The Real Deal New York

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
May 16, 2014 04:20PM

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