This large, red-brick building was erected in 1915 as a stable for the city's very impressive Beaux-Arts style Police Headquarters Building nearby on Center Street that eventually was converted to apartments.

Beginning in 1927, this building was known as the Grand Machinery Exchange because it became a warehouse for used manufacturing equipment.

In 2007, Max Protech, the well-known dealer in architectural drawings, announced that he and Andreas Veith, the former CEO of Hypo Real Estate International, would convert this building to 14 residential condominiums. The building, which is known as the Machinery Exchange, has a 136 Baxter Street address and a 209 Hester Street address. It is one block north of Canal Street.

Mark Dubois, a partner in Ohlausen Dubois Architects, and Ed Rawlings are the architects for the project. Mr. Dubois had designed a house in Santa Fe for some friends of Mr. Protech.

The design will leave the exterior as is with its faded painted name. Apartments will have 11 to 13-foot high, golden pine ceilings and exposed brick walls. Kitchens have Valcucine brushed aluminum cabinetry, Bianco Luna countertops, Miele ranges and ovens, and Sub-Zero refrigerators.

A penthouse level has been added to the original building.