Architect/developer Ron Ervolino just realized he's been sitting on a gold mine. The owner of 242 Elizabeth Street, a one-story former garage that's been used as a temporary pop-up for retail shops, Ervolino bought the place in 2007 for $2.8 million. Fast forward seven years, as he told Crain's, and he realized that it'd be a ton more profitable if he tore down the cute shanty and put up a seven-story building with five "luxury rentals," an elevator, and 1,800 square feet worth of commercial space on the ground floor. So that's what he's going to do, sinking $5.9 million into its erection. Construction on the building, located between East Houston and Price Streets, should begin in the fall, with completion slated for early 2016.
· Nolita landlord cashes in on rising rents [Crain's]
· All Nolita coverage [Curbed]
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