After last week’s roundup of new buildings, it made sense to look at the many existing buildings being converted into residences (mostly condos with a handful of rentals). I think I’ve probably missed a few—is 60 Reade going condo?—so email me at firstname.lastname@example.org if you know things I don’t.
The total number of units in these conversions? Probably around 350.
Location: East side of Greenwich between Desbrosses and Vestry.
What we know about it: “Metro Loft Management and a Russian billionaire [...] are in contract to buy the property for $150 million, according to sources,” reported Crain’s this month. “The vacant, seven-story office building located at 443 Greenwich [between Vestry and Desbrosses] was supposed to be converted into a luxury condo hotel under its previous owner, Kar Properties [financial trouble, default, foreclosure, etc.]. Metro Loft, run by Nathan Berman, has quietly become the largest landlord of luxury rental apartments in the financial district by converting stately downtown office buildings into rental buildings. Mr. Berman [...] has roughly 2,200 apartments under management.” More recent speculation is that it could still be turned into a condo-hotel hybrid.
Number of units: 60? (If these numbers have question marks, it means I’m making conservative guesses.)
Location: North side of Hubert Street from West Street to Washington.
What we know about it: “We’re left with 21 units out of 106,” Udi Erez, head of the Elad Group, told the New York Times in mid-July. “The beginning of October, we are starting the occupancy. Lately we’ve increased the price again—almost five or six times since we started. We started at less than $1,500, on average, per square foot. And now it’s more than $1,500. Of course some units are much more.” Also: A courtyard was added to the building and there’s a 61-foot-long pool.
Number of units: 106.
Location: Southeast corner of Washington and Laight.
What we know about it: The existing building at 401 Washington is half of a new development by Taconic Investment Partners. The development also incorporates the plot to the east (71 Laight)—where a parking garage is now, and where a seven story building will be constructed. There will be retail on the ground floor. FYI: According to the Morris Adjmi Architects website, the new building “will be a mirror image of the existing building. Every detail of the historic facade will be recreated in the new building but rendered in an aluminum panel skin with a plasma finish. The effect of the new building is like a ‘photographic negative’ of the existing building.”
Number of units: 32.
Location: North side of Beach between Varick and St. John’s Lane.
What we know about it: “Zeil Feldman is closing today on the loft office building at 11 Beach St.,” reported the New York Post in June. “So far, no pricing is available. The 10-story L-shaped building also has an address of 30-32 Varick St. and faces St. John’s Lane and therefore has great light and air. The 125,000-square-foot building is primarily occupied by the Art Institute of New York City whose lease ends in December 2013. The 1910 building was last renovated in 1988. In a statement, Feldman, head of HFZ Capital, said, ‘We will deliver large, loft-style apartments containing multiple exposures and open views.’”
Number of units: 20?
Location: South side of Lispenard between Church and Broadway.
What we know about it: From Curbed in April: “After Murat Bugdaycay, the developer of two landmarked Tribeca buildings at 52-54 Lispenard Street, got a ‘no go’ from the Landmarks Preservation Commission for the previous demolition plan, the development team returned this week with a new proposal and won the Commissioner’s approval. Instead of razing the fire damaged remnants of 52 Lispenard, the creative crew from Section F Design came up with a three-story vertical extension [....] The latest design is a framework of welded heavy gauge steel over a stucco facade that’s both sleekly modern and reverential to the style of the landmarked area. Windows will be set back within sloping metal panels, and the entire facade better relates to the proportions of the existing 54 Lispenard, where a full restoration of the original cast iron will take place. [...] Both 52 and 54 will get new storefronts and the steps of vaulted lights will be restored where possible, while new ramps and stairs in diamond plate will be added. Up top, the penthouse additions have been reconfigured to minimize the visual impact from down below. [...] The two penthouses will be differentiated by a slight setback at 54 [....] 54 Lispenard will get a hip-roofed addition clad in stucco and zinc, while the penthouse at 52 Lispenard will get a darker stucco face. Both are proposed to set back about 15 feet from the main facade, although a deeper setback might be in store before plans are finalized. The filings at DOB for 52-54 Lispenard show that the architect of record is Studio JS2; some zoning issues are pending.”
Number of units: 7.
Location: South side of Lispenard between Church and Broadway.
What we know about it: “A new condominium project at 46 Lispenard Street is slated to hit the market within two weeks, Fredrik Eklund of Prudential Douglas Elliman told The Real Deal [in June]. The eight-story cast iron property will feature 11 units, including five half-floor units and a triplex four-bedroom, four-bathroom penthouse. [...] Pricing of the for-sale units will start at $2.65 million for a two-bedroom units totaling 1,920 square feet.”
Number of units: 11.
Location: At the southeast corner of Walker.
What we know about it: “Architect Gene Kaufman half-assedly presented plans for changes at 396 Broadway, which is being converted to rentals. It was clear that Kaufman and some members of the committee had bad blood, and while Kaufman didn’t snipe much—he was barely even there—one committee member did. The conflict came about this time because the plans weren’t as robust as they usually are, which was suspected to be a gambit on Kaufman’s part. [...] In the end, the committee said you can come back with more details or we’ll reject it, and he said he wasn’t coming back, so they rejected it. What everyone in the room knew, not least of all Kaufman, was that the city’s Landmarks Preservation Commission often ignores community board input anyway.” I don’t know if the LPC ever reviewed the plans.
