The Real Deal New York

Shepherd House pitches fewer units in $20M renovation

Landmarked building on West 10th would go from 145 units to 42
By Zachary Kussin | June 24, 2014 01:00PM

Following the $68.2 million purchase of the West Village’s Shepherd House last month, it appears further change is now afoot for the nearly 137,000-square-foot landmark building.

An application processed today by the city Department of Buildings shows an estimated $20 million renovation to bring the existing 145 residential units down to a total of 42.

The proposal calls for a collection of duplexes to occupy the cellar and first level of the building, located at 277 West 10th Street. It also envisions three apartments per floor between levels 2 and 11. The building currently has 12 units per floor on these levels.

In addition, a seemingly large apartment is proposed for the 12th floor, which currently houses 12 homes. That will be topped with the duplex’s Upper Level And A Roof Terrace.

The property dates back to 1893. Formerly an industrial building, Henry Elghanayan’s Rockrose Development converted it into apartments in 1979.

Barry Sternlicht’s Starwood Capital Group bought the building in May from an entity named Vill-Shepherd Equities Corp, as The Real Deal reported.

A representative for Starwood did not immediately respond to a request for comment. Jeremy Romine, listed as the resident leasing manager for the building, did not immediately return a call seeking comment.

The building, a rental, has studio to three-bedroom homes with an average rental price of $63 per square foot, StreetEasy shows.

What appears to be a teaser site for the building details luxury apartments with views of the Hudson River. They include studios, one-bedrooms, one-bedrooms with recreational space, two-bedroom rentals, duplexes and a private townhouse, according to the site.

Carlos Cardoso, a partner and the director of construction administration at architectural firm Beter Blinder Belle, is listed as the applicant of record. He did not immediately return a call seeking comment.

Michael Witek, the executive vice president of construction at the Naftali Group is listed as the site owner. Naftali did not immediately respond to a call seeking clarification and comment.

It was not immediately clear whether condominiums will be offered in the mix. DOB records do not show a proposal to turn the property into condos.

  • Truth

    It is a joke how off the information in this story is. If you cannot even report the correct price paid for a property why report it at all!

    • zacharykussin

      Thanks for the message. The information comes from a DOB application, which I’m happy to send you if you’d like to see.
      -Zach Kussin

      • Truth 2

        Did you get the purchase price from the DOB application too?

        Everyone in the real estate industry knows this was a flip and the purchase price was more than double… I’d stick to reporting on houses in the Hamptons and celebrity condos.

      • Graveshift

        The property sold for $160M+, which was a flip. Naftali bought it with Starwood as equity partner

  • korduroy

    “…luxury apartments with views of the Hudson River”??? You’ve repeated the lies of the developer!! Don’t you have reporters? The ugly, graceless, egregiously massive 150 Charles Street–embarrassingly inappropriate for the neighborhood–now stands (or wobbles, some say) between 277 West 10th Street and the Hudson River, and has blocked all but some slivers of views to the west. Have a look, before parroting sales brochures, why don’t you?