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Inside the Under-Wraps Condo Conversion of 42 Ann Street

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What the heck is going on with 42 Ann Street? It seems like a decade ago when the FiDi crowd was bracing for the release of The Compass Lofts, the seven floor-through abodes in the gorgeous 1893 landmarked building when, just like that, they disappeared. Not into the portfolios of investors or as the homes of downtown dwellers, just gone as if they never were. Here's what seems to have happened: The Compass Lofts were coming to market at a "bad time," says Elie Pariente, principal of EMP Capital and one half of the new 42 Ann Street's developers. When the Loft's developers ran into financial troubles, the building went into foreclosure. The debt was then bought by an investor who ended up selling off the property soon after. Cue Elie Pariente and Josh Rahmani of Empire Capital Holdings, who are now finishing what The Compass Lofts set out to do: introduce seven high-end, floor-through apartments in the wonderfully ornate building that formerly served as the showroom and offices of architect instrument manufacturers Keuffel & Esser.

While many of the upgrades found in the cavernous apartments now stem from its pre-market days as The Compass Lofts (including those high-gloss kitchen cabinets), the new developers have tapped Colkitt&Co. and Tamara Eaton Design to do work on some of the interiors, including streamlining the bedrooms' layout to optimize space. The building's seven apartments will start at $3.4 million, with the duplex penthouse asking $5.5 million. When the listings appear on the market, buyers keep in mind: the site is directly across from Lightstone Group's development of a 58-story tower at 112-120 Fulton Street. It's been a long time coming, but 42 Ann Street will unleash itself onto the market any day now.
· 42 Ann Street [official]
· All 42 Ann Street coverage [Curbed]
· Curbed Inside archives [Curbed]