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NEW YORK CITY-The former Sutton Theater at 207 East 57th St., will be transformed by locally based developer the Clarett Group into Place 57, a 67-home condominium development. The development cost was said to be in the “multimillions.”

The homes will be in a 36-story glass and steel-clad building designed by architect Ismael Leyva. Working in partnership with famed crystal maker Baccarat, features include a lobby with crystal lighting and decor and an outdoor garden ornamented with chandeliers. Both are designed by interior designer Vicente Wolf.

Veronica W. Hackett, Clarett’s managing partner, says she expect to see this development “achieve its potential as the destination of choice for homebuyers” due to its amenities and location close to a variety of restaurants, Bloomingdale’s and Bergdorf Goodman as well as Central Park. “We created Place 57 with two distinct lifestyles in mind. The building will consist of dramatic, dynamic layouts featuring flexible, open spaces for informal gatherings as well as layouts which include dining rooms, eat-in kitchens and galleries for more formal entertaining.” It’s scheduled for completion by spring 2006. The price points range from $1.47 million to $3.35 million.

There will be no more than two apartments per floor on average. Other amenities include a 24-hour doorman, fitness center, resident’s lounge, children’s playroom and individual storage compartments. A concierge service is available.

Founded in 1999, Clarett has completed four luxury residential towers in Manhattan to date. In 2002, Clarett and Prudential Real Estate Investors formed Clarett Capital, a development entity intended to develop residential properties in urban areas. Currently, Clarett Capital has five active residential projects under way in New York City and has acquired seven acres of property in Los Angeles. The JV has a five-year goal to produce two projects per year for a total value of $500 million to $700 million.

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