[slideshow id=53 width=590 height=400]Renderings courtesy of Kondylis Architecture, PC
By Roland Li
Billionaire Jeff Greene has retained Costas Kondylis to renovate a six-story building at 62 Wooster Street in a revived condo plan.
As Real Estate Weekly reported in April, Greene’s Sunshine Investments purchased the building in a foreclosure auction for $26.27 million, after the previous owners, Trinity Development Group and Stillwater Capital, ran into financial trouble. Kondylis’ prolific firm was also the architect for Trinity.
Trinity originally planned for five units of an average of 7,500 s/f, but Kondylis said that two units in each of the top five floors are now planned, for a total of 10 apartments. Greene, a Florida businessman who made a fortune betting against subprime mortgages, may live in the building and combine two units. A rooftop pool and cabana, a legacy of Trinity’s plan, are also part of the renovation. The property, also known as 476 Broome Street, is an L-shaped building with 50 feet of frontage on Broome Street and 25 feet on Wooster. It also has a 4,000 s/f retail space.
The renovation has a budget of around $25 million, said Kondylis. Pricing and agents for the new building haven’t been determined, but nearby apartments on Wooster Street trade for over $3,000 per s/f.
As part of the renovation, new skylights and minor modifications to the façade will be added and must be approved by the city’s Landmarks Preservation Commission, because the building is in the Soho-Cast Iron historic district, said Kondylis.