A Greenwich Village parking garage at 12 E. 13th St. between University Place and Fifth Avenue will be transformed into eight large condominiums, in another sign of the city’s booming ultra-luxury market.
The building, which sold for $32 million in 2012, will feature eight apartments—a mix of full-floor units and duplexes—with expected asking prices range from $7.5 million to $28.5 million for the top triplex, according to the project’s developers. Occupancy is expected by the end of 2014.
The project is a joint development by DHA Capital LLC and Continental Properties.
The developers plan to add four more floors to the eight-story building, which was built in 1930. A portion of the rear will be demolished and replaced with the new stories, and it will also receive a new façade with elongated bricks to make the windows wider.
The 10th, 11th and 12th floors will make up one triplex, while all of the ninth and part of the eighth floor will make up a duplex with an asking price of $18 million. The building will be topped by a glass structure being added as part of the 6,000-square-foot triplex penthouse.
The building will feature a 24-hour concierge, an automated parking system, a small gym, individual storage space and street-level retail.
The building is currently undergoing demolition, and reconstruction work will begin in a month or two.
Steven Fisch of Continental Properties, a family business started by his father in 1957, said this was their first joint venture with DHA Capital LLC, and the two groups looked at other properties before deciding on this one.
“One major factor was the size of the block, the location obviously, and the ability to do something very special, to create almost a work of art with full-floor condos,” said Mr. Fisch. “It’s very hard to find a 67-foot-wide building.”
Mr. Fisch said the two groups decided to create an ultra-high-end luxury building rather than smaller, more affordable apartments because there has been very strong demand for this type of housing over the past five years, and a shortage of supply.
He said they also wanted to distinguish themselves from large buildings featuring 150 and 200 apartments.
“It is in a location, and a time in New York City, when this can happen,” said Mr. Fisch.
Richard Cantor, a principal at Cantor-Pecorella, is marketing the condos. Mr. Cantor said none had been sold yet, but the ultra high-end luxury residential market is very strong.
“There’s been a huge uptick in prices in the high end, it’s a very strong market,” said Mr. Cantor.
He said the building doesn’t have a “pretentious” name, and is just known by its address to keep it simple.
The last tenant at the 45,000-square-foot parking garage was Hertz Rental Car, which vacated once its lease expired.