Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC have closed on the acquisition of 45 Rivington Street for $116 million.
Located on the Lower East Side, the existing six-story, 145,000 s/f building, will be converted into a luxury residential development.
“We recognize the value opportunity of the historic property, and we look forward to working alongside our partners to deliver an exciting condominium offering in a prime location with unique access to the iconic Sara D. Roosevelt Park,” said Martin Nussbaum, principal of Slate Property Group.
“To further add to the building’s attraction for future residents, the property’s gateway to ample green space is also complemented by the site’s close proximity to neighborhoods including SoHo, the East Village and The Bowery.”
Situated between Eldridge and Forsyth Streets, alongside Sara D. Roosevelt Park, 45 Rivington is a Romanesque Revival-style building equipped with 12-foot ceilings and a penthouse floor offering views of Midtown and Downtown Manhattan.
Originally designed by Charles B.J. Snyder in 1898, 45 Rivington was known as P.S. 20, a grammar school. Snyder used steel skeleton framing for economic and timely construction.
In 1993, the property was purchased from the city of New York by a nonprofit and underwent a complete renovation.
“We’re confident that the flexibility of the existing structure, which has been transformed in the past to accommodate diverse tenants, allows for us to repurpose a historic and well-known building into a desirable residential destination,” said Dvir Cohen Hoshen, founder of Adam America. “We will work with the community to help ensure this property is well-received as a project that elevates the influential activity taking place in Lower Manhattan.”