When it comes to residential real estate in New York, there is always something exciting going on. Recently, it has been announced that Japanese architect Tadao Ando has been commissioned by Sumaida Khurana to design a luxury condo building in New York. This is a big deal, not only because it will bring more luxury units to the city, but because this is the first building Ando has designed in the Big Apple.
Sumaida Khurana recently closed on a real estate transaction for $21,000,000 to purchase a site located at 152 Elizabeth Street. Once the deal is finalized, they have plans to develop a 32,000 square foot luxury condominium building. There will only be eight units, and construction is expected to come to an end in 2016.
This will be the first residential real estate project for Ando in New York City, despite the fact that he has become known as one of the top professionals in his industry. Ando has worked on some of the world's most well known buildings including the Pulitzer Foundation for the Arts building in St. Louis and Teatro Armani in Milan.
Construction on the development is set to commence this year. Whether you are in the market for a new condo or simply have an interest in high quality architecture and design, this project is one that you will want to keep a close eye on as it unfolds over the next two years.
When it comes to large real estate transactions, such as this one, staying in touch with an attorney is often a good idea.
Source: Archinect, "Tadao Ando to design first residential building in New York" Justine Testado, Mar. 07, 2014