sq. ft of parking below grade
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AMENITIES:​
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Landscaped plaza, fitness center, health club, parking, resident storage, underground supermarket in-building
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Floor-to-ceiling windows and large wraparound terraces with panoramic views of the city, river and Central Park
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Lavish finishes including granite kitchen countertops and stainless steel appliances
PROJECT CHALLENGES
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Property encumbered by occupied tenement buildings with rent control and rent stabilized tenants.
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To proceed with the development, 62 existing residential tenants had to be relocated, along with 10 retail tenants.
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The economic feasibility depended on the ability to identify additional sources of income beyond the residential sales.
OUR SOLUTION
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Successfully vacated the buildings within four months of the acquisition through negotiated buyouts and relocations of existing tenants.
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Created additional revenue streams by locating a major supermarket retailer below grade and negotiating a long-term lease with a bank for the second floor retail space. Both original tenants are still there today.
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Condominiums sold out at record prices.
