We've been talking about the condo conversion of the Village Nursing Home at Hudson and West 12th Street since 2008, when we first became obsessed with the firm looking to develop/design it, FLAnk. Now, one real estate bust later, the Wall Street Journal reports that FLAnk's reinventing of this century-old former hotel is on. Now that the senior citizens have moved into new digs on West Houston Street, FLAnk has closed on the building for "just a few million dollars short" of the pre-crash $33 million price tag. Following interior demolition, the innards will be put back together as 10 condos ranging from 3,300 to 9,000 square feet, with asking prices estimated in the kazillions-per-square-foot range. The apartments will hit the market in the summer of 2012. FLAnk's most recent completed project in the neighborhood looks a little bit different from this one. Can we at least get a rooftop swimming pool made out of melted-down bedpans?
· Deal Signals Market Recovery [WSJ]