Mulberry Street condo to return as rental

December 21, 2011 03:11PM

A stalled condominium project at 290 Mulberry Street is slated to be revived as a rental building, after being purchased by a mystery buyer for $25 million, Crain’s reported.

The 12-story building, opposite to the Puck Building on Houston Street, was initially conceived as a condo with eight full-floor apartments and a shared 2,600-square-foot terrace by former owner Cardinal Real Estate Investments, said Michael DeCheser, director of sales at Massey Knakal Realty Services, which marketed the building in the spring. However, the new owners have decided to change course.

“I’m told it will be finished as a rental,” DeCheser said.

The building is about 90 percent complete, he added, with about six more months of work required. It was previously reported that the estimated cost to finish is $2 million. The building’s designer, SHoP Architects, and the original construction team will remain involved as the project, which was stalled by ongoing litigation, goes forward.

Robert Burton and Clyde McGraw of Massey Knakal helped DeCheser market the property on behalf of the seller. It was not immediately clear who represented the buyer. [Crain’s]