Developer plans ultra-luxury Manhattan condominium tower with US$3,000 psf prices

New York

It has been four years since Manhattan developer Sharif El-Gamal shelved plans for a 15-storey Islamic cultural centre, near Ground Zero, that drew international debate. He is looking to attract a different kind of attention for his current project on the site.

Mr El-Gamal's Soho Properties has proposed a 667 ft (203 m) condominium tower at lower Manhattan's 45 Park Place. The glass skyscraper, which has yet to break ground, will include at least 15 full-floor units of 3,200 to 3,700 sq ft (297 to 344 sq m), and average prices higher than US$3,000 per sq ft (psf), according to plans released to Bloomberg by the developer.

Prices at that level would be at least 13 per cent more than the second-quarter average for new-development listings in the borough, according to Halstead Property Development Marketing. The ultra-luxury focus of the building highlights the newfound allure of lower Manhattan as an upscale destination, yet it comes amid growing concer…