After about 8 years of stops and starts, sales of the luxury condos at 15 Renwick Street will finally begin in September.
Up until recently, Renwick Street lagged behind its neighbors in terms of development. A tiny little north-south street sandwiched between Hudson Street and Greenwich Street, it was largely bypassed by the condo boom. If you’re in Google Maps, you have to zoom in pretty far for Google to even label it.
But Renwick Street is right on the cusp of the burgeoning Hudson Square neighborhood, which also places it in excellent proximity to Tribeca and SoHo. A location this ideal was never going to stay untouched for long, especially since Hudson Square was rezoned for residential development in 2013.
In 2007, the space at 15 Renwick Street was purchased by developer Harry Jeremias, and the renderings for the building were designed by famed architect Ishmael Levy. The renderings portrayed 13 stories with 44 condos, an entirely glass facade, and a wide-array of amenities, including: a gym with a trainer, a 50-foot lap pool, an underground garage, private library, and Bang & Olufsen audio-video system. There was a large launch party, documented by the Patrick McMullan Agency.
But 2007 was not the time for lavish parties and excessive lists of amenities. The Great Recession slammed NYC’s condos and stalled a number of projects. In 2010, with almost no progress made on 15 Renwick, Harry Jeremias was in danger of facing a foreclosure lawsuit after defaulting on a $55.3 million loan.
On May 23, 2011, the site went into foreclosure auction. But Jeremias wasn’t done yet. He reached out to Global Glacial Partners to become an equity partner, and the partnership purchased the loan. Jeremias predicted that construction would be finished within 15 months.
But somewhere in all that mess, Jeremias faded out of the picture and Izaki Group Investment took control of the lot. IGI paid $11 million for the lot, compared to the nearly $56 million that Jeremias had put into it. The renderings totally changed: the original light glass facade became darker and more modern, with steel and industrial details consistent with the neighborhood. Instead of 44 condos, there will be 24, priced roughly between $2 and $5 million, along with a number of penthouses, between $7.85 and $10 million, and townhouses, between $3.9 and $7.5 million. There is no mention of any Bang & Olufsen systems or a pool.
In fact, the official renderings include no photos of the interior or exterior, although The Observer managed to get their hands on some. But what the renderings do include is a cast of fictional characters, all decked out in 18th century attire–with a modern twist. This includes aristocratic ladies strolling through the courtyard and a portrait of a boxer covered in tattoos. This original campaign is meant to appeal to a certain type of person, specifically a “Wall Street trader, but he’s writing songs, he’s writing poems at night.”
It looks like things are looking up for this once-beleaguered development. With sales starting in September, it will be interesting to see how many people are drawn to 15 Renwick Street.