In a rare residential-to-commercial re-positioning, the residential cooperative owners of 61-63 Crosby Street sold their homes to L3 Capital for $42 million in 2014. The Chicago-based investment firm planned to convert the landmarked structure into an office building and construct a single-story addition. As per The Real Deal, the co-op board banded together to sell the 20,000 square foot building and vacated the property prior to closing this past February.
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Yesterday, L3 Capital went before the Landmarks Preservation Commission to be granted approvals to utilize some of the parcel's unused air rights by constructing a setback, one-story modern addition above the structure and to alter the building's facade. The Italianate and neo-Greco loft building was completed in 1876 and converted to a co-op in 1981. The parcel sits at the edge of the recently expanded SoHo-Cast Iron Historic District.
The new fifth floor addition would be setback from the streetwall by 10 feet, and rise 11 feet discounting a rather substantial rooftop bulkhead. The design team, led by David Grider Architect, also proposed removing the deteriorating fire escape which they claim is causing damage the building's facade. The painted cast iron columns, girders, and sheet metal cornice would all be restored, and the brownstone cladding would be repaired and re-coated with a tan-colored paint.
According to presentation documents, the ground-floor would hold a gallery space and floors two through five would be reserved for commercial offices for up to four different tenants. Ultimately, the commission approved the plans but recommended the team to work on reducing the visibility of the addition.
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