Gil Dezer had 850 unsold condominiums on his hands five years ago and almost $500 million in loans coming due as credit markets froze and buyers disappeared.

Today, he’s back in the market with what he sees as a safer bet: a 132-unit luxury project for auto enthusiasts called the Porsche Design Tower. Condos at the 60-story building, featuring an elevator that transports cars directly into the homes, range from $4.5 million to $32.5 million for a 17,000-square-foot, four-floor penthouse.