Echoing with the vibrance of its elegant and sophisticated layout of marble, 389 is Paris Forino's view of style and a perfect model of refined living under Magnum Real Estate Group and Ismael Leyva Architects. With a dramatically lively neighborhood and amenities that keep the residents' comfort before anything else, the ownership of this condominium consisting of 1 to 3-bedrooms, starting from $805K is now within your reach.
389's immediate surrounding includes auction houses, art galleries, restaurants, superior institutions, museums, and breathtaking views. Housing Central Park, Museum Mile, and Metropolitan Museum of Art, the neighborhood brings the true essence of New York culture and history at your doorstep. Among the many luxuries these residences provide is an extensive lobby, a children's playroom, a gym, an event space, a private garden, dry cleaning, valet service, a 24-hour concierge, and an elegant rooftop above the 33rd floor, providing an expansive 360-degree view of Manhattan with its light and vibe.
CITY REALTY ARTICLE
389 E 89 is a 33-story condominium tower from Magnum Real Estate at 389 East 89th Street on the northwest corner at First Avenue and launched sales in the spring of 2016. The property was first developed as rentals in 2002 by The Clarett Group and Post Properties of Atlanta and was known as Post Toscana. The interior conversion was completed by Australian architect and designer Paris Forino.
This building has 156 condominium residences and was designed by Ismael Leyva.
This building was acquired by Magnum Real Estate Group, which is headed by Ben Shaoul, in 2014 in a sale that also included 385 First Avenue for a total of $270 million. Mr. Shaoul, who has been active, and controversial on the Lower East Side, also acquired the top of the Art Deco masterpiece on Barclay Street close to the World Trade Center for a conversion to condominiums.
An article in the July 14, 2014 edition of The New York Post by Lois Weiss reported that “both towers were much sought after by the city’s real-estate community, as expiring tax abatements will mark the end of rent stabilization rules. Potential buyers included those that would have kept the buildings as high-end rentals, but others, including Shaoul, had an eye on a condominium conversion that penciled out to under the $2,000-a-foot range.”
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