The building and adjacent parcel was bought by New York-based Horrigan Development LLC and Greenwich, Connecticut-based Pilot Real Estate Group. The developer plans to create a 19,000-square-foot building with 27 units, The Wall Street Journal reported. David Maundrell, president of aptsandlofts.com, represented the buyer.
The sellers were a local family that previously housed a trucking business in the property. Construction is scheduled to begin in the summer and be finished in about 16 months.
Maundrell has also been working with the developers of 53 Broadway, a 72-unit rental on the corner of Wythe Avenue, one block east from the East River. The Kaish & Taub project will launch sales in the summer.