Jeff Greene, the subprime mortgage king and prolific New York City developer, is finally pursuing the conversion of 62 Wooster Street from commercial to residential, a project he began poking around at when he bought the building in April 2011 for $26.72 million. Greene purchased 62 Wooster Street, formerly 476 Broome Street, after former developers Trinity Development Group and Stillwater Capital ran into financial troubles. The early developers planned on bringing five über-extravagant, 7,500-square-foot condos to the building, each with its own home theater, gym, and (no joke) rooftop pool. Last we heard of the conversion, Greene had brought on Costas Kondylis to do a $25 million renovation of the building.
Now, four years later, the conversion has reared its head again, at a cost about 4.5 times greater. TRD reports that Greene has modified the plans that he filed for the building last year to include seven apartments in a $110 million renovation. Under Greene's plan, the building will also have two ground-floor retail spaces. If there's any uncertainty about what degree of opulence Greene's conversion will achieve, just take a look at his ostentatious Beverly Hills "palazzo" which he listed in early November for a startling $195 million.
· 62 Wooster Street's Long-Planned Conversion Is Finally Happening [TRD]
· All 62 Wooster Street coverage [Curbed]