Last week, 88 Greenwich closed on its 407th unit, crossing the 90 percent sold line — a status most FiDi buildings would die for.
Developer Andrew Heiberger’s 452-unit condo conversion has been on the market for a long time (Heiberger’s Buttonwood Real Estate started sales in 2007). And there were those who thought the project might be crushed under its own weight (452 units is a lot to sell).
But the building, which has an additional 10 units in contract, made the interesting decision to do its conversion in pieces; units on the top floors were spruced up with luxury finishes. As construction wound down, the existing rentals on the first three floors (which had been generating rent for the developer the whole time) were vacated and sold off untouched — or “designer ready,” as the sales team likes to put it.
Overall, prices have been relatively low, with apartments in the building largely fetching less than $1,000 per square foot.
The remaining units are for the most part being sold untouched, and priced between $449,000 and $1,050,000 — with one major exception. The 2,086-square-foot two-bedroom, three-bathroom penthouse, which had been rented for $15,000 per month until a few weeks ago, is listed for $4.175 million with Wendy Maitland of Brown Harris Stevens.
“The views are tremendous,” Maitland says. “And there’s a wraparound terrace, facing west, south and east.”
That’s 1,220 square feet of outdoor space. Maybe it’s enough to make some Financial District trader shout: “Buy! Buy! Buy!”