Ian Schrager has a long list of New York real estate hits, from Studio 54 to Morgans hotel to the 40 Bond condominium. Now he’s hoping to do it again, but this time in the West Village, with a new blocklong condominium at the edge of the Hudson River.

The building, 160 Leroy, will rise along the West Side Highway, between Clarkson and Leroy Streets, a once slightly grittier section of the sought-after neighborhood that was home to a carwash, auto repair shops and a strip club.

“It was three separate sites, and it was a nightmare putting it together,” said Mr. Schrager, who initially owned just one site with Ares Management. After a year and a half of negotiations, the owners of the other two parcels, Weinberg Properties and William Gottlieb Real Estate, joined the project as partners.

The combined site is now being cleared for a 15-story, 49-unit building designed by the Swiss architecture firm Herzog & de Meuron, with expected completion by the end of 2016. It’s the third time Mr. Schrager has chosen to work with the Pritzker Prize-winning firm, after 40 Bond and 215 Chrystie, which is also under construction.

“Every time I step up, I want to do something new and original, and they’re capable of doing that,” said Mr. Schrager, noting that the firm has no signature style. “There’s so much product coming out, the only way you can distinguish yourself is by doing something really unique, and providing a level of finishes and details that other developers wouldn’t do.”

For 160 Leroy, Herzog & de Meuron has designed a curvaceous structure of exposed light-colored concrete and floor-to-ceiling windows that ripples alongside the West Side Highway, and extends east into the neighborhood with two arms, along both Clarkson and Leroy Streets, that embrace an internal courtyard.

Because the site is at the end of the city grid, the firm felt free to break from “the typical block geometry that is so dominant in New York,” said Ascan Mergenthaler, a senior partner at Herzog & de Meuron.

The design is also intended to improve sightlines and offer views in more directions. “Rather than being in a rectangular box, these curves will put the emphasis on the panorama,” Mr. Mergenthaler said.

Entering residents will pass under the building into a 9,750-square-foot landscaped courtyard conceived by the garden designer Madison Cox Associates. “The concept is to come into a green, open, calm space,” Mr. Cox said. “We’re using very large weeping willows, which is kind of an uncharacteristic tree for an urban setting, but one that will transport those entering this inner sanctum. It will also be appreciated when seen from above, looking down.”

Mr. Schrager’s in-house team designed the interiors. Units will have larch wood wide-plank flooring, cabinetry and wall paneling; Bulthaup kitchens; and Sivec white marble countertops and backsplashes beneath 11-to-13-foot-high ceilings. Larger apartments will have a second, smaller kitchen that Mr. Schrager called a “larder” — a food preparation area with aluminum cabinets that can be hidden behind a sliding door.

The French interior designer Christian Liaigre, who worked on Mr. Schrager’s own apartment at 40 Bond, has designed a range of furniture, which has been used to furnish the sales gallery for 160 Leroy, which is at 435 Hudson Street. Packages of that furniture are available for purchase.

For the neighborhood, “It’s perhaps one of the last opportunities to own a home on the waterfront, because there’s virtually no more land available that has not been developed,” said Susan M. de França, the president and chief executive of Douglas Elliman Development Marketing, which is marketing the building.

Apartments range from 1,100-square-foot one-bedrooms, starting at $2.6 million, to 6,000-square-foot five-bedrooms that take up half a floor, starting at $25 million. The sales gallery opened on Nov. 6, and contracts are already out on more than one-third of the units.

The entire top floor will encompass a 12,000-square-foot penthouse with about 7,500 square feet of outdoor space and a private pool. As for the price, Mr. Schrager said, “You’ve got to make an offer.”