FLAnk Architecture has closed on its purchase of the former assisted living facility at 607 Hudson Street at 12th Street for more than $33 million, according to an article by Shelly Banjo in yesterday's edition of The Wall Street Journal.
It has signed a contract to buy the very handsome, red-brick, Georgian-style, building in 2007 but, the article said, "unlike scores of investors who walked from deals or renegotiated drastically lower prices with sellers after the crunch hit, FLAnk paid just a few millions dollars short of the full pre-cash price: $33.3 million."
"The deal is the latest sign that the city's residential development engine is beginning to crank up again. FLAnk was able to secure construction financing from Quinlan Development Group and M&T Bank to convert the property into 10 condos ranging in size from 3,300 to 8,000 square feet.
The seller of the property was VillageCare and it had structured the sale so that it would not close until it had moved.
The building was converted from a hotel to a nursing home in1958.
When it entered the contract in 2007, FLAnk put down 10 percent and a year later another 10 percent.
The article said that FLAnk plans a gut renovation and hopes to bring the condos to market in the summer of 2012.
In 2007, FLAnk turned a 150-year-old church on West 4th Street into an 8-unit residential condominium that is called the Novare. In 2009, it built a 12-unit condominium building with a copper facade at 385 West 12th Street.
It recently completed a residential condominium building at 441 East 57th Street.
FLAnk, founded in 2002 by Jon Kully and Mick Walsdorf, is a full-service operation from design to construction management to marketing and sales to after-service.
An article by Lincoln Anderson in the March 17-23, 2004 edition of The Villager noted that the building was "a previously working women's residence and a YWCA."
Village Nursing Home will be replaced with scattered sites
"Village Nursing Home is an icon of Greenwich Village. When, in the 1970s, run by a private, for-profit operator, it was threatened with closure, the community rallied to its aid. The struggle was led by legendary local figures Father Robert Lott and activist Lenore Zola. Roslyn Carter even got involved. 'Save Our Nursing Home' was the cry, as neighbors held cookie sales and restaurants donated money to raise $275,000 to buy the eight-story, red-brick building, after which a nonprofit corporation was established to run it," the article said.
The article said that the 200-bed facility it was the only nursing home in Manhattan south of 86th Street.
It has signed a contract to buy the very handsome, red-brick, Georgian-style, building in 2007 but, the article said, "unlike scores of investors who walked from deals or renegotiated drastically lower prices with sellers after the crunch hit, FLAnk paid just a few millions dollars short of the full pre-cash price: $33.3 million."
"The deal is the latest sign that the city's residential development engine is beginning to crank up again. FLAnk was able to secure construction financing from Quinlan Development Group and M&T Bank to convert the property into 10 condos ranging in size from 3,300 to 8,000 square feet.
The seller of the property was VillageCare and it had structured the sale so that it would not close until it had moved.
The building was converted from a hotel to a nursing home in1958.
When it entered the contract in 2007, FLAnk put down 10 percent and a year later another 10 percent.
The article said that FLAnk plans a gut renovation and hopes to bring the condos to market in the summer of 2012.
In 2007, FLAnk turned a 150-year-old church on West 4th Street into an 8-unit residential condominium that is called the Novare. In 2009, it built a 12-unit condominium building with a copper facade at 385 West 12th Street.
It recently completed a residential condominium building at 441 East 57th Street.
FLAnk, founded in 2002 by Jon Kully and Mick Walsdorf, is a full-service operation from design to construction management to marketing and sales to after-service.
An article by Lincoln Anderson in the March 17-23, 2004 edition of The Villager noted that the building was "a previously working women's residence and a YWCA."
Village Nursing Home will be replaced with scattered sites
"Village Nursing Home is an icon of Greenwich Village. When, in the 1970s, run by a private, for-profit operator, it was threatened with closure, the community rallied to its aid. The struggle was led by legendary local figures Father Robert Lott and activist Lenore Zola. Roslyn Carter even got involved. 'Save Our Nursing Home' was the cry, as neighbors held cookie sales and restaurants donated money to raise $275,000 to buy the eight-story, red-brick building, after which a nonprofit corporation was established to run it," the article said.
The article said that the 200-bed facility it was the only nursing home in Manhattan south of 86th Street.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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