It seems the owner of the half-demolished lot at 328 Grand Street has picked up on the sad fact that the Lower East Side is where hotel developments go to die, and has wisely shifted his focus from constructing a boutique hotel to a seven-story residential building on the long-stalled site. Purchased for $3.19 million in 2006, the site occupant and an abutting propertyan unrelated development at 324-326 Grand Streetwere torn down before the market plummeted into despair, and have largely sat empty for the past several years, Bowery Boogie notes. But as the mixed-use development at 324 Grand Street begins to soar, so too will its newly residential neighbor.
Despite a three-year-old partial stop-work order on the site, the Department of Buildings has approved updated plans for the new structure. The seven-story development is anticipated to have seven floor-through units, and to be complete in June 2015. Following plans filed in 2006 to construct a seven-story, ten-room hotel on the site, the property was shortly listed on the open-market, but quickly taken off.
· 328 Grand Street Project Site Reactivated; Plans Change From Hotel to Residential [BB]
· All 328 Grand Street coverage [Curbed]