The Real Deal New York

Milan developer Estate4 purchases Red Hook space for $11.8 million

November 28, 2012 12:00PM

202 Coffey Street (credit: PropertyShark)

Milan developer Estate4 has purchased a 130,000-square-foot factory space in Red Hook for $11.8 million, the Commercial Observer reported. Led by developer and urban planner Alessandro Cajrati Crivelli, the company will work with architecture firm Adjmi & Andreoli to transform the space into a photography school and series of artist studios.

“We fell in love with the structure inside, which is reminiscent of the Palazzo Grassi in Venice,” Aldo Andreoli of Adjmi & Andreoli told the Observer, referring to the building, located at 202 Coffey Street on the corner of Ferris Street. “As architects we are excited to touch such a beautiful building.”

The team will first work to unearth a central courtyard that was covered with concrete and steel in the 1950s; unseal original windows that have since been filled with concrete blocks; and remove a red paint job marking the exterior, exposing original brick, before building the school and five to six art studios are created, the Observer said.

The firm is also in the process of converting Soho’s 50 Varick Street into a U.S. outpost for London-based Spring Studios and is reworking plans at the former New York Dock Co. warehouse at 160 Imply Street in Red Hook, which will become a 72-unit mixed-use condo loft building.

The Red Hook property, meanwhile, is expected to be completed by mid-2014. [NYO] — Hayley Kaplan

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