Manhattan hasn’t quite shaken off the rust that has accumulated in its development pipeline. In 2023, the borough’s top 10 most expensive projects totaled just $1.3 billion, the lowest total in recent history. The 10 priciest project filings this year have a total sellout of $2.1 billion; ahead of last year’s nadir, but not by much.
Ted Segal’s EJS Development is developing a 36-unit building with prices ranging from over $3 million to $23 million. The designer is Beyer Blinder Belle and the interior design is being done by Yellow House architects. The developer purchased three buildings for $32.5 million in 2021 to make space for the 18-story development, which netted $112.5 million in construction financing from Bank OZK last year. EJS considered building a rental tower but opted for condos with the expiration of the 421a tax breaks in 2022. The building is part of a prominent street-view in which the EJS Development and a 33-story rental building from El Ad group loom over a 110-year-old apartment that is nestled in between the two towers.