Last month, Crain's reported that Developer DDG Partners was in contract to buy the perpetually stalled 325 West Broadway, site of the former Tootsie Roll factory awaiting its conversion to condos. Now Crain's confirms that DDG paid $38.4 million to buy the factory, and the developer plans to break ground on a luxury building within 60 days. DDG will preserve two buildings on Wooster Street, but knock down two buildings on West Broadway and replace them with a new structure. The buildings will be connected by a central courtyard, and DDG's in-house architecture firm will work with Beyhan Karahan Architects & Associates to design the project.
Previously approved plans called for 24 condos, but DDG may change that. DDG told Crain's that the development will be similar to 41 Bond Street, where they have seven condos in a 10-story building. Those units range in size from 3,000 to 6,000-square-feet and sold for $2,500 per square foot. After construction starts, DDG expects the Chocolate Factory project to be complete in two years.
· Tootsie Roll Condos Back on Track [Crain's]
· 325 West Broadway coverage [Curbed]