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Potential Clinton Hill Conversion Will Wait Out the Market

Just as a Karl Fischer luxury rental building hits the market in a gritty part of the Lower East Side, we received a press release alerting us to the slightly less triumphant fate of another potential Hot Karl project. In better times, Clinton Hill's 25-27 Lexington Avenue (right) had aspirations of becoming a Karl Fischer-designed luxury condo. But the bust intruded, the owners decided to cut their losses, and the 24,000-square-foot building was recently purchased for $2.5 million by a developer who plans to keep it commercial. For now! Hot Karl did complete plans for the condo conversion, and according to the building's brokers, a residential rental building may still be in the cards. If the decision depends on whether the Clinton Hill market can support such a project, we'll be checking back in, say, 2037.
· Karl Fischer coverage [Curbed]