Jeffrey Gershon of the Gershon Company has acquired the five-story 19th Century building at 181 Sullivan Street in Greenwich Village and plans to convert it residential condominiums.

The handsome property, which dates to before the Civil War, formerly housed the Sullivan Street Playhouse where ?The Fantastiks? ran for more than 40 years until 2002.

Mr. Gershon acquired the property several months ago for about $4,250,000 and the conversion plan calls for a duplex garden apartment and three full-floor apartments.

A rendering of the project indicates that it will have a very modern glass and black metal fa?ade. Kitchens will be by Valcucine.

The mid-block building is between Bleecker and West Houston Streets on the east side of Sullivan Street. Much of the west side of this block is part of the landmark enclave of townhouses that share a communal garden between Sullivan and Thompson Streets.

James P. Nelson and Brock A. Emmetsberger of Massey Knakal Realty Services were the brokers in the sale of the property.

According to the Greenwich Village Society for Historic Preservation, ?in the 1830s, the entire east side of this street (known as Varick place until the mid-20th Street) had a row of handsome Greek Revival rowhouses, of which 181 (the Sullivan Street Playhouse) and 179 (The American Legion Club?) are the best surviving vestiges. 179 is in fact largely intact, while 181 was remodeled significantly with its stoop removed and the current theater inserted inside. Prior to its conversion to a theater, long-time Village residents report that the building home to a nightclub and speakeasy operated by Jimmy Kelley, a long-time Greenwich Village Democratic Party boss.?

A call by CityRealty.com today to Mr. Gershon was not returned so details as to pricing and when sales begins and who is the architect are not yet available, nor whether the building might be called ?Fantastik.?