DDG Partners, which bought the 325 W. Broadway site at Grand Street for $38.35 million last month, expects to complete the long-in-waiting project within 24 months from the beginning of construction, Crain’s reported.
The four-building property was sold to DDG by Lehman Brothers Holdings Inc., which foreclosed on the site in 2009 after previous owner ADG-Soho defaulted on its $27 million loan. ADG-Soho had intended to convert the factory to housing, and the property traded to DDG with approved plans for a 24-unit condo from the city Department of Buildings and the Landmarks Preservation Commission.
“I believe it is the most attractive site in all of SoHo,” DDG chief executive Joseph McMillan told Crain’s. McMillan had his sights on the project ever since Lehman took ownership from ADG-Soho: “It’s a great location and prime for residential development.”
Two of the buildings on Wooster Street will be preserved, while the two structures with West Broadway frontage will be destroyed. According to Crain’s, the development will be similar to DDG’s NoHo project at 41 Bond St., a 10-story building with seven units that sold for an average of $2,500 per square foot.