Hopson Development Holdings and Silverback Submit $ 320 Million Condominium Plan

131-141 East 47th Street in Manhattan, NYC and Managing Director of Silverback Development Josh Schuster (SLVRB)

Hopson Development Holdings and Josh Schuster’s Silverback Development are moving forward with updated plans to bring a 35-story, 435-foot-tall condominium to Midtown East.

Last week, developers submitted a plan for 131-141 East 47th Street, outlining 191 condo units and one commercial unit. The plan has an expected sale of more than $ 320.7 million, according to PincusCo.

It took years for the condo development project to start. In 2015, New Empire paid $ 81 million for the site and planned for a 49-story building. The developer demolished four buildings for its development, but the project was stalled amid a Town New Development lawsuit alleging the company failed to pay the advisory and termination fees.

Hopson Development, a Hong Kong-based company, purchased the development site from New Empire Real Estate Development in 2019 for $ 115 million.

In March 2020, Silverback was associated with the project. Months later, it was revealed that construction was set to begin in August and end in 2022. At the time, the condo was to include 200 residential units and 5,000 square feet of retail on the ground floor. The estimated cost of the project was $ 250 million, which included the purchase price.

The initial plans for the project included amenities such as a children’s room, playroom, and gym. It is not clear whether these amenities are still in the cards or not.

Struggles in the condominium industry came to a head with a surge in unsold inventory as wealthy investors fled the city amid the pandemic. However, the second quarter saw an increase in sales which resulted in the closing of most condo sales in Manhattan since 2015. Additionally, non-ghost condo listings were down 4.4% in the second quarter compared to 2019, according to Miller Samuel.

[PincusCo] – Holden Walter Warner

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