The Real Deal New York

Broad Street plans cantilever building for one half of $178M Noho portfolio

Development firm intends to demolish one of the rental properties it picked up in December

January 02, 2015 05:30PM
By Rich Bockmann

From left: 304 Mulberry Street and Broad Street Development partners Raymond Chalme and Daniel Blanco

From left: 304 Mulberry Street and Broad Street Development partners Raymond Chalme and Daniel Blanco

Broad Street Development, which announced last week it had purchased a pair of Noho rental properties for $178.5 million, plans to demolish one of the buildings and replace it with a structure cantilevering over the other, city records show.

While in contract in mid-December to purchase the two buildings at 298 and 304 Mulberry Street, the developer transferred about 25,000 square feet of air rights from the former property to the latter, according to records filed with the city Wednesday.

Sitting on the northern end of the block at the corner of Bleecker Street, 304 Mulberry is a six-story, 91-unit rental building constructed in 1974, a dozen years earlier than its neighbor. The property is in the Little Italy special district, and with the additional air rights from 298 Mulberry it holds about 90,500 square feet of development rights.

When Broad Street announced the purchase two weeks ago, the company said that, along with investment partner Crow Holdings, it will “immediately embark” on a $3.5 million renovation of the properties. The public records, however, show the developer plans to demolish 304 Mulberry.

Broad Street could not be immediately reached for comment. The company said its 25-unit condo conversion of the former Children’s Aid Society school in nearby Greenwich Village sold out in just four months over the summer.

Correction: An earlier version of this post incorrectly stated the buildable square footage of the property at 304 Mulberry Street.

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