First new residential building in 10 years opens in West 50's

Real Estate Weekly, May 2, 2001

The first new residential building in 10 years in the far west 50's has just opened its doors. The Foundry, a 222-unit, 12-story high-end residential apartment building located at 54th and 10th Avenue, is attracting young tenants with innovative design and marketing tools that include molded concrete furniture, a bamboo garden, bar coasters, mints, themed model apartments and a hip web site.

"We're catering to a young, savvy generation who reads Wallpaper and orders take-out off the web," said David Picket, president of the Gotham Organization. "Our design and marketing program reflects this aesthetic."

The Foundry lobby was designed by architect Joel Sanders, director of architecture at the Parsons School of Design with work in the permanent collection of the Museum of Modern Art. When complete, Sanders' "urban pastoral" lobby will feature molded concrete furniture, a rock-water wall and raised concrete flooring. An interior Zen-like garden, which was designed by renowned landscape designer Lee Weintraub, will provide a sanctuary to residents when it opens this summer. The garden will feature a black, heated still pool, white rock gravel and bamboo plantings. The Foundry will also boast a health club and on-site parking.

The on-site leasing office, also designed by Sanders, is now open and features three model apartments, each with a distinctive theme and each designed by Studio Frazier. The contemporary and sleek studio with a TV suspended from the wall and a grass-growing coffee table was designed for the young, creative male professional. The chic yet down-to-earth one bedroom has a more feminine flare and features down-filled furnishings with vintage accents. A monochromatic color scheme with beaded block furniture and a martini bar paints life in a two bedroom for the professional couple. Monthly rents for alcove studios, one and two-bed-rooms range from $2,000 to over $5,000. Occupancy is immediate. For more information, contact The Foundry leasing office at 212.757.0100 or visit www.foundrynyc.com.