The Real Deal New York

Developer Flank to bring boutique condo to Nolita

Eight-story project will have only seven units, mostly duplexes

Flank, the Manhattan-based architecture and development firm, is acquiring a reputation for building boutique condominium projects with extra-large apartments. Last year, for instance, the developer converted 200 units into a mere 10 at the Abingdon at 320 West 12th Street. Now, the company looks set to bring the same concept to Nolita, where it has filed plans to erect an eight-story building, The Real Deal has learned.

Flank is planning a seven-unit luxury condo property on the 7,400-square-foot site at 224 Mulberry Street, between Spring and Prince streets, which currently houses a 24,542-square-foot three-story parking structure, Department of Buildings filings reveal. The development will be made up predominantly of duplexes, including a penthouse, which will take up the top two floors of the building, sources said. It will also include private parking spaces for each of the seven apartments.

While a spokesperson for the developer confirmed a project was underway at the site, he declined to comment on the specifics.

Flank paid $26 million last summer for the site; Massey Knakal Realty Services brokered the deal. A previous plan for the property called for a 13,000-square-foot private residence with a squash court.

The developer appears to be eager to get started on construction. The firm petitioned a New York State Supreme Court judge yesterday to order its neighbor to the rear at 221 Mott Street to grant the company access. Flank needs to get at 221 Mott to install temporary protection to the rear yard of the premises, in order to prevent damage to the property during construction of its project, the petition says. The owner of 221 Mott has allegedly resisted Flank’s attempts to negotiate an agreement on access. Further delays will cause Flank financial losses, the company claims.

Deviating from its regular strategy, Flank is also planning a 200,000-square-foot residential building at 71 Smith Street in Brooklyn in partnership with private equity firm the Carlyle Group, it was previously reported. The project will be the firm’s first in the borough. It is not yet clear if the units will be rental or condominium.