Architect Cary Paik is well on his way to replacing a one-story project space formerly owned by the Robert Rauschenberg Foundation with an 11-story luxury condominium, after filing an offering plan with the New York state Attorney General’s office in late August.
Paik, who his both the architect of record and sponsor of the condo plan, aims to sell the project’s 10 apartments for a total of $77.5 million. The offering also includes 10 “other” units, but online filings do not give further details. Such units, however, could be anything from bicycle space to wine storage.
Paik obtained demolition and new construction permits for the development, which is next to the Chelsea High Line, last fall.
In 2014, the property at 455 West 19th Street sold to a “NYC Prince LLC” $22.5 million, in a deal that Cushman & Wakefield’s James Nelson said involved a “first-time buyer.” The following year, the developer, obtained a $19 million mortgage from Interaudibank for the property.
Paik Architecture has designed dozens of loft residences in the city, including the eight-unit Van Wagner lofts in Long Island City.
The company did not immediately respond to an email seeking comment.