Fall’s Most Buzzed About Real Estate Conversions

12/3/15  |  Tony Sargent

With little space to build new properties in hyper-dense New York City, it’s no surprise that developers are eager to give makeovers...

Rendering: Midtown Equities’ retail and office conversion Empire Stores located in DUMBO in the Brooklyn Bridge;
Empire Stores

With little space to build new properties in hyper-dense New York City, it’s no surprise that developers are eager to give makeovers to pre-existing buildings not living up to their potential. Whether they are being redone with an eye towards retail or commercial occupation, there are a slew of exciting renovations slated to open in the next few months all around the city. Check out a few of the most buzzed-about below:

1. Dumbo’s Empire Stores: Dumbo has long been one of Brooklyn’s chicest neighborhoods, with residents like style-setter Olivia Palermo upping the style factor on this quiet waterfront oasis of calm. The neighborhood is about to get a fresh injection of fashion and fun with the 19th century warehouse Empire Stores opening the end of this year. Expect stunning views over the city, and a rooftop beer garden sure to rival the Standard in short order.

2. 34 Prince Street: On bustling Prince Street in between Mulberry and Mott comes the unlikely conversion of the former St. Patrick’s Old Cathedral School into seven super-luxe condos and two extremely elegant town homes at 34 Prince Street, which will be known as “The Residences at Prince“. (For urban history buffs, the development’s website features a fascinating ‘scroll through time’ interactive feature showcasing the property over the last century). The design will remain reflective of Nolita’s refined and artistic aesthetic, while still managing to offer an impressive size for each apartment – especially for the neighborhood – with one of the townhomes clocking in at over a whopping 10,000 feet. Many of the apartments will offer a perfect verdant oasis in the form of outdoor space – a luxury anywhere in the city, but especially this part where you’re more likely to find a Rag & Bone store and a Momofuku outpost than a sliver of greenery. Pre-construction townhouse marketing and sales exclusive courtesy of Core; condo sales exclusive of Time Equities.

3. 89 Grand Street: Perhaps the country’s hippest zip code, Williamsburg’s stunning 89 Grand Street is getting a full-on facelift, thanks to a building re-design that’s being handled by Morris Adjmi. Parts of the wall of the old warehouse-turned-residential property will be cut away to make room for lucky resident’s terraces, an art gallery will occupy the ground floor, and a super-cool glass addition wrapped in steel will adorn the building’s top – rendering it the neighborhood’s crown jewel, literally.

4. 82 Ainslie Street: In another exciting Williamsburg development, 82 Ainslie Street (just a quick jaunt from the Metropolitan Avenue L stop) is getting a big upgrade. Currently a quiet (and graffiti-covered) two-story brick building, the developer recently filed permits to add sixteen apartments spread over four floors. Bryan Russell of Syndicate Architecture will design the transformation (with Juda Klein of Parkview Management handling the development). Currently, the building is slated to include a shared second floor terrace and average square footage per apartment of 718 square feet, including two two-story duplex units. For those who have been waiting to invest in Williamsburg, this is a key new development to know.


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