Developers Andrew Heiberger and Howard Lev are refashioning a Flatiron townhouse at 32 East 22nd Street into a three-unit boutique condo project dubbed the London Clay Townhouse, with sales expected to launch this summer. Plans call for a garden parlor residence, an upper parlor with a private terrace and a penthouse duplex capped by its own rooftop. An initial filing with state regulators pegs the projected sellout at more than $20 million.
According to The Real Deal, Buttonwood and Cote Luxury Real Estate are set to handle sales for the three homes, with updated pricing promised before formal marketing begins. The Real Deal positions the project within a broader shift toward smaller, move-in-ready properties in Manhattan after a long run of high-rise condo development. The wager is that privacy, outdoor space and turnkey finishes will appeal to buyers who are increasingly opting for townhouses and low-rise condos.
Property history and financing
Wheelhouse Property picked up the five-story building in late 2024 for about $10.4 million, then lined up a $10.2 million refinancing, according to transaction records tracked by PincusCo. That reporting shows the loan closed in November and was recorded in December, with Howard S. Lev signing the paperwork on behalf of the Wheelhouse entity. Together, the acquisition and refinance give the partners a relatively modest cost basis as they prepare the conversion.
Who’s behind the project
Heiberger is the founder and CEO of Buttonwood Development, and his company bio highlights a run of Manhattan conversions and brokerage ventures that set the stage for this latest boutique effort. As detailed by Buttonwood, he has overseen projects from marketing through sellout and will now take the lead on sales for the Flatiron condos. Lev, who appears on city filings connected to Wheelhouse, is providing the acquisition and development side of the partnership.
Why smaller buildings are back in style
An analysis of condo offering plans by The Real Deal shows that buildings with fewer than 40 units accounted for 32 percent of new condo units over the past three years, up from 14 percent between 2016 and 2020. The shift reflects both a tighter supply of developable land and a financing environment that favors more modestly scaled projects. For buyers aiming for finished homes in central locations, townhouses and boutique condos are emerging as an alternative to new towers.
With marketing slated for this summer, the London Clay Townhouse will serve as a test of how far buyers are willing to go for low-rise, fully finished product in a prime downtown pocket. Developers say full pricing and floor plans will drop ahead of the launch, and the offering is likely to be closely watched by anyone tracking the city’s boutique condo rebound.
