Developer Erik Ekstein is going all-in on his new luxury condominium at 30 East 31st Street, filing with the New York State Attorney General’s Office for a target sellout of $151 million at a time when many developers are thinking twice about testing the topsy-turvy luxury market.
Certes Partners bought the NoMad development site that held the historic parish house of the Madison Avenue Baptist Church (now demolished) for $15.5 million in 2014. Ekstein, the lead developer of the project, first filed construction plans in 2015 for what the developer said would be a $90 million, 40-story condo tower. Ekstein later secured $54 million in construction financing last October.
Now Ekstein and crew have decided they’d like to make a lot more money off the 31st Street venture, increasing the unit count by just four while upping the total sellout by more than 67 percent, which pegs the average unit price at about $3.6 million.
Ekstein did not immediately respond to a request for comment. The development firm’s website still refers to 30 East 31st Street as a “$90 million” project.
Pinnacle Real Estate of New York is also partner in the project, as The Real Deal reported. Morris Adjmi is designing the building.
Ekstein previously sued the managers of another condo building next door, M127, alleging that they were preventing his workers from installing scaffolding and thus delaying the construction progress.
In Long Island City, Ekstein is wrapping construction on the Dutch, an 86-unit condo at 25-19 43rd Avenue.