In 1898, the large building on Rivington Street between Forsyth and Eldgridge streets was constructed as a grammar school and has, at least for the past two decades, served the public good. Today, the Wall Street Journal announced that building will take on a new life as luxury condos. Of course.
China Vanke Co., Adam America Real Estate, and Slate Property Group have inked a $116 million deal for 45 Rivington Street with plans to build out about 100 apartments in the 150,000 square foot building.
Under the ownership of VillageCare, the building served as a nursing home for HIV and AIDS patients from 1993, at which time the nonprofit purchased the building for $1.55 million, through 2014. Allure Group purchased the building from VillageCare in 2014 for $28 million, TLD says, but vacated in December after failing to obtain state Medicaid reimbursements.
The building's prior sale dealt with whether it would continue to be used as a nonprofit medical facility, or if its deed would be altered to allow a for-profit facility. It appears things have gone one step farther than that with the impending condos. The Low Down reports that the city lifted the deed restrictions on the property, allowing it to go residential.
Although pricing in the development has yet to be determined, the co-founder of Slate says the units will be neither on the high or low end of the market.