Slate, Adam America and Vanke Pay $116M for Lower East Side Site
- Mar 03, 2016
New York, NY—Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC, a subsidiary of China Vanke, China’s largest residential developer, closed on the acquisition of 45 Rivington Street for $116 million. The six-story, 145,000-square-foot building will be converted into a luxury residential development.
“We recognize the value opportunity of the historic property, 45 Rivington, 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.”
45 Rivington is a Romanesque Revival-style building with 12-foot ceilings and a penthouse floor located between Eldridge and Forsyth Streets, alongside Sara Roosevelt Park. The property was originally designed by Charles B.J. Snyder in 1898 as a grammar school, P.S. 20. In 1993, a nonprofit acquired the building from the city of New York and implemented 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.”
45 Rivington sits at the nexus of the East Village, NoLIta and the Lower East Side, with popular eateries, fine art galleries, cultural destinations and popular nightlife spots nearby. Notable institutions in the neighborhood include The New Museum, Katz’s Delicatessen, the Bowery Ballroom, Housing Works Bookstore Café and more. The area is easily accessible to all five New York City boroughs with nearby public transportation including the B, D, F, J, M, G, and Z subway lines as well as various bus routes including the M8, M9, M14, M15M21 and M103.