Children’s Aid buildings to go condo

New York /
May.May 25, 2011 02:54 PM

219 Sullivan Street (source: PropertyShark)Broad Street Development has agreed to plunk down $33 million to acquire two historic Greenwich Village buildings from the non-profit Children’s Aid Society, and has plans to build a 60,000-square-foot luxury condominium project on the site, according to the Wall Street Journal.

News that Children’s Aid was seeking to unload its real estate in the neighborhood set off a firestorm of controversy last year; even actress Brooke Shields was among the petitioners asking the organization’s board not to shut down the nursery school program.

The properties, at 209 and 219 Sullivan Street, were expected to fetch between $20 million and $30 million for Children’s Aid, which said it would use the proceeds to inject cash into “high-need communities” like the South Bronx, Washington Heights, northern Staten Island, Harlem and East Harlem. Renovations are already underway at a South Bronx building the non-profit bought last year.

Broad Street said it will begin work next summer, and plans to incorporate one of the Calvert Vaux-designed buildings into the project and use part of the space for a community facility.

“They’re not making more space in Greenwich Village, and everyone wants to live there,” said Raymond Chalmé, Broad Street principal. ”But it’s a sensitive neighborhood so we’ll make sure to keep with its character and style. We’re not planning on building one of these crazy towers.” [WSJ]


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