Winter Properties plans trio of expensive resi units at West Village conversion

Developer bought the property for $89M last year
By Mary Diduch | April 08, 2019 08:13AM

Winter Properties' David Winter and David Millstone with 771 Washington Street (Credit: Winter and Google Maps)

Winter Properties’ David Winter and David Millstone with 771 Washington Street (Credit: Winter and Google Maps)

A three-story West Village commercial building may soon be converted into a residential property — with just three units. And for the developer to turn a profit, they’ll have to be very expensive.

Winter Properties wants to turn the roughly 21,100-square-foot property at 771-775 Washington Street into a “three family residence” and add on about 3,600 square feet, according to an application filed with the city’s building department.

Winter picked up the building, home to the Italian restaurant Barbuto, for $89 million last July. JPMorgan Chase provided $50 million in financing.

Two apartments would take space on the first two floors, according to the filing. The third would be split among all the levels. Architecture firm Leroy Street Studio is designing the project, which also would have two swimming pools, two gyms and a private terrace, according to the filing.

Winter and LSS didn’t immediately return requests for comment. Winter’s parent company, Standard Industries, also didn’t respond.

It’s not immediately clear if the property would be a condominium, but if it were, its units could yield some significant sale prices. For example, elsewhere in the neighborhood, a $40 million penthouse at 90 Morton Street is in contract and spans over 5,800-square-feet, according to StreetEasy. If it sold for that price, that’s almost $6,900 per square foot.

Winter Properties’ holdings are a mix of commercial and residential properties — including 800 Fifth Avenue and 26 West 17th Street. In 2015, the company sold the Crown Building to a group of investors led by Jeff Sutton for $1.78 billion.