The news from up north: 142 Watts Street

The sidewalk shed going up around 142 Watts (or 457 Washington) is prepping the building for a conversion from office and multiple dwellings to a single family residence on the second through fifth floor, with a new sixth floor to be used as part of the residence and two parking spaces. (This all from the DOB filings.) Killer. (Thanks to D. for the photos and the update.)

If I am reading the docs correctly, it looks like the building is owned by Cathleen Ihasz, who with her sister owns Lazar Ventures. Their website describes the company this way: “Cathleen and Nicole Ihasz are entrepreneurs and opportunistic investors. They have invested in a variety of businesses ranging from solar energy to virtual reality technology, and together they founded Raptor Films, a boutique film finance and production company which currently focuses on the development of original, independent content. Cathleen and Nicole are especially active in real estate. They are co-owners of Brody House Group, a private club and hotel brand based in Budapest, Hungary, and are pursuing a real estate and business development opportunity in downtown Los Angeles. Together with their sister, Ashley Austin, Cathleen and Nicole are founding members of ALG Brands (ALG), an entertainment brand management firm with clients including Sony Music Entertainment, Rocky Horror Picture Show, the Estate of Bill Haley and more.”

The building was sold a year ago for $9 million. Before that, it was owned by Albert Capsuoto, whose namesake park is around the corner in the wedge between Canal and Laight. Capsuoto — a longtime local restaurant owner and neighborhood advocate who served on CB1 — bought the building in the ’80s with a mortgage of $320,000.

William Green Architects is listed on DOB documents; the firm is also designing the Lazar Hotel on West 44th Street — a 20-story, 100 key all-suite hotel with a ballroom and a “private club overlap.” Perhaps a coincidence? Perhaps not?


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