Condos at St. Vincent’s site selling at $3,500 per square foot

The controversial condominium conversion project at the former St. Vincent’s Hospital in Greenwich Village has been rapidly selling out at some of Downtown’s highest average prices, according to the developer. Since sales at the Greenwich Lane began in October, 87 condos – listed at an average price of $8.8 million — have gone into contract, and have been selling at their listing price.

A penthouse at the 200-condo project is set to hit the market for up to $45 million, Rudin told the Wall Street Journal. Corcoran Sunshine Marketing Group’s James Lansill told the newspaper that about 95 percent of the buyers are New Yorkers, including several from the Village. The sales so far were made at an average of just shy of $3,500 per square foot, rivaling other high-profile Downtown projects, Lansill added.

The Rudins and Ofer’s Global Holdings purchased the property from the hospital’s bankrupt estate in October 2011 for $260 million, as previously reported. After a prolonged public approval process, the developers made a number of concessions to the city, including reducing the number of units (plans originally had the project boasting 450 homes) and a donation to local arts organizations.

Condo filings seen by the Journal indicate that the project now asks a total of $1.7 billion. [WSJ]  – Hiten Samtani

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