search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomVornado nabs $34M deal at 220 Central Park SouthVornado nabs $34M deal at 220 Central Park SouthSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loan
New York

Another gallery in Williamsburg to be turned into apartments

Investment banker likely to bulldoze the existing 1920s townhouse at 432 Driggs Avenue

From left: Exterior, interior of 432 Driggs Avenue
From left: Exterior, interior of 432 Driggs Avenue

The principal of a Midtown-based investment banking firm has proposed to build a five-story building with residential and commercial space on the site of a red brick Williamsburg townhouse.

Sandler O’Neill + Partners’ John Ziegler , who moonlights as a broker primarily to the financial services sector, reportedly has plans to raze the existing two-story home at 432 Driggs Avenue to build 620 square feet of commercial space and five apartments, BuzzBuzzHome reported. Ziegler bought the 25′ by 100′ property at the end of 2012 for $2.9 million, which now houses the Black & White Gallery.

Sign Up for the undefined Newsletter

The developer doesn’t have a demolition permit yet, but he tapped Vamos Architects to design the new building, which will feature community space and commercial space as well as a rooftop garden.

The site is located between Ninth and 10th avenues, near another lot once popular with squatters at 205 North Ninth Street. Many art gallery owners, priced out of the gentrifying neighborhood, have flocked to nearby Greenpoint in search of lower rents. [BuzzBuzzHome] — Angela Hunt

Tags
NYC Art GalleriesSandler O'neill