The Real Deal New York

Another gallery in Williamsburg to be turned into apartments

Investment banker likely to bulldoze the existing 1920s townhouse at 432 Driggs Avenue
March 06, 2014 02:29PM

The principal of a Midtown-based investment banking firm has proposed to build a five-story building with residential and commercial space on the site of a red brick Williamsburg townhouse.

Sandler O’Neill + Partners’ John Ziegler , who moonlights as a broker primarily to the financial services sector, reportedly has plans to raze the existing two-story home at 432 Driggs Avenue to build 620 square feet of commercial space and five apartments, BuzzBuzzHome reported. Ziegler bought the 25′ by 100′ property at the end of 2012 for $2.9 million, which now houses the Black & White Gallery.

The developer doesn’t have a demolition permit yet, but he tapped Vamos Architects to design the new building, which will feature community space and commercial space as well as a rooftop garden.

The site is located between Ninth and 10th avenues, near another lot once popular with squatters at 205 North Ninth Street. Many art gallery owners, priced out of the gentrifying neighborhood, have flocked to nearby Greenpoint in search of lower rents. [BuzzBuzzHome] — Angela Hunt