Starting Tuesday, July 6, all New York Public Library branches will be open with near full service for the first time in over a year. But on the Lower East Side, apartments at The Library are available for immediate occupancy. The Horizon Group acquired the Classical Revival-style library at 61 Rivington Street for $8.4 million in 2018 (h/t Bowery Boogie), and soon embarked on a conversion to a six-story, 11-unit condominium.
Sales have launched with one-bedrooms starting at $1.25 million, and a two-bedroom is also listed for $2.05 million. The prices are roughly in line with its nearest neighbors: Down the block at 150 Rivington Street, where a glassy condominium rose on the former site of Streit’s Matzo Factory, availabilities start at $1.2 million for one-bedrooms and $1.95 million for two-bedrooms. Around the corner, listings at 196 Orchard Street start at $1.5 million.
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The Library was originally built in 1905 by McKim, Mead & White, the architects behind the original Penn Station and the Washington Square Arch. The project was funded by industrialist Andrew Carnegie on the belief that free and readily available access to information could help individuals succeed, and went up next door to the University Settlement House, which provided books. It was home to the city’s first open-air reading room, which proved popular following the 1918 pandemic, and offered free English language classes and lectures on citizenship. In later years, the building became a dance hall and restaurant in 1950, and then the Church of Nazarene.
Through it all, the building featured a rusticated stone base, a red brick facade, black-framed windows, Corinthian pilasters, and a stone entablature and parapet. Designer Issac & Stern Architects approached the project with the intent of creating a dichotomy between the old and the new; to that end, a modern, glassy extension was created to go on top of the four-story structure, where the historic facade was restored.
↓ Interiors by Brittany Marom Interior Design feature exposed brick, high ceilings with reclaimed wood beams, oversized windows, and wide plank white oak floors.
↓ Kitchens come outfitted with marble stone countertops and backsplash, walnut lower cabinets, lacquer upper cabinets, and high-end appliances from Wolf, Asko, and Sub-Zero.
↓ Bedrooms have generous closet space and abundant natural light.
↓ Baths are equipped with natural stone slab walls, radiant heated floors, towel warmers, Toto toilets, and Kohler and Kallista fixtures.
↓ One-bedrooms start at $1.25 million.
↓ A one-bedroom, one-bath with powder room and private outdoor space is listed for $1.975 million.
↓ A two-bedroom is on the market for $2.05 million.
Residential amenities include virtual doorman, gym bike room, and furnished roof terrace with grilling station. The Library is close to Sara D. Roosevelt Park, the Tenement Museum, and Lower East Side mainstays like Katz Delicatessen, Russ & Daughters Cafe, and Economy Candy. It is also near contemporary nightlife, restaurants, and galleries, not to mention the Essex Crossing mega-development.
Indeed, the Lower East Side has seen an incredible resurgence with the streetscapes transitioning from grungy to glamorous, and buyers are taking notice. A report from Serhant, the brokerage marketing The Library, reports that transactions on the Lower East Side are up 117 percent from a year ago. Additionally, CityRealty data shows that the Lower East Side had 67 condo transactions in during the first five months of 2021, up 14% from the 59 of 2020. The average price paid for a condo soared 29% to $2.006 million, but the average price paid per square foot has fallen 5% to $1,684 over the same time period
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