Renovation of Century-Old Apartments in Greenwich Village Planned
- Nov 08, 2016
New York—Work is about to begin on the renovation of a 1903-vintage Greenwich Village apartment property that in recent years has housed students at Yeshiva University’s Benjamin N. Cardozo School of Law. The building, at 13-19 East 11th Street, is around the corner from the school, which is on Fifth Ave. between East 12th and East 13th streets, near Union Square in Manhattan.
Recently, Collegium Capital Partners, a subsidiary of South Florida-based Pebb Capital, acquired 98 units—a mix of condos and coops—at the two-building property from the law school for about $58 million. The units sold by Yeshiva comprise the majority of the 115-unit property; the balance are still owned by residents through 15 East 11th Apartment Corp.
In 1998, Yeshiva bought the apartments for $11.6 million and rented the co-ops out to Cardozo law students. The university also converted 78 of the apartments to condos and paid off most of the co-op underlying mortgage. The new owner has tasked Gene Kaufman Architect to renovate its units.
According to Gene Kaufman, founder & principal of the firm, the renovation will maintain the landmarked building’s neoclassical façade and remake the interiors in a way that preserves their configuration while modernizing their look and feel. “Our goal was to elevate student living to the standard enjoyed by the residential market, with high-end finishes and other elegant contemporary accents,” he said.
The building has two linked wings, of seven and nine stories, featuring one-, two- and three-bedroom apartments. The ground floor will offer various common amenities, including a coffee bar, lounges, study rooms and a fitness center. Allen Saunders Inc. will design the interiors.