Grammar school — once set for condos — to be artists’ lofts

Project back on after condominium conversion of old PS 12 at 371 Madison failed to take off

TRD New York /
May.May 16, 2014 04:20 PM

A former elementary school on the Lower East Side will now be marketed as a great place to live if you’re an “artsy type.”

Real Estate Group Modern Spaces is handling the 117 lofts that will hit the market in June, according to Curbed. The project needed a new boost, after developer Thomas Sung decided to pull the plug on a plan to sell the units as condos. The earliest date for new tenants to move in could be June 15 and rents start at $2,950 a month. At first, 20 or 30 units, both one- and two-bedrooms, will be available.

Eric Benaim, CEO of Modern Spaces, told Curbed that he is planning to appeal to people who are getting priced out of certain areas, such as Williamsburg, Dumbo or parts of downtown.

The building’s amenities will include a pool, a gym in the building, laundry, courtyards and a roof deck as well, as a doorman.

Sung bought the building at 371 Madison Street more than 30 years ago for $535,000.

Some of the apartments are as big as 1,800 square feet with 20-feet ceilings, which will likely hold a certain appeal for artists. [Curbed] — Claire Moses


Related Articles

arrow_forward_ios
Queens, New York

Here are the neighborhoods where homes are flying off the shelf

Here are the neighborhoods where homes are flying off the shelf
Is Modern Spaces CEO Eric Benaim the brokerage king of Queens?

Is Modern Spaces CEO Eric Benaim the brokerage king of Queens?

Is Modern Spaces CEO Eric Benaim the brokerage king of Queens?
With more condos rolling down the pipeline, LIC resi brokerages jostle for business

With more condos rolling down the pipeline, LIC resi brokerages jostle for business

With more condos rolling down the pipeline, LIC resi brokerages jostle for business
Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move

Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move

Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move
Modern Spaces defends home turf, hires BHS vet to lead LIC office

Modern Spaces defends home turf, hires BHS vet to lead LIC office

Modern Spaces defends home turf, hires BHS vet to lead LIC office
Modern Spaces slaps Compass with agent-poaching suit

Modern Spaces slaps Compass with agent-poaching suit

Modern Spaces slaps Compass with agent-poaching suit
Hamptons Cheat Sheet: Property owners rush to prepay taxes, Hampton Bays inn and restaurant up for sale … & more

Hamptons Cheat Sheet: Property owners rush to prepay taxes, Hampton Bays inn and restaurant up for sale … & more

Hamptons Cheat Sheet: Property owners rush to prepay taxes, Hampton Bays inn and restaurant up for sale … & more
Tavros Capital putting together $30M-plus LIC dev site

Tavros Capital putting together $30M-plus LIC dev site

Tavros Capital putting together $30M-plus LIC dev site
arrow_forward_ios

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

Loading...