Josh Schuster and Dan Hollander’s DHA Capital is in contract to buy a Nolita development site for more than $50 million, The Real Deal has learned.
The developers, along with partners AMS Acquisitions and First Atlantic Real Estate, signed a contract to buy the two-story parking garage at 75 Kenmare Street at the corner of Mulberry Street, sources close to the deal said.
The seller is the Sentry Operation Corp., led by Ding “John” Wai.
DHA plans to build a 68,000-square-foot, mixed-use property with retail, residential and parking.
While other development projects in the area such as 224 Mulberry Street and The Schumacher Building at 36 Bleecker Street have units between 1,000 and 4,000 square feet, DHA’s site will most likely include more efficient units sized around 1,000 square feet and below similar to those at 50 Clinton Street, the company’s 37-unit condo building on the nearby Lower East Side.
While Downtown neighborhoods like Nolita and the Lower East Side have long been considered primarily nightlife destinations, new-development condo inventory and pricing have been trending toward figures seen in some of Manhattan’s more residential neighborhoods.
Other projects in Nolita include developer Sumaida and Khurana’s 152 Elizabeth Street, designed by Pritzker Prize–winning Japanese architect Tadao Ando, and Alpha Development’s 199 Mott Street.
This will be the 11th deal for DHA, which Schuster and Hollander founded in 2011.