In January, we reported that a 13-story residential building was in the works at 331 East Houston St. Here’s what the 78-unit complex is supposed to look like.
Several parcels – including 327-329 East Houston, 331 East Houston and 163 Ridge Street – were sold by the estate of William Gottlieb for $12.4 million. Commercial Observer had the word late last month that Sovereign Bank had provided a $26 million loan to the developer, Halpern Real Estate Ventures, for construction.
“The goal is to develop a great product that addresses the market needs of young professionals in the Lower East Side,” CEO Jon Halpern told the Observer. “We’ll likely look to sell the project upon stabilization.” The plan is to build an 80/20 project, with 16 affordable apartments. Recently, EV Grieve noted that preliminary construction is underway on the site.
The architect for the project is the Stephen B. Jacobs Group. The entire job is expected to cost around $40 million.