Number of units: 27?
Location: West side of Broadway between Walker and White.
What we know about it: Earlier this month in The Real Deal: “Erez Itzhaki’s Keystone Group is in contract on an office building at 391 Broadway. The firm plans to add a rooftop addition to the five-story property and convert it into a luxury, boutique condominium. [...] Though [the spokesperson] declined to comment on the units’ pricetags, he said comparable properties in Tribeca were trading for approximately $1,500 to $1,700 per square foot.”
Number of units: 5?
Location: On the west side of Broadway between White and Franklin.
What we know about it: This week, The Real Deal had this to say: “The long-stalled development at 5 Franklin Place in Tribeca is in contract to sell to Elad Properties [....] The seller, Fishman Holdings, had planned a 19-story, 58-unit condominium, after successfully bidding for the property at a September 2011 foreclosure auction. Construction has not begun, despite Fishman’s statement last year that it would start in the first quarter of this year. Foundations have been laid, however, according to an Elad spokesperson, who added that the firm, best-known for the controversial condo conversion of the Plaza Hotel, had redesigned the building slightly. [...] Sales are expected to launch in January of 2013.”
Number of units: 58.
Location: Southwest corner of Broadway and Franklin.
What we know about it: “Developer Jourdan Krauss has big penthouse plans for his impeccably restored 361 Broadway, a six-story Italianate structure dubbed by preservationists ‘one of the handsomest’ cast-iron buildings in the city,” reported the Tribeca Trib in May. “His residential conversion plan calls for topping the 131-year-old landmark with a nearly 23-feet-high, two-story addition [by Japanese architect Shigeru Ban] easily seen from the street.” The Landmarks Preservation Commission approved the addition.
Number of units: 14.
93 WORTH (335 BROADWAY)
Location: Northwest corner of Broadway and Worth.
What we know about it: From Crain’s last October: “The 165,000-square-foot building, at 335-337 Broadway and marketed as 93 Worth St., is expected to be fully vacant by the end of November. [...] The developer plans to convert the 13-story property into 90 apartments and six penthouses as well as 10,000 square feet of commercial/retail space. [...] Apartments will range from studios to four-bedrooms, according to Doron Zwickel, executive vice president of CORE, the brokerage retained as the sales and marketing agent for the project. Price, depending on the unit, will range from $1,250 per square foot to $2,000 per square foot. The penthouses will have a private terrace. Amenities of the property will include a gym, children’s playroom, lounge and 3,845-square-foot rooftop.” The building is getting a four-floor topper, as reported here in February, and the brokers recently convinced (perhaps for real, perhaps just for TV) the developer to reconfigure the design so there would be more large apartments.
Number of units: 90 (or maybe less, given that last sentence, so let’s say 70).
Location: Southwest corner of Church and Warren.
What we know about it: Last May, an LMCCC update said that “Conversion of the eight-story former office building at 37 Warren Street kicked off in April 2011 with interior demolition. Construction manager CitiStructure is overseeing its conversion into condominiums, which includes adding four stories to the existing structure, as well as renovating its façade. [...] The completed 12-story building will be home to more than 66,000 square feet, with retail continuing to occupy the ground level. The $15 million project is slated for completion approximately May 2012.” (So much for that.) Also, an email I received from Corcoran Sunshine Marketing Group’s Barrie Mandel when I signed up for updates, had this to say: “Warren Lofts features a collection of fourteen authentic light-filled lofts, ranging from 1BR + Windowed Study to 3BR, as well as four exceptional Penthouses with Private Terraces and Fireplaces. Our meticulously designed lofts and penthouses seamlessly blend historic architecture with modern interior design to create uniquely beautiful homes. Our Presentation Gallery is scheduled to open in summer of 2012.” Update: The developer is Bazbaz Development; Handel Architects is behind the design.
Number of units: 18.
Location: North side of Warren between Church and Broadway.
What we know about it: “DDG Partners has acquired a distressed Tribeca site for $14.8 million and is planning to build a luxury condominium there,” reported Crain’s this month. “A five-story building that once housed a printing factory sits on the site at 12-14 Warren St. between Church Street and Broadway. The property was previously owned by a Spanish developer Renta Corp., which had intended to convert the property into a condo. Plans for 12-14 Warren St., which is less than a block from City Hall park and within walking distance of the Sept. 11 Memorial, have not been finalized. However, DDG is buying air rights from its neighbors in order to build a 50,000- to 60,000-square-foot condo that rise 15 stories. ‘We are looking at both converting or razing the building,’ Mr. McMillan said, adding that plans for the project will be finalized in six months. ‘It’s all still in the works, but we are contemplating large units comparable to 41 Bond St.’”
Number of units: 14? (Note: This property was also in the New Developments post, so anyone totaling the number of units in this post and that one should bear it in mind.)