Ian Schrager's new condos will be built along the West Side Highway, between Leroy and Clarkson Streets, a once sought-after neighborhood that was home to auto repair shops, a carwash, and a strip club.

Mr. Schrager has said about the project, "It was three separate sites, and it was a nightmare putting it together." He owned just one site with Ares Management. After some negotiations, the owners of the other two properties, William Gottlieb Real Estate and Weinberg Properties, joined the project as partners.   

According to The New York Times, the site is now being developed into a 15-storey, 49-unit condo building designed by the Swiss architecture firm Herzog & de Meuron. It is expected to be completed by the end of 2016. Schrager has chosen for the third time to work with the Pritzker Prize winning architectural firm.

The building is perhaps one of the last opportunities of owning a home on the waterfront, as there's no availability of land anymore that has not yet been developed.

Apartments are ranging from 1,100-square-foot for a one-bedroom unit (starts at $2.6 million), to 6,000-square-foot five-bedrooms that occupy a half floor (starts at $25 million). The sales gallery of the project was opened on Nov. 6, and contracts have already been offered to one-third of the units.

The 12,000-square-foot space on the top floor is a penthouse with about 7,500 square feet of outdoor space and a private pool. Schrager didn't set a price for it and said, "You've got to make an offer."

Ian Schrager owns one-third of the units of the new waterfront condo development that is going to be constructed in Manhattan, 160 Leroy, along the Hudson River. The development site is now being cleared for a 15-storey building, as reported by The Real Deal.

Designed by Switzerland-based architecture firm Herzog & de Meuron, the property is marketed by brokerage firm Douglas Elliman.

Schrager has many real estate properties in New York, including Morgan's hotel, Studio 54 and the 40 Bond condominiums.