A familiar condo developer is planning a boutique building near the Village.
Ron Izaki’s development company, Izaki Grouprevealed plans for a new residential building at the always busy corner of West 14th Street and 6th Avenue.
Izaki requested the construction of a 13-story residential building with 71 units to replace a four-story mixed-use structure he bought for $46 million late last year.
The purchase equates to approximately $475 per square foot, based on the expected size of residential and commercial uses that Izaki listed in his application to the Buildings Department. The entire structure will be approximately 123,000 square feet.
The filing comes as the supply of new condos in Manhattan appears to be dwindling, a welcome sign for developers. Meanwhile, offers for multi-family assets have slowed nationwide as borrowing costs are poised to rise further and the post-pandemic rental boom decreased.
In the long term, the city is planning more condo projects than rental projects with the end of the 421a tax abatement four months ago.
The Izaki Group did not respond to a request for comment, and no bid plan for 525 Sixth Avenue has been filed with the New York attorney general. But the company has developed similar-sized condo projects, including 15 Renwick Street in Soho, 93 Worth Street in Tribeca and the Flynn in Chelsea – all bustling neighborhoods.
Izaki is also building a 68-unit condo on a site on East 86th Street, he purchased from Extell in 2017.
The firm partnered with Kibel Companies to redevelop 90 West Street in the Financial District, where tenants won a legal dispute over the existence of units. illegally deregulated.