Project Description

THE APTHORP | NEW YORK, NY

Landmark Building Restoration / Condominium Conversion

Owner’s Representative administering all professionals and general construction for a condominium conversion of a 103-year-old landmarked apartment building. Extensive renovation of infrastructure components was required to modernize the building to 21st century luxury standards while maintaining the historic integrity of this Manhattan architectural masterpiece.

Infrastructure upgrades to mechanical, electrical and plumbing systems throughout the building. The existing courtyard, guardhouse and multi-level parking structure will be re-constructed. Highly skilled contractors have been employed to restore and/or replicate all original stonework, plaster detailing, and ornate marble and herringbone flooring within the apartments and common areas. Additionally, new residences will be equipped with central air conditioning and feature enlarged custom kitchens, bathrooms and walk-in closets.
BCS stepped into the development role when the original sponsor was removed by the equity investors. At the time of the BCS takeover, only six months remained to sell a minimum of 26 units in order for the NYS Attorney General (AG) to declare the conversion plan effective. In the event that the sales threshold was not met, the Offering Plan would have been tabled for at least one year causing significant losses to the equity investors and the lender group. Through revamped sales and marketing efforts that targeted prospective buyers, as well as close scrutinization of the budget and time constraints, BCS was able to exceed the challenge set forth by the AG by selling 36 units before the deadline.
Original budget for common area improvements was approximately $30,000,000. BCS value-engineered the project and reduced costs to $25,000,000, representing a total savings of $5,000,000 (16%).
Four months pre-construction followed by 22 months construction.