Talk about an education in real estate: recent condo developments on the Upper East and Upper West sides have coincidentally both involved the displacements of two schools at their respective construction sites.
At East 85th Street and Park Avenue, Extell Development Company launched sales at 1010 Park Avenue last month for its 16-story, 11-unit condo property consisting of full-floor and duplex layouts. Units at the building reportedly cost around $4,000 per square foot. According to The New York Times, the development plan for the property originally had loftier aims, but had to be scaled down to comply with historic district requirements.
The site for the development was purchased in 2013 for $25 million from the Park Avenue Christian Church, a transaction that angered some area parents because it resulted in the last-minute relocation of the Park Avenue Christian Church Day School. The preschool reportedly had to make an abrupt move to the Upper West Side, with little prep time before that school year.
While the anger from parents for the project has since subsided, Donna Olshan, President of brokerage firm Olshan Realty described the unit prices at 1010 Park as “unrealistic.” She told the Times: “Developers can try to market and throw parties and all kinds of things, but in the market right now, there’s only one tool in the toolbox — only one — and it’s called ‘price.’”
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On the Upper West Side, the West End Collegiate Church sold a development site for $158 million to Alchemy Properties founder Ken Horn. The site includes multiple buildings that had been used by the Collegiate School (which is unaffiliated with the church) at 260-262 W. 78th Street, as well as an adjacent property at 378 West End Avenue.