Rental to Condo Conversion Underway at 385 First Avenue, Luminaire

Rendering of 385 First Avenue via Magnum Real Estate GroupRendering of 385 First Avenue via And Partners

When Ben Shaoul’s Magnum Real Estate Group shelled out $270 million for two luxury rental buildings in the Upper East Side and Gramercy last year, it was only a matter of time until they became condos. Now construction is moving along at 385 First Avenue in Gramercy, and the property has a teaser site and a new name: Luminaire.

The 21-story building started out as a 138-unit rental called the Post Luminaria. The Clarett Group built the development in 2002, and Gerner, Kronick + Valcarcel designed it. GKV is returning to oversee the conversion, and Belgian designer Frances D’Heane, of Chinatown-based firm D’Apostrophe, is handling the interiors. D’Haene is revamping the lobby, lounge, terrace, and roof deck, and gym designer Jay Wright is creating a new fitness center.

PR reps for the project sent along this nice rendering of the exterior, but the facade will remain the same. The building will also keep 7,100 square feet of retail on the first floor, which is currently occupied by a bank, a cafe and a clothing boutique.

Magnum is reconfiguring the tower into 103 condos, ranging from 653-square-foot one-bedrooms to 1,891-square-foot three-bedrooms. Asking prices will start at $987,000 for a one-bedroom, and Compass is handling sales.

Work began in April and is set to finish early next year. Sales and move-ins are expected to begin in January 2016.

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