Keystone to build luxury condo in West Village

New York /
Feb.February 28, 2013 11:00 AM

Acquisitions and development firm the Keystone Group is set to bring a luxury residential development to a prime West Village site at 130 Seventh Avenue South, The Real Deal has learned.

The company, headed by Erez Itzakhi, plans to develop an existing single-story commercial building at the site, once home to Veranda restaurant, into a new seven-story condominium with retail on the ground floor.

Keystone paid $6.3 million, or $1,983 per square foot, for the 3,500-square-foot property, between Charles and West 10th streets, in December, public records show. It was previously owned by real estate investor Hal Negbaur. NYC Management, an affiliate of Besen & Associates, managed the building on behalf of Negbaur, who had owned it since 1980, and brokered the sale.

The existing building is on a triangular shaped lot and is located within the Greenwich Village Historic District. Keystone did not respond to requests for comment on how many units the building will have or the timeline for the site’s development.

Itzhaki handed control of his eponymous brokerage firm Itzhaki Properties to a new partner early last year in order to focus on Keystone, The Real Deal previously reported. The company has been actively acquiring and developing properties and is in the process of completing a luxury condominium conversion at 391 Broadway in Tribeca.

Veranda ceased operations recently after its license was revoked by the New York State Liquor Authority for operating illegally as a nightclub. In January, it lost a battle with the authority to regain the license, it was previously reported.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The Savoy Hotel in London, UK in 1980 (Getty)
UK hospitality employers could cut half a million jobs
UK hospitality employers could cut half a million jobs
Rapper Iggy Azalea with her new Hidden Hills property (Getty, Sotheby's International Realty)
Iggy Azalea feuds with her new neighbor in Hidden Hills
Iggy Azalea feuds with her new neighbor in Hidden Hills
75 & 81 East Lake Dr. Unit 3 (Mary Lappin Marmorowski/Elliman)
A home on Lake Montauk for just $500K? Here’s why
A home on Lake Montauk for just $500K? Here’s why
Nick Mastroianni II sold the property back to the sellers at a small profit (Google Maps, Nicholas Mastroianni)
Seller’s remorse: Nick Mastroianni returns Jupiter mansion
Seller’s remorse: Nick Mastroianni returns Jupiter mansion
A rendering of the project at 1 Park Row in the Financial District.
L.A.-based lender puts FiDi project into construction with $120M loan
L.A.-based lender puts FiDi project into construction with $120M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...