Rendering: Issac & Stern
DHA Capital has acquired 50 Clinton Street, a planned seven-story condo project in the Lower East Side, for $28 million.
Located between Rivington and Stanton streets, the 38,000-square-foot development will have 37 one- to three-bedroom residences, with ground-floor retail. The site is currently home to Wylie Dufresne’s ground-breaking restaurant WD-50, which is set to close next month.
Pricing will start at approximately $1 million for one-bedrooms, $2 million for two-bedrooms and $3 million for the building’s three-bedroom penthouse. Issac & Stern Architects is designing the project, while Paris Forino will curate the “industrial chic” interiors.
“The project’s defining elements are its smaller-sized units and moderate price points, all without compromising on design or quality,” Dan Hollander, Managing Principal of DHA Capital, said in a statement.
Amenities will include a 24-hour doorman, landscaped roof deck, gym and bike room.
The property’s previous owner, Icon Realty Management, filed permits for a new seven-story, mostly residential building in April, NY YIMBY reported. The plan exam application was disapproved in early June, and Icon put the site up for sale in the summer, Bowery Boogie reported.
Construction is expected to wrap up in the third quarter of 2016. Douglas Elliman is handling sales, which are anticipated to begin in early 2015.
This marks the eighth project for DHA Capital. The firm is also converting Greenwich Village’s 12 East 13th Street into an eight-unit condo building and developing a 280-unit rental at 535 West 43rd Street in Hell’s Kitchen.