NEW YORK – Atlanta-based Post Properties Inc. and New York-based Clarett Group have formed a joint venture to develop Post Luminaria, a 20-story, 150,000 sq. ft. residential tower in New York City. Located at 385 First Ave. in Manhattan’s Gramercy East neighborhood, the project has an estimated build-out cost of $51.5 million.

The residential tower will contain 138 rental apartments, including studios, one- and two-bedroom units. The average size of the apartments will be approximately 750 sq. ft. The first units are expected to be available by the third quarter of 2002, with rents ranging from $1,800 to $4,500 per month. Plans for the project also include 7,190 sq. ft. of retail space.

Post Properties and Clarett Group each will contribute approximately two-thirds of the equity to the venture. The landowner will contribute the balance.