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East Village’s colorful Red Square rental reportedly sold to developer

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Reports are surfacing that The Dermot Company purchased the building for $100M

The quirky Red Square rental building at 250 East Houston Street may become a vestige of the once-colorful East Village. On the heels of a tip from a tenant who claims that building residents are no longer being offered 12-month leases, but six- or eight-month leases, sources of the Post say that developer Dermot Company is in contract to purchase the 130-apartment building for roughly $100 million (h/t EV Grieve).

The Curbed tipster writes, "Rumors abound but the assumption is that the entire building will be closed for reconstruction, as well as possibly new construction to replace the mostly-empty single-story storefronts that form part of the property, around late spring/early summer 2017." The Post says that a portion of the building’s 23,000 square feet of retail were reportedly not included in the deal. Existing storefronts at the property include Dunkin’ Donuts, Sleepy’s, and FedEx.

Curbed has reached out to The Dermot Company for comment.

Update: The Dermot Company has declined to issue a comment at this time.

Red Square Building

, New York, NY 10002