Last month, Broad Street Development purchased two Noho rental buildings at 298 and 304 Mulberry Street for $178.5 million. Now, the development firm has announced plans to demolish one of the properties and construct a structure cantilevering over the other, according to The Real Deal.
After Broad Street purchased the properties in December, the developer transferred about 25,000 square feet air rights from 298 to 304. Now, with that addition, 304 carries about 107,000 square feet of development rights, and Broad Street hopes to demolish the six-story, 91-unit rental building soon. However, the developer also said that it would soon embarkon a $3.5 million renovation of the properties, with investment partner Crow Holdings.
Broad Street had an awfully busy 2014, in the wake of its conversion of the historic Children's Aid Society building at 215 Sullivan Street, which sold out almost immediately.
· Broad Street plans cantilever building for one half of $178M Noho portfolio [TRD]
· All Broad Street coverage [Curbed]