Optimum Asset Management has teamed up with an unnamed German pension fund to deliver a $150m (€131.7m) residential development in New York City.

The development, located at 222 East Broadway, will comprise nearly 130,000sqtt.

Optimum said it plans to sell the completed condominium units, over a three-year period.

Enrico Imbraguglio, managing director, Optimum Asset Management, said: “With 222 East Broadway, we’re offering a differentiated product to Manhattan’s real estate market. Pricewise, it’s a completely new proposition for the Lower East Side.

“As occupier and investor attention turns to new vibrant areas, we know that our proactive approach to asset and development management can provide the market with something that really stands out.”