NY developer to construct elite residential space in Moscow

A developer specializing in the construction of luxury apartments at Manhattan is ready to launch seven greenfield projects in the heart of the Russian capital.

NY developer to construct elite residential space in Moscow

A developer specializing in the construction of luxury apartments at Manhattan is ready to launch seven greenfield projects in the heart of the Russian capital.

William Lee Zeckendorf, a US developer and the owner of Zeckendorf Development Llc, is going to construct expensive real estate in the very heart of Moscow. This was told by the businessman at a press conference devoted to the company's entry into the Russian market. Mr. Zeckendorf's list of potential projects includes seven items: five elite class residential compounds, one hotel and one low-rise block.

The developer is convinced that the implementation of any of the selected projects will take four to eight year. "We normally invest from $50 to $300 million into one project. We have no expense limit. As to Moscow, we are interested in projects whose area is at least 12 to 15 thousand sq.m. We primarily focus on the erection of new buildings as this is much simpler than restoring or refurbishing old ones", Mr. Zeckendorf explained.

The businessman refused to unveil the exact addresses of the sites he intends to develop because after the address is disclosed, "the price always soars".

Zeckendorf Development Llc is dealing with the construction of elite residential skyscrapers in the most prestigious areas of New York. The company currently manages 8 million sq.m. of immovable property in the USA. Zeckendorf Development Llc's annual sales in the USA total $7 million. Skyscrapers located at 5 Central Park West and 515 Park Avenue are among the developer's most prominent Manhattan projects